Venture capital firm Rigel Capital, based in Singapore, has made an undisclosed investment in Wisedrive, an Indian warranty tech business that is revolutionising the used car market with AI-driven extended warranty services.
Wisedrive collaborates with OEM workshops and licenced repair centres for companies such as Honda, Hyundai, and Maruti to offer a user-friendly and transparent warranty experience. With a claim to be the top warranty provider for used car buyers in Bengaluru, Wisedrive advertises a claim rate of less than 1.5%, which is lower than the industry norm of 6-7%.
Additionally, it provides a 365-day zero-depreciation guarantee and a 100% buyback guarantee at 100% of the purchase price. On its website, it states that the extended warranty plan’s starting price is Rs 7999.
“We are thrilled to partner with Rigel Capital to expand our pre-owned car warranty business to Southeast Asia,” said Wisedrive CEO Kalyandhar, in a statement. This collaboration will enable the company to bring its solutions to additional markets, enhancing the customer experience and ensuring peace of mind for car owners across the region, he added
The Middle East, India, and Southeast Asia are the primary emphasis areas of Wisedrive backer Rigel Capital, which is concentrated on supply chain, logistics, green mobility, e-commerce enablement, and other technology sectors in Asia.
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Rigel Capital and Twin Towers Ventures spearheaded an investment in PT Energy Selalu Baru (ESB), an Indonesian electric vehicle manufacturer that owns the Volta two-wheeler brand.
Rigel Capital CEO Sebastian Togelang said Wisedrive’s approach to extended warranties, which includes AI, mobility, and sustainability, aligns with the firm’s commitment to the artificial intelligence sector.
The other companies in Rigel’s portfolio are Indonesia’s HR platform Byru, Indonesia’s marketplace startup BeeMarket, which focuses on local brands and micro, small, and medium-sized businesses, India-based MetalBook, an e-commerce business that links metal suppliers and buyers worldwide.
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About Wisedrive
Wisedrive aims to disrupt the warranty market and make it honest and transparent for everyone.
