J Sagar Associates (JSA) and Wadia Ghandy have advised on the $5m funding of online auto auction portal MotorExchange Solutions (MXC) by venture capitalist firms Epiphany Overseas and Canaan Partners.

JSA’s Mumbai-based partner Aashit Shah was assisted by associates Prachi Tyagi and Kunal Mehta in leading the transaction for funds Epiphany Overseas Ventures and Canaan VIII Mauritius while the company MXC was advised by Wadia Ghandy partner Ashish Ahuja and associate Avinash Balasubramaniam.

MXC Solutions is an online platform designed to facilitate and enable auctions of used vehicles and this is a second-round of funding obtained by the company in which existing investor Canaan Partners has reinvested after its first leg of funding in 2009.

The capital is understood to have been raised for augmenting business operations and to expand senior management of the company.