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Angel investor picks up stake in AutoIndia.com

17-January-2008
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Angel investor picks up stake in AutoIndia.com

Autoindia.com Online Pvt Ltd has received a round of investment from Babu Sivadasan, who was the founding Chief Technology Officer for a few start-up companies, including Stamps.com, and is currently serving as the EVP of Engg, responsible for firm-wide engineering activities at Envestnet Asset Management, the, independent wealth management platform provider for the financial advisory marketplace.

The proceeds from this round will be used to continue to strengthen the company’s leadership position and offer better service to its consumers and partners. Sivadasan also joins the Board of Directors of AutoIndia.com, the fastest-growing automotive marketplace for buyers, dealers and private party sellers.

This fresh infusion of capital adds to the investments already been made by Silicon Valley entrepreneurs and ensures that the company can execute its long term plans.

Chandramouli, President & CEO, Autoindia.com said, “We are very pleased to get the validation of our business model and strategy from Sivadasan and look forward to his advice on ongoing product development, strategy and execution. He brings with him years of experience in providing technology and business leadership to companies in the early stages of development. AutoIndia is well positioned as the leader in the industry and continues to attract the right investments and talent in pursuit of our vision.”

Sivadasan said, “I am very excited to be involved with a market leader like AutoIndia.com in a sector in India that is attracting a lot of domestic and international attention. The automobile segment in India is seeing consistent double digit growth and adoption of Internet-based portals and tools by the consumers, dealers and other service providers are growing very rapidly.”

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