Mahindra First Choice Wheels Ltd (MFCWL), the Mahindra Group’s used-car retail operation, has raised Rs 94 crore (US$ 10 million) from Valiant Capital.
The new infusion of capital will go torwards further expanding MFCWL's dealership network in the country and also infuse new technology.
According to Anand Mahindra, chairman and managing director, Mahindra & Mahindra, and also the chairman of MFCWL, “MFCWL is yet another example of innovation and entrepreneurship within the Group, where new business models are being explored and implemented with persistence. It is exciting to see marquee investors attracted to MFCWL and participating in its growth story. The hybrid ‘brick + click’ model is very powerful in the used car business and over the years we have seen our consumers and dealers appreciate this value proposition. We will continue to invest in the overall growth of the hybrid model in the years to come.”