For the Jaguar Land Rover, global wholesales were at 93,253 units. Jaguar wholesales for the quarter were 10,324 vehicles. The Land Rover wholesales were at 82,929 units, according to the release.
The global wholesales of all Tata Motors commercial vehicles and Tata Daewoo range in the first quarter were at 88,456 units, which was less by 15 percent when compared to the same period in the last fiscal.
On Friday, Tata Motors was the biggest gainer among Sensex shares, rising by 2.94 percent and closing at Rs 618.45.
“Our goal is to address legacy issues around convenience, transparency, and pricing for both new car dealers and customers. We have developed a pioneering AI-ML-based VIAR technology platform, which is dedicated to accelerating pre-owned transactions and driving value for all stakeholders. We are thrilled to have Inflection Point Ventures (IPV) partner with us in our mission to revolutionize the used car market in India. This investment underscores our position as a leading player in the pre-owned vehicle platform market, and we believe IPV’s expertise and support will help us achieve our ambitious growth targets,” said Ravi Mehra, CEO and co-founder of SheerDrive.
The new investment will allow SheerDrive to accelerate its growth further further and scale its offerings across the country. In an official statement, the company said that it is currently delivering 41% Q-o-Q growth and is unit-positive and envisions achieving a GMV ARR of $500 million and transactions for over 100,000+ vehicles across 35 cities by FY2025, adding that it is planning to go live in 19 towns and facilitate used-car transactions worth over $40 million.
“With SheerDrive’s unique digital platform, ‘VIAR’ car upgraders get the opportunity to sell their old car at a fair price; similarly, the new car dealer gets to transact on the used car without making any losses or getting stuck with working capital issues. With the entire buying/selling process being automated, this platform ensures transparency and reliability to their stakeholders,” said Mitesh Shah, co-founder of Inflection Point Ventures (IPV).
At the beginning of last year, Lexus had 56 percent of the market covered with seven main cities. The company added eight service points to this and has already added one Meraki in Gurgaon, one in Coimbatore, and one more in Pune as well. “With this, by the end of the year, we are planning to be close to 85-86 percent of the market. Beyond this, we have also launched Lexus Virtual Dome- an online experience touch point that will enable our guests to experience Lexus virtually. Our plan is to open more of these service points, which could take us to around 90 per cent of the luxury car market, wherever Lexus is present,” added Soni.
