MotorExchange, online market for used vehicles in India has closed a USD 13 million Series C funding led by Tiger Global Management, with participation from existing investor Canaan Partners. It had raised Series A round of funding in December, 2009 from Canaan Partners and other investors, including Austin Ligon, Founder CEO of CarMax USA. The Series B round in December, 2010 saw funds coming from Canaan Partners and Epiphany Ventures.

Launched in December of 2009, MotorExchange enables businesses (financial institutions and fleet owners) and consumers to sell their pre-owned vehicles. The company also owns CarTradeIndia.com, an auto classifieds site. MotorExchange is promoted by former Mahindra First Choice CEO Vinay Sanghi. Rajan Mehra, ex-eBay India head is also a founder-director.

"MotorExchange presents a unique opportunity to improve transparency, convenience, and choice to new and used car customers throughout India," Lee Fixel, managing director, Tiger Global Management has said.

"This latest investment will enable us to expand our Consumer businesses. Our goal will be to establish a platform which will bring scale, transparency and convenience to the used vehicle industry," Vinay Sanghi, CEO and director, MotorExchange has said.