MotorExchange Sees Growth; Also Grabs $13 million Funding
MotorExchange is an online platform for buying and selling used vehicles. It enables businesses to sell their pre-owned vehicles. It is a unique combination of B2B and C2B business models where buyers are used auto dealers. Sellers include banks, insurance and leasing companies, corporate, automotive dealerships, and consumers.
MotorExchange is a powerful platform that reduces friction in used vehicles marketplace by bringing transparency, convenience, and choice to new and used car customers throughout India. Apart from the marketplace to facilitate transactions, MotorExchange also provides dedicated in-house certification. This enables buying and selling of vehicles conveniently without the requirement of personal physical inspection each time.
MotorExchange was launched in December of 2009 and had raised Series A round of funding in December 2009 from Canaan Partners and other investors and a Series B round in December 2010 from Canaan Partners again and Epiphany Ventures. This week, MotorExchange closed its $13million Series C funding, led by Tiger Global Management with participation from Canaan Partners.
Our goal will be to establish a platform which will bring scale, transparency and convenience to the used vehicle industry.
Vinay Sanghi, CEO and Director, MotorExchange
Interestingly, the company also owns CarTradeIndia.com, a leading auto classifieds site. MotorExchange has brought together a leadership team with vast experience in the auto and internet industry. It is promoted by former Mahindra First Choice CEO Vinay Sanghi and the founder-director is Rajan Mehra, ex-eBay India head.
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Author: Abhishek Baxi
Abhishek Baxi is a technology enthusiast who writes about personal technology on the Web and in print, hosts an online show, authors www.ilovewindowsphone.in, and speaks incessantly on Twitter (@baxiabhishek).Abhishek Baxi has written 95 articles for us.
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