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Business News
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CarWale draws venture capital funding from sierra ventures
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Posted online: Thursday, November 06, 2008 at 5:29:14 PM
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Mumbai, Nov 06 (ANI/Business Wire India): CarWale.com, India's leading automotive Internet portal, today announced the successful completion of a series A round of financing.
The investment was led by Sierra Ventures, a Silicon Valley based venture capital firm with more than 1.5 billion dollars under management and a successful track record of investing in technology companies in India.
This funding will be used to fuel CarWale's growth strategy including, expanding sales distribution, increasing marketing efforts, and continuing investment in product activities. Tim Guleri and Vispi Daver of Sierra Ventures will join the company's Board of Directors. CarWale had earlier received seed stage funding from India's leading early stage fund Seedfund. Pravin Gandhi, Managing Partner Seedfund, represents the firm on the company's Board. Gandhi earlier founded India's first IT Company and has been part of the investment team behind companies like Indiabulls and Indiagames.
CarWale offers a complete consumer focused service that includes content and tools for exhaustive research, pricing and marketplace information. As consumers research and make purchase decisions, CarWale connects them with automotive manufacturers, finance and insurance companies, allowing them to make the best decisions for their automotive purchases.
Since inception the company has been acknowledged as the market leader in the category and honored with many prestigious awards including: Red Herring Asia Top 100, BusinessWeek's Top 25 young entrepreneurs in Asia and PC Magazine's Quest Award for best Automotive website.
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