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MotorExchange raises Series-A funding led by Canaan Partners

Used vehicle marketplace MotorExchange.in has raised Series-A round of venture capital funding led by Canaan Partners. The deal size has not been disclosed. MotorExchange is founded by Vinay Sanghi, former CEO of Mahindra First Choice, and Rajan Mehra, former head of eBay India.

Used vehicle marketplace MotorExchange.in has raised Series-A round of venture capital funding led by Canaan Partners. The deal size has not been disclosed. MotorExchange is founded by Vinay Sanghi, former CEO of Mahindra First Choice, and Rajan Mehra, former head of eBay India.

“The B2B auto market in India is over $11 billion and expected to double over the next five years. It is a very early stage investment for us, and the key driver in the decision has been the team behind it,” Alok Mittal, general partner, Canaan, has said.

MotorExchange has tied up with 12 banks and NBFCs like ICICI Bank, HDFC and Mahindra & Mahindra Financial Services as sellers on its platform. According to Vinay Sanghi, founder and CEO, MotorExchange, there are about 14,000 used car buyers in India, and his company has already signed 800. [Source: VC Circle]

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