MotorExchange Raises $13Mn Series C Funding From Tiger Global
MotorExchange has raised $13 Mn in Series C funding led by Tiger Global Management and Canaan Partners. The funds will be used for brand building, expanding the network and increasing the headcount.
MotorExchange raised $5Mn from Epiphany Ventures and Canaan Ventures in it's second round of funding in January'11. It had also raised series A funding from Canaan Partners in 2009.
Transaction Reference: Medianama
Launched in December 2009, MotorExchange is promoted by Vinay Sanghi - former CEO of Mahindra First Choice and Rajan Mehra - venture partner at Clearstone Venture Advisors and former country head of eBay India.
The company also owns CarTradeIndia.com, an auto classifieds site, which it acquired in 2009 in an all stock deal.
On the institutional front, MotorExchange competes with eBay India's B2B Motors business. autoexchange.in and eDiig.in are others in this space.
Some other players in this space are Autoindia.com, Carazoo.com, launched by Bangalore-based software maker Logix Microsystems, CarSalesIndia.com, DriveInside.com, Gaadi.com, and Indiaautomobile.com (part of Consim Info Group, owner of Bharatmatrimony).
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 05/09/11 | MotorExchange - Tiger Global, Canaan Partners | Private Equity | Canaan Partners | 12.48 |
| 11/01/11 | MotorExchange - Epiphany Ventures, Canaan Partners | Venture Capital | Canaan Partners | 5.00 |
| 17/12/09 | MotorExchange - Canaan Partners | Venture Capital | Canaan Partners | - |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 17/05/12 | Private Equity | Looking For | Prizm Payment Services Private Limited | 92.18 | Planned |
| 17/05/12 | M&A | Carzonrent India Private Limited | QCABS | - | Announced |
| 17/05/12 | M&A | Trivone Digital Services Private Limited | Chakpak Media Private Limited | - | Completed |
| 17/05/12 | M&A | Trivone Digital Services Private Limited | WheelsUnplugged.com | - | Completed |
Fund |
||||
| Name | Corpus | Target Sector | Website | KeyContact |
|---|---|---|---|---|
| Canaan Partners | IT/ITES/Technology Healthcare |
www.canaan.com/home/india/ | Deepak KamraAnirudh SinghHarish GandhiAlok MittalNishant Verman | |
| Tiger Global Management LLC | Media Real Estate Telecom Energy IT/ITES/Technology |
Lee FixelNeeraj Chandra | ||
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| MXC Solutions India Private Limited (MotorExchange.in) | Rajan Jitendra Mehra Vinay Vinod Sanghi |
2nd floor, Landmark Building, 554, Dr.G.M.Bhosale Marg, Worli. | www.motorexchange.in | |
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