BlueJack set for pre-Series A funding

17 Apr 2018

The growing used car market in India has auto verticals vying for the top stop. A new entrant BlueJack is set to raise close to $1 million (₹6.5 crores) in a pre-Series A funding round led by WaterBridge Ventures.

Delhi-based early-stage venture capital firm WaterBridge Ventures recently carried its maiden investment amounting to $30 million. It focuses primarily on Series A and pre-Series A funding for technology startups still in nascent stages. WaterBridge Ventures is registered with the Securities and Exchange Board of India (SEBI) and has a seven-year investment plan, targeting close to 20 companies.

The site’s parent company Four Wheel Group (India) Pvt. Ltd. secured around $250,000 through individual investors and Quintillion Media in Oct. 2017. In the latest round, however, BlueJack raised four times that, thanks to the pre-Series A funding round led by WaterBridge Ventures along with the Singapore Angel Network, among other angel investors.

According to TechCircle, the imminent funding will propel BlueJack’s ambitions to compete with big players like CarDekho, CarTrade, and Droom.

The site’s homepage currently shows a countdown timer with 26 days left before the site becomes operational. It’s business as usual for the likes of Droom, CarDekho, and CarTrade, having secured substantial funding over the recent years. It remains to be seen how well BlueJack will match up to the aforementioned players.

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Prabhu