Mahindra First Choice Wheels Ltd is a multi-brand used car seller that operates a franchise dealer network and online platforms including eDiig, autoinspekt and indiabluebook. The company has a presence across more than 800 Indian cities and towns and reached an 1,800-dealership target set in March 2015 ahead of schedule. It plans to scale to a network of 5,000 dealers in the next five years and will use fresh capital to grow its franchise dealer network and invest in new technology-enabled products and services for online consumers. Mahindra First Choice is a subsidiary of Mahindra & Mahindra Ltd, which held a 48.68% stake as of 31 March 2017. Its gross turnover was Rs 95.33 crore with a net loss of Rs 16.16 crore in 2016-17. Mahindra First Choice Wheels (MFCWL) is a Mumbai-based multi-brand certified used-car company with a network of nearly 500 franchise outlets across 240+ towns, including metros, mini-metros and smaller towns. The company operates the auction platform eDiig and offers the third-party vehicle inspection product Autoinspekt, along with vehicle pricing guides Indian Blue Book (IBB), IBBTractor and IBBResiduals. MFCWL raised $15m in funding from Valiant Capital, which acquired a minority stake. The company intends to use the funds to accelerate growth of its physical network and to broaden its reach across other used-vehicle categories. MFCWL is led by CEO & Managing Director Dr. Nagendra Palle and was founded by Mr. Anand Mahindra.

Total raised

$30M

Funding rounds

2

Latest round

Equity

Latest activity

Feb 2018