Epiphany Ventures announced that it has successfully led and closed a Series B investment in MotorExchange, India's leading used vehicle online marketplace. Also participating in the round, is existing investor, Canaan Partners.
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 also owns CarTradeIndia.com, a leading auto classifieds site.
MotorExchange is promoted by former Mahindra First Choice CEO Vinay Sanghi. Rajan Mehra, ex-eBay India 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, “MotorExchange combines all the key elements of a great business venture i.e. a unique business model, a market that is growing exponentially (the Indian used vehicle market is estimated to double from current levels to USD 40bn in the next 5 years) and an experienced management team. The business lends transparency and credibility to a transaction which has traditionally been arbitrary, hence, adding immense value to its customers.”
“We’re looking forward to working with Epiphany Ventures and are confident in the value that they bring to the table. We are also delighted that Canaan Partners has participated once again in this round of investment. This latest investment will enable us to expand our Fleet and Consumer businesses. Our goal 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 the immense 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.