MFCWL has experienced rapid growth in its retail, wholesale and technology enabled businesses. The capital will be used to fund its growth plans over the next few years.

Founded by Mr. Anand Mahindra, MFCWL’s mission is to “organize” every facet of the used car industry and most important of all provide the used car consumer with a choice of certified pre-owned vehicles and a purchase experience that mimics the new car buying experience. “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 where much is yet to come!” said Mr. Anand Mahindra, Chairman & Managing Director, Mahindra & Mahindra and also the Chairman of Mahindra First Choice Wheels.

MFCWL is the only true used car business with a successful “hybrid” business model bridging the consumer experience online and on the ground. With the physical presence critical to the used car business, the company has invested aggressively to provide consumers with a consistent omnichannel experience. Commenting on this strategy, Mr. Rajeev Dubey, President (Group HR, Corporate Services and After-Market) & Member of the Group Executive Board, Mahindra & Mahindra Ltd. said, “We believe the “brick + click” ecosystem 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”.

To enable the hybrid used car ecosystem, MFCWL has launched several technology enabled products and services to address the key drivers of trust deficit in a used car transaction namely – vehicle condition, paperwork, pricing and experience. “Consumers are looking for more tools and insight related to used vehicles. We are leveraging our deep wholesale and retail experience on the ground to launch a slew of technology enabled products that will materially increase the confidence with which they can transact on used vehicles – whether buying or selling”, said Dr. Nagendra Palle, CEO & Managing Director of MFCWL. He added, “We have had a very successful partnership with Phi Capital over the years and we welcome Valiant Capital as a new partner to support us in our endeavour to become a world class used car company.”