Capitalizing on opportunistic move
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The Brainchild of two 21-year-old Arish Sancheti and Shubham Agarwal, CaarYaar is started with the first round of bootstrap funding of Rs 35 to Rs 40 lakh from friends and families.
They started with the idea to deliver hassle-free and convenient shopping experience to customers in the automobile accessories industry under the initiative of ASA Services. They were focused on getting the accessories fitted in front of your eyes sitting in the luxury of your home and office. Its product and service portfolio comprise complete car accessories needs with fitters.
“We have ventured into the space foreseeing the scope in this industry and the requirement of a product to ease the trouble of consumers in this segment. We strive to make your car accessories shopping effortless. No more standing in queues to get the accessories fitted, order from the comfort of your home or office with a few clicks of mouse and get it fixed at your doorstep,” said Arish Sancheti, Co-founder, CaarYaar.
“It has been a very stressful and hectic journey with roadblocks and setbacks at every point. Slowly things started falling into places. Still we have a long way to go,” said Arish.
Encouraged with the initial response since launching in August 2015 this Bangalore-based company is planning to enter car cleaning and detailing service further along with focusing on creating a platform to deal with all car-related requirements across all metros and Tier I cities. It aims to be a household name in everyone’s day-to-day life.
Automobile is one of the fastest growing sectors in India and the world. In today’s world, the need for effortless and convenient shopping experience is increasing. “At present, India is a very potential market. So it is beneficial to have more and more start-ups but again, they should bring some value addition to the market,” said Shubham Agarwal, Co-founder, CaarYaar.
The automobile space, especially the used cars market, has evolved over time to become more and more consumer oriented. These peer-to-peer online marketplaces actively operating into the market are CarDekho, CarWale and CarTrade.
According to the Business Standard article published in 2014, in 2008-09, the annual used-car market was estimated at 1.5 million vehicles. Companies in this segment expected it to touch Rs 50,000 crore in five years. And as per the blog published by Quikr.com in 2014, the used car market in India currently has an inventory of 3.2 million cars and for every new car sold, 1.2 used cars are sold.