1. MotorExchange Raises Series A Round From Canaan

    Used vehicle exchange platform MotorExchange has raised series A round of venture capital funding from Canaan Partners. MotorExchange, which provides sellers and buyers a platform for transacting used vehicles, targets dealers, institutional and individual sellers. The company charges a fee from buyers and sellers on these transactions. Though Canaan declined to disclose the exact investment details, it is believed to be in the range of $2-5 million for a significant minority stake. 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 ...
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    1. The funds from Canaan will be used to enhance the functionality of the product and operations of the company.
    2. Used car trade in India is a large, disorganised market and deals happen through local mom & pop stores. There is very little transparency and reliability in the process.
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