MotorExchange Raises $13 Million In Series C Funding

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MotorExchange Raises $13 Million In Series C Funding
Mumbai-based MotorExchange, an online market for used vehicles in India has raised $13 Million, in series C, from Tiger Global Management, which also saw the participation of its existing investor Canaan Partners.

MotorExchange had raised its series A funding in December 2009, from Canaan Partners, Austin Ligon, Founder CEO of CarlMarx USA. The series B was raised in December 2010 from Canaan Partners and Epiphany Ventures.

MotorExchange was launched in December 2009, by former Mahindra First Choice CEO, Vinay Sanghi, and ex-eBay India head, Rajan Mehra. The company helps businesses and consumers could sell their pre-owned vehicles. The company also owns CarTradeIndia.com, an auto classifieds site.

According to Sanghi, the latest investment would help expand their consumer business, and establish a platform to bring in scale, transparency and convenience to the used-vehicle industry. The company plans to add more cities to the network, and use the fund for brand building and add more people at various levels--increasing the headcount from the existing 105 to 20 in the coming months.

According to Lee Fixel, MD, Tiger Global Management, MotorExchange presents a unique opportunity to improve transparency, convenience, and choice to new and used car customers throughout India. Tiger Global Management is a hedge fund manager, founded in 2001 by Chase Coleman.

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