Sierra Ventures puts $7M in Indian car site CarWale
One of the benefits of funding startups in a developing country is being able to invest in businesses that are already well established in your home territory. That’s what Sierra Ventures has done with $7 million in CarWale.com, an Indian car portal.
The site includes tools to research, buy or sell cars, as well as receive loans. CarWale also has community features and forums, although it stops somewhat short of a full social network.
The funding was the company’s first full venture round. CarWale previously took an investment from Seedfund, an Indian seed investment firm.
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About the Author, Chris Morrison
Chris Morrison writes about cleantech and environmental issues for VentureBeat, with occasional forays into gaming and semantic technology. He got his start writing about tech for Business 2.0 magazine, but quickly realized new media was the ticket when that institution closed its doors in 2007. Chris has also covered public equities and regulatory issues. He originally hails from southern Virginia, graduated from Evergreen State College in Washington, and now lives in San Francisco.