MotorExchange completes Series B round; brings Epiphany Ventures as investor
Launched in December of 2009, MotorExchange is an online platform for transacting used vehicles. It enables businesses (financial institutions, fleet owners) and consumers to sell their pre-owned vehicles. It provides Sellers the most efficient price, defined timelines and complete transparency. Buyers on the platform are used auto dealers (including dealers of cars, trucks and two wheelers) who gain access to a large pool of vehicles. It is a unique combination of B2B and C2B business models and the company alsoowns CarTradeIndia.com, a leading auto classifieds site.
MotorExchange is promoted by former Mahindra First Choice CEO Vinay Sanghi. Rajan Mehra, ex-eBayIndia head is also a founder-director. The company boasts a stellar Management team with extensive auto and internet experience.
Commenting on the development, Gaurav Saraf, Director, Epiphany Ventures said, "MotorExchangecombines all the key elements of a great business venture i.e. a unique business model, a market that isgrowing exponentially (the Indian used vehicle market is estimated to double from current levels to USD40bn in the next 5 years) and an experienced management team. The business lends transparency andcredibility to a transaction which has traditionally been arbitrary, hence, adding immense value to itscustomers."
"We're looking forward to working with Epiphany Ventures and are confident in the value that theybring to the table. We are also delighted that Canaan Partners has participated once again in this roundof investment. This latest investment will enable us to expand our Fleet and Consumer businesses. Ourgoal will be to establish a platform which will bring scale, transparency and convenience to the used vehicle industry", said Vinay Sanghi, Chief Executive Officer, MotorExchange
"MotorExchange has built a platform for transacting in used vehicles, and represents a key shift in the used vehicle ecosystem in India. We are excited to have Epiphany as a partner in helping realize theimmense potential of this business" said Alok Mittal, Managing Director, Canaan India.
The company raised a Series A round of funding in December 2009 from Canaan Partners and other investors include Austin Ligon, Founder CEO of CarMax USA