Canaan Partners has announced an investment in MotorExchange, B2B auto exchange/bid platform for the Indian market.
An early stage investment, MotorExchange is a used vehicle marketplace that provides technology platform to facilitate transactions, dedicated and inhouse certification, and to help buyers and sellers transact via the system.
If you look at the current exchange market, they are primarily dominated by company owned services, which have in a way lost consumer’s trust. And that’s where lies the opportunity for an independent party to build a certification process (another startup in this space is vericar) and ofcourse, the marketplace.
What’s really commendable about motorexchange is the team strength- pretty much everybody comes from automobile industry and hope they bring in whole lot of insights, that other companies have missed out on.
What’s your take on this industry?