Looks like Internet startups are booming in India. We have two very positive news pieces today which definitely point to the fact that Indian Internet startups are not to be left behind – MotorExchange.in and SoSasta.com.
Motorexchange.in is an online marketplace for used vehicles founded by Vinay Sanghi, former chief executive of Mahindra First Choice. The company (Motorexchange) just raised it’s second round of funding of $5 Million. They plan to use this capital to scale up in terms of expanding its workforce and increasing direct to consumer services. The Startup is just a year old and has been doing very good as this huge amount of funding speaks for itself.
According to Gaurav Saraf of Epiphany Ventures:
Motorexchange.in is an extremely well-capitalised company and we see huge opportunity in the auto space with the Indian used vehicle market estimated to double from current levels to $40 billion in the next five years.
This was online motor vehicle exchange. Now coming to the online group buying space in India, the competition here is getting cut-throat day by day. We have now been hearing that US-based Groupon.com ( the big daddy of all group deal buying websites ) has acquired Kolkata-based daily deal site SoSasta.com and the website will soon pave it’s way to becoming Groupon India. SoSasta.com has been founded by ex-Google employees Ananya Bubna & Udayan Bubna.