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Zoomo Raises Seed Funding From SAIF Partners

zomo logoSAIF Partners have invested $1 million in seed round funding in Bengaluru based startup Zoomo, a mobile peer-to-peer marketplace for used cars, run by Youngmonk Technologies.
Zoomo bypasses dealers and directly connects buyers and sellers. The platform uses an algorithm developed in-house to identify individual sellers before they are listed.
zoomo app
Zoomo was founded by IIT alumni Arnav Kumar. The platform currently sports 1,200 listings from Bangalore and claims to have already sold a total of 100 cars through the platform.
The company will use the funds raised to increase its presence in Bengaluru and expand to Mumbai and elsewhere in the next six months. The company is also in talks with potential investors for its next funding round in another six months.
The listing on the platform is also verified manually by talking to the potential sellers. Listing on the platform and transactions through it are currently free. [source]
The app is currently available for Android.
SAIF Partners’ other investments this year include healthcare startup QikWell, digital SME financing company Capital Float, travel marketplace TravelTriangle, BookMyShow, TouchTalent, test preparation startup Toppr and FirstCry.

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