MotorExchange as the name succinctly tells you what it is about, has raised undisclosed sum of capital from Canaan Parnters. Motorexchange is a platform for buyers and sellers to carry transactions of the used vehicles and target dealers.
MotorExchange has been founded by former Mahindra First Choice CEO Vinay Sanghi and ex-eBay India head Rajan Mehra. Sanghi is currently the CEO, and Mehra, currently a venture partner at Clearstone Venture Advisors, is the founder-director. Alok Mittal, general partner at Canaan, is joining the board of MotorExchange.
Motorexchange is targeting to capture significant market share of $15billion used car sale. Motorexchange has tied up with leading banks like ICICI and HDFC for easy finance.