CarWale.com, an automotive Internet portal on Wednesday announced receiving $ 7 million of funding from a venture capital company Sierra Ventures.
The company said this funding will be used to fuel it'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 an early stage fund –Seedfund. Pravin Gandhi, Managing Partner Seedfund, represents the firm on the company's Board.
CarWale offers a consumer focused service that includes content and tools for 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 decisions for their automotive purchases.
The company has influenced a large number of car purchases and related services.
“Sierra Ventures invests in market leading companies in high growth industries and CarWale has an undisputed leadership position in the sector,” said Vispi Daver, Partner at Sierra Ventures.
“The company has a strong business model and a management team that has consistently delivered compelling results” added Daver.
Sierra Ventures has made several investments in India that includes MakeMyTrip.com,India's largest online travel portal.
Source: Economic Times