MotorExchange, a New Delhi-based online platform where sellers and buyers can transact used vehicles, closed a Series A round of Venture Capital funding from Canaan Partners.
The funds will enable the company to accelerate growth in order to build India’s largest used vehicle exchange aimed at providing the most efficient price in defined timelines to sellers, and the largest choice of vehicles to trade buyers.
MotorExchange also plans to build India’s first recognized vehicle certification business aimed at authenticating the condition of the car to facilitate transactions for buyers and sellers.
Commenting on the funding, Vinay Sanghi, Founder and CEO of the company, said, “We are delighted to partner with Canaan Partners and have the continued support of our existing promoters which includes Rajan Mehra (former Country Manager Ebay India) and Austin Ligon (Former CEO, Carmax, USA)”.
FinSMEs
19/12/2009