Startups (startup) from India, GoZoomo, recently made a move that is not commonly done by startups in general.
Companies engaged in the sale of used cars that choose to return money to investors and to close all activities.
CEO and co-Founder GoZoomo Arnav Kumar said the decision was made based on data already collected objectively. Therefore, rather than burn more money belongs to venture capital, Arnav and the team decided to close the company.
The decision attracted the attention of major investors cash GoZoomo, SAIF Partners. Even the MD of SAIF Partners Alok Goel called the decision could become a new standard in the Indian startup ecosystem.
According to him, different from other startup companies are trying to find a buyer when it went bankrupt, GoZoomo do anything differently.
Arnav company that worked with her friends that had an attitude and mature decision to return the investment funds received.
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Initially, just like any other startup, GoZoomo comes with a mission to solve the problem in India, particularly regarding the lack of public confidence in there to buy a used car.
Armed with it, Arnav applied mathematics graduate from IIT Kharagpur and two colleagues, Himangshu Jyoti Hazarika and Aniket Behera decided to tackle the core issues that trust.
Unlike other car sales portal, the company did not open a marketplace for car sellers. They chose to select a car that will be sold with a transaction peer-to-peer.
The way it turned out quite successful and making them believe in the used car market in India will continue to grow. Unmitigated, GoZoomo has recorded 100 transactions per month in just three months.
The situation was like a magnet for investors who are interested in businesses GoZoomo. Finally, in July last year, SAIF Partners and Yuri Milner poured Series A financing with a value of US $ 7 million
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