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MotorExchange.in raises $5 million from Epiphany Ventures, Canaan Partners

Used vehicle marketplace MotorExchange.in has raised about $5 million in a second round of funding, led by early stage investor Epiphany Ventures with participation from existing investor Canaan Partners. MotorExchange plans to use the funds to expand its workforce and increase direct to consumer services.

Used vehicle marketplace MotorExchange.in has raised about $5 million in a second round of funding, led by early stage investor Epiphany Ventures with participation from existing investor Canaan Partners. MotorExchange plans to use the funds to expand its workforce and increase direct to consumer services.

MotorExchange is founded by Vinay Sanghi, former CEO of Mahindra First Choice, and Rajan Mehra, former head of eBay India. According to MotorExchange CEO Vinay Sanghi, there is a growing pool of repossessed vehicles that commercial banks are looking to sell apart from direct consumer sales that is fuelling growth for his company. [Source: Economic Times]

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