MotorExchange gets $13m funding from Tiger Global, Cannan
Published on Tue, Aug 30, 2011 at 21:59 | Source : PTI
Updated at Tue, Aug 30, 2011 at 22:01
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MotorExchange gets $13m funding from Tiger Global, Cannan
MotorExchange, online market for used vehicles, today said it has closed a USD 13 million Series C funding, led by Tiger Global Management, with participation from existing investor Canaan Partners.
MotorExchange, online market for used vehicles, today said it has closed a USD 13 million Series C funding, led by Tiger Global Management, with participation from existing investor Canaan Partners.
It had raised Series A round of funding in December, 2009 from Canaan Partners and other investors, including Austin Ligon, Founder CEO of CarMax USA.
The Series B round in December, 2010 saw funds coming from Canaan Partners and Epiphany Ventures, MotorExchange said in a statement.
"MotorExchange presents a unique opportunity to improve transparency, convenience, and choice to new and used car customers throughout India," Tiger Global Management Managing Director Lee Fixel said.
Launched in December of 2009, it is an online platform for transacting used vehicles. It enables businesses (financial institutions and fleet owners) and consumers to sell their pre-owned vehicles.
The company also owns CarTradeIndia.com, an auto classifieds site.
MotorExchange is promoted by former Mahindra First Choice CEO Vinay Sanghi. Rajan Mehra, ex-eBay India head is also a founder-director.
"This latest investment will enable us to expand our Consumer businesses. Our goal will be to establish a platform which will bring scale, transparency and convenience to the used vehicle industry," MotorExchange CEO and Director Vinay Sanghi said.
