MotorExchange has raised Series-A funding from @Canaan_Partners India. The amount of investment hasn’t been disclosed by Canaan.
MotorExchange provides a structured B2B platform for transacting used vehicles. It brings together qualified sellers and volume buyers of used vehicles , including banks, corporates, leasing companies and automotive dealerships.
It is promoted by Vinay Sanghi - CEO of Mahindra First Choice and Rajan Mehra - venture partner at Clearstone Venture Advisors and former country head of eBay India.
Earlier this year, MotorExchange acquired CarTradeIndia in an all stock deal.
Canaan Partners India is VC firm with more than $3 Bn under management. It has invested in more than 10 Indian companies. Its portfolio include Mcarbon Tech Innovation Pvt Ltd, Chakpak Media Pvt Ltd, iYogi Technical Services Pvt Ltd and UnitedLex Corp among others.