July 22, 2024 - Rigel Capital, a strategic manager specializing in hyper-growth companies in emerging Asia, is pleased to announce its investment in Wisedrive, India’s leading extended warranty technology company. Wisedrive is transforming the used car market with its unique AI-driven extended warranty offerings. This investment will bring Wisedrive’s innovative product and service offerings to markets in Southeast Asia. This strategic partnership underscores Rigel Capital’s commitment to fostering innovative solutions in the automotive technology and artificial intelligence verticals.
Wisedrive’s advanced technology ensures eligibility and boasts a claim rate of less than 1.5%, far below the industry average of 6-7%. By partnering with authorized service centers of brands like Honda, Hyundai, Maruti, Volkswagen, Skoda, Mahindra, Tata, and Toyota, as well as OEM workshops, Wisedrive provides a transparent and user-friendly warranty experience, addressing post-purchase concerns with unparalleled efficiency. Wisedrive is already a leading provider of warranties in Bengaluru (formerly Bangalore) with its unique extended warranty products for used car buyers.
Kalyandhar, CEO of Wisedrive, expressed his excitement about the partnership, stating, “We are thrilled to partner with Rigel Capital to expand our pre-owned car warranty business to Southeast Asia. This collaboration will enable us to bring our innovative solutions to additional markets, enhancing the customer experience and ensuring peace of mind for car owners across the region.”
Sebastian, CEO of Rigel Capital, also commented on the partnership, stating, “We’re pleased to be involved in Wisedrive’s international expansion, starting with Southeast Asia. Their approach to extended warranties aligns with our overall investment strategy - which includes AI, mobility, and sustainability. This investment supports our commitment to driving the AI revolution. We look forward to supporting their growth and success.”
About Rigel Capital:
Rigel Capital is a strategic manager specializing in hyper-growth companies in emerging Asia, with a focus on Southeast Asia, India, and the Middle East. Rigel Capital covers supply chain, logistics, green mobility, e-commerce enablement, and numerous other technology verticals. Further information on Rigel Capital is available at Rigel Capital.
About Wisedrive:
Wisedrive (WD) is India’s pioneering warranty tech company offering extended coverage for used cars whose original warranties have expired. Their AI-driven system ensures eligibility and maintains a claim rate below 1.5%, significantly lower than the industry average of 6-7%. WD collaborates with OEM workshops for service and maintenance, providing a transparent and user-friendly warranty experience. Currently, WD faces minimal competition in the domestic market. The company aims to be the most trusted and customer-focused warranty provider and plans to expand its product offerings and operations in ASEAN countries, Australia, Japan, and New Zealand.
For media inquiries, please contact:
Rigel Capital
investor.relations@rigelcapital.com
Wisedrive
support@wisedrive.in
