I am happy to announce our latest investment in MotorExchange – a B2B auto exchange for Indian market. The B2B auto market in India is over $11Bn and expected to double over next five years. It is a very early stage investment for us, and the key driver in the decision has been the team behind it. Vinay Sanghi, the lead entrepreneur, has been in used vehicle business for over 10 years now. He started with this idea with Automart – like many other 1999 dotcom businesses, it proved to be too early to build that, and Vinay morphed that into what is now Mahindra FirstChoice business. We are privileged to back Vinay in his attempt to build again, what he has envisioned for many years.
Please join me in extending your wishes to Vinay.
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