Zonnett, founded by former CEO of Zee Group Abhijit Saxena and former investment banker Kanishka Saxena, is planning to raise around $3-5 million to expand its services. The start-up positioned itself as an one stop solution to automobile repair and service sector.
The proposed fund raising will be utilised for investments in geographic expansion, new product development and scaling of operation.
Kanishka Garg, Chief Operations Officer, Zonnett said that in January the company has raised about a half million to develop production and applications and to set up operations in Mumbai.
Investors include seasoned angel investors Atul Phadnis, Founder of Whats-ON-India (now a Gracenote US owned company), Chandresh Ruparel (Managing Director, Rothschild India), Suresh Balakrishnan (Jt.Managing Director, STULZ CHSPL India) and a German MNC STULZ-CHSPL , Indian subsidiary of STULZ Group from Germany.
Zonnett is currently in active discussions with investors for raising Series A capital, about $3.5 million, said Garg. This capital will be utilised for investments in geographic expansion, new product development and scaling of operations.
The proposed fund raising would support company's plan to expand its operations to six more cities including Bangalore, Delhi, Hyderabad, Chennai, Kolkata and Ahmedabad.
The company plans to have 600 workshops in eight cities by March-June 2017 as compared to 110 workshops currently in Mumbai and Pune.
"Currently Zonnett is multimodel and we are open for exclusives brand," said Garg.
In the Indian car after sales service industry that is worth of Rs 20,000 crore, which is mostly in the unorganised sector.
Zonnett aims to provide a comprehensive 360 degree solution to all car owners across India for all car services and repair requirements.
Garg claims that Zonnett services is cheaper by 20 per cent as compared to branded OEMs serve centres.
Abhijit Saxena is Chief Executive Officer and has 22 years of work experience which across ZEE Group, Netcore, Times group, and also entrepreneurial experience across Print, TV, Digital and Mobile
Kanishka Garg is the Chief Operations Officer who is leading the operations and fund raising. He is an engineer from IIT Madras and is a passionate automotive specialist. Before founding ZONNETT, he has been a career investment banker with over 10 years experience in advising founders in creating tech scalable business models and raising funds from VC investors.
Vikrant is Chief Technology Officer and has 12 plus years of experience in IT incl. 2 Corporates and 2 Start-ups.