Zonnett looking for series A funding

Zonnett, a car maintenance platform, plans to raise about $5-10 million in Series A funding from venture capitalists and private equity funds, in exchange for a minority stake. The company, which at present operates only in Mumbai, will use the funds for expanding to other cities and for technology development.

“We will go to the market in a couple of months to raise the funds. We don’t have a date as of yet,” said Zonnett Chief Executive Officer Abhijit Saxena.

The company, launched in August 2015, had raised seed funding of Rs. 2.5 crore from a German firm, Whats-ON-India Founder Atul Phadnis and Rothschild India MD Chandresh Ruparel, among others.

Source: Business Line