MotorExchange, a used vehicle online marketplace has raised $ 13 million in a Series C funding round led by Tiger Gobal Management and returning investor Canaan Partners.
MotorExchange is B2B platform that allows buyers and sellers to carry out transactions of used vehicles. Typical sellers include banks, insurance and leasing companies, corporate, automotive dealerships and consumers whereas buyers are used vehicles dealers. MotorExchange competes with eBay India’s B2B business for motors.
It also has a Reserve Price Auction under which a seller decides the minimum price at which the vehicle will be accepted. The company claims to have certified vehicles, authenticating the condition of the car to facilitate transactions for buyers and sellers. The site is primarily meant for business buyers whereas for the individual buyers there is CarTradeIndia, which is owned by the company.
This is the second funding round that the company has announced this year alone – in January, it had announced raising $5 million from Epiphany Ventures and Canaan Partners; A Series A round of funding had also been announced by the company in December 2009, from Canaan Partners .