Canaan Partners Invests In MotorExchange
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 $3 Bn under management. It has invested in more than 10 Indian companies. Its portfolio include Mcarbon Tech Innovation Pvt Ltd, Chakpak Media Pvt Ltd, iYogi Technical Services Pvt Ltd and UnitedLex Corp among others.
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KVEZAR VIEW
DEAL TRACKER FOR
| Date | Transaction | Type | Buyer | Size ($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 | - |
Recent Transactions In The Sector
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 19/06/13 | Venture Capital | Fidelity Growth Partners India | CloudByte India Technologies Private Limited | 4.00 | Completed |
| 19/06/13 | Venture Capital | Malik Radix Healthcare Private Limited | Oneup Ventures Private Limited | - | Completed |
| 19/06/13 | Private Equity | Looking For | My Mobile Payments Limited | - | Planned |
| 17/06/13 | M&A | OpenTable, Inc. | JustChalo Technologies Pvt ltd | 11.00 | Completed |
Profiles
Fund |
||||
| Name | Corpus | Target Sector | Website | KeyContact |
|---|---|---|---|---|
| Canaan Partners | IT/ITES/Technology Healthcare |
www.canaan.com/home/india/ | Deepak KamraAnirudh SinghHarish GandhiAlok MittalNishant VermanRahul Khanna | |
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. | http://www.cartradeexchange.com | |
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