The virtual pre-owned cars showroom, CarzSo.com, has raised fresh funding of INR 5 crore or USD 700k from a group of marquee investors led by Mytash.

The virtual used-automotive segment in India has undergone rapid growth in the past few years and is expected to grow even faster in the coming years. The coronavirus pandemic has partly pushed the shift towards such digital services.

The massive growth will possibly come from the rural areas, tier 2 and tier 3 cities. As per certain statistics, non-metro cities contributed 55 percent to the total used car sales in India in the FY2021, which could increase to 70 percent by FY2025.

The company plans to invest the funds towards kickstarting multiple VR-powered stores to enhance its presence in non-metro cities and improve its virtual showroom facilities within the metaverse.

Vaibhav Sharma, Founder & CEO of CarzSo.com, said, “This quarter we plan on filing multiple patents for the use of ‘Virtual Reality’ technology in the auto space, and with growing inventory/revenue we plan on launching 3 to 5 virtual stores to improve our presence in the Rural, Tier 2 & Tier 3 market.”

Suneja, Director at Mytash, said, “The biggest opportunity in auto space is how best you can digitize the market while tapping non-metro cities (which has the bigger share and is also projected to overgrow metro cities) and ensuring that customer experience remains the main priority.”

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