Extended warranty provider for cars Wisedrive raises $1-M from LC Nueva, Spiral Ventures, others

Bengaluru-basd Wisedrive, which offers extended warranties to cars, has raised USD 1 million in a funding round led by LC Nueva AIF. The round also saw participation from Spiral Ventures, Bhavadeep Reddy - co-founder of HousingMan.com. Wisedrive's extended warranty covers both the engine and the transmission (manual and automatic). Wisedrive has partnered with authorised service centres of brands such as Honda, Hyundai, Maruti, Volkswagen, Skoda, Mahindra Tata and Toyota. It will soon partner directly with OEMs. The funds will be used to expand the firm's reach by partnering with more used car dealers and authorised service centres. The company plans to extend services to all the metros in the next 12–18 months.