CarZ gets $5 mn funding

City-based multi-brand car service network CarZ has received a $5-million funding from IndoUS Venture Partners (IUVP), a venture capital firm which provides early and mid-stage funding to businesses in India.

CarZ will primarily use the capital to expand its network of service locations across the country, co-founder and chief executive officer, Vijay Gummadi, stated in a release on Monday.

CarZ currently has four outlets in the city that offer a full range of repair services for all makes and models of cars. “The funding and partnership with IUVP will facilitate a phased rollout of our unique and differentiated car service network in new territories across India,” Gummadi said.

According to IUVP managing director Kumar Shiralagi, Indian car owners, like their counterparts in the developed markets, are expected to prefer independent car service centres like CarZ during post warranty period of vehicles.