Mahindra First Choice Wheels (MFCWL), a Mumbai, India-based multi-brand certified used car company, raised $15m in funding.
Valiant Capital has made the investment and acquired a minority stake in the company.
The company intends to use the funds to accelerate its growth both of the physical network as well as to broaden its reach for its products and services across other used vehicle categories.
Founded by Mr. Anand Mahindra and led by Dr. Nagendra Palle, CEO & Managing Director, Mahindra First Choice Wheels has a network of nearly 500 Franchise outlets spread across 240+ towns in the country which includes metros, mini metros and smaller towns. It operates the auction platform eDiig (www.ediig.com), the third party vehicle inspection product Autoinspekt (www.autoinspekt.com), the vehicle pricing guide Indian Blue Book – IBB (www.indianbluebook.com), the used tractor pricing guide IBBTractor (www.ibbtractor.com), the residual estimator IBBResiduals (www.ibbresiduals.com).