MotorExchange, sister company of Cartrade.com, has raised a new round of investment from leading investors Epiphany Ventures and Canaan Partners. While the amount of investment has not been disclosed, this investment follows an earlier investment about a year ago from Canaan Partners.
Founded in December 2009, MotorExchange is a service that helps consumers and businesses to sell their vehicles (cars, bikes, and trucks) through an online auction format to dealers across the country. Whereas services to business sellers are offered across the country, consumers can sell their cars through MotorExchange in Mumbai and Chennai.
The company explains its benefits for consumers who are selling their car in terms of price (due to the auction), transparency (as the consumer can monitor the auction) and ease (as the entire sale gets handled by MotorExchange.) Moreover, the service is free for consumers and the entire deal can be concluded within 24 hours.
With this new capital infusion, MotorExchange plans to increase its coverage for consumer services from the current two cities to 10 cities within this year. Thus, the investment will be used for marketing and operations. The current team, which is about 75, will grow to over 200.
Whereas MotorExchange allows dealers to purchase inventory, Cartrade enables consumers to buy cars and bikes for their personal use. Thus, the two business complement each other, offfering automotive services across the range.
Disclaimer: Cartrade and MotorExchange are part of the same Group
