Indian fund signs its first check, backing Automotive Exchange for undisclosed amount.
RedHerring.com,
December,14 2006
Seedfund, a $10-million fund launched in India in late November, announced Thursday it was taking a 30 percent stake in Automotive Exchange (AE) for an undisclosed amount. The amount raised will mainly go toward scaling the company's car portal CarWale.com. AE started out as a software company two years ago. CEO Mohit Dubey and three co-founders set out to write software for car dealers, which they sold to 25 dealers, mainly in Mumbai and New Delhi. AE managed the web-enabled versions of the sof
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