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CarWale draws venture capital funding from Sierra Ventures

CarWale.com, an automotive Internet portal on Wednesday announced receiving $ 7 million of funding from a venture capital company Sierra Ventures. The company said this funding will be used to fuel it's growth strategy including, expanding sales distribution, increasing marketing efforts, and continuing investment in product activities. Tim Guleri and Vispi Daver of Sierra Ventures will join the company's Board of Directors. CarWale had earlier received seed stage funding from an early stage fund –Seedfund. Pravin Gandhi, Managing Partner Seedfund, represents the firm on the company's Board. […]