Auto classifieds portal CarWale.com has raised funding of upto $7 million from Sierra Ventures. In 2006, the firm raised funding from Seedfund, diluting about a 30% stake. Mohit Dubey, CEO of CarWale confirmed this development to VC Circle and also added that existing investors were staying put. "They believe in the company," said Dubey. Interestingly, Sierra Ventures is also one of the limited partners in Seedfund.
The funds will be used by CarWale to expand its operations. It plans to expand its sales distribution and increase marketing efforts. Tim Guleri and Vispi Daver of Sierra Ventures will join the company's Board of Directors. Praveen Gandhi of Seedfund also sits on the board.
A lot of people research the prices and other details online before making a decision on buying or selling cars. Carwale cliams to thousands of email inquiries a day. It also offers services like comparison of insurance payments and early month installments for cars.
There are a number of other players in this segment. This include Autoindia.com, Carazoo.com, launched by Bangalore-based software maker Logix Microsystems, Gaadi.com, and Indiaautomobile.com (part of Consim Info of Bharatmatrimony).