Mohit Dubey led CarWale.com raises $7 Million

Mumbai: Mohit Dubey led consumer focused Internet portal CarWale.com, has raised a Series A funding of seven million dollars from U.S. based venture capital firm Sierra Ventures. Sierra's Managing Director Tim Guleri and partner Vispi Daver will soon be included in the Mumbai based Carwale's board of directors.

The funds will be used to fuel CarWale's growth strategy including, expanding sales distribution, increasing marketing efforts, and continuing investment in product activities. "Our partnership with Sierra Ventures will launch a very exciting era for our organization and we are proud to have attracted a top tier Silicon Valley venture capital firm focused on India to help us build the company," said Dubey, CEO, CarWale. The company claims to be consumer focused because it aids consumers to connect with automotive manufacturers, finance and insurance companies, and make decisions for their automotive purchases.

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Apart from Sierra Ventures, the internet portal has received funding earlier from Mumbai based Seedfund and its Managing Partner Pravin Gandhi represents the firm on the CarWale's board of directors. Gandhi earlier founded India's first IT Company and has been part of the investment team behind companies like Indiabulls and Indiagames. He says, "We recognized the team and business model early and are pleased to support the continued growth of the company."