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Mahindra-First-Choice

 

Mahindra First Choice Wheels Ltd. (MFCWL) today announced that Cox Automotive has made a strategic investment in MFCWL through a secondary purchase.

 

“We founded MFCWL as a startup with a vision to revolutionize the way that pre-owned cars are bought and sold in India. This strategic investment by Cox Automotive reflects the strong progress made by us over the last few years. We look forward to a long term partnership with them based on our shared values,” commented Anand Mahindra, Chairman, Mahindra Group.

 

“We are delighted to have Cox Automotive make an investment in MFCWL. The fact that an entrepreunerial venture like MFCWL is attracting PE and strategic investments validates our belief that we at Mahindra have a flourishing entrepreunerial ecosystem creating real value”, said Rajeev Dubey, CEO, Aftermarket Sector, Group President, HR & Corporate Services and Member, Group Executive Board. .

 

MFCWL now has over 650 franchise outlets in 300 towns across India. Recently, it launched a commercial vehicle franchise business in addition to its multi-brand pre-owned passenger cars business.

 

“Our investment in Mahindra First Choice Wheels Ltd. furthers Cox Automotive’s strategic plans to create and grow used vehicle marketplaces,” said Joe Luppino, Chief Corporate Development Officer for Cox Automotive. “This opportunity allows us to partner with a company that has a reputation for delivering high-quality used car products and services to dealers and consumers in the fast-growing Indian automotive market.”

 

Commenting on the investment, Nagendra Palle, CEO and Managing Director, MFCWL said, “It’s heartening to see Cox Automotive enter India with MFCWL. We see deep synergy between the two organizations and aim to leverage their global presence and expertise to take MFCWL to the next level.”  

 

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