Updated: May 12, 2020
Carzaam Automotive News Episode 6: Raleigh - VW - VC funding
Online car firms woo VCs in a dull market
Indian Online used car retailing startups are continuing to attract investors despite the domestic automobile industry experiencing its worst sales slump in nearly two decades.
Online retailer Spinny is currently in talks to raise $35 million in a funding round led by Fundamentum and existing investors—Accel Partners and Blume Ventures.
Similarly, Sequoia Capital-backed Cars24, CarDekho, and Kalaari Capital-backed Truebil also planning to hit the market to raise funds.
CarDekho, which raised $110 million in January this year, is in talks to raise another $100 million more, while Truebil is planning to launch a formal process to raise about $30 million underlining the intest investor interest in the massive indian online auto market.
UK Bike maker Raleigh reports £2.5m loss for year but sees huge growth in eBikes
The UK arm of bicycle manufacturer Raleigh has reported a surge in electric bike sales in the last year, but confirmed a pre-tax loss of more than £2.5 million for the year.
Their accounts show a 3.1% rise in sales over the previous year, with Raleigh eBike sales increasing 51% and parts and accessories sales rising 10.6%
The directors anticipate that the market will continue to be competitive over the coming year but Raleigh retains a solid competitive position with considerable brand strength, an independent bicycle dealer network and a strong presence on the high street coupled with an expectation that eBikes and parts and accessories will become a bigger part of its business in coming years.
Volkswagen becomes the first car manufacturer to have a board member in charge of software
In an interview today, we heard from Volkswagen software boss Christian Senger who spoke about the brands commitment to development of vehicle software.
He said that the brand was building up a high-performance software unit that acts across brands and consolidates expertise to elevate their user experience in the car, via their smartphone and in dealerships.
He said the firm needed greater software competency and digital capabilities to remain strong financially and that automakers who don’t make the move to electric mobility will have a tough time in the future and the uniform vehicle operating system and an associated cloud platform were an important step on that journey.
Read more about the Coolest tech, trends and takeaways from CES2020 and 7 BIG Reasons Why You Should Buy a Used Car Instead of a New One...
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