MotorExchange went live yesterday, and today the company announced an investment from VC Firm Canaan Partners. MotorExchange MD Vinay Sanghi told MediaNama today that after going live yesterday, the company tested 4-5 sellers and sold a few cars. MotorExchange has 27 employees. Both Sanghi and Canaan India MD Alok Mittal declined to comment on the amount of investment, and the stake picked up. Excerpts from our discussion with them, particularly on competition from eBay India, and how MotorExchange intends to differentiate its offering: What are the pain points that your business is looking to address? Vinay Sanghi: Today in the marketplace, there are two kinds of members for us - buyers and sellers. The sellers we are looking to address are those who are looking to sell in bulk: banks and finance companies who dispose Rs. 200-250 Cr of repossessed inventory every month. There is no mechanism for these sellers to sell at prices close to market prices. We're looking to build a platform to give them access to a large number of buyers across the Internet, and a transparent marketplace. Buyers on our platform are principally automobile dealers. One of the big pain points is access to inventory for dealers. How do you deal with dealers already having access to large number of cars through their own network? Vinay Sanghi: Five years ago, the used car market must have been 400-500,000 cars, it's around 1.5 million today, and 3-5 years down the line it will be 3-3.5 million cars. When the market reaches…
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
News
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
Advert
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
News
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
News
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...