Mumbai-based online marketplace for used cars, Truebil, has announced the closure of its Series A funding round. The company has secured a $3 million investment from Chinese Venture Capital Fund Shunwei Capital.
Truebil plans to use the investment for intensifying its operations, invest in skill development and bolster the technological infrastructure of the company. It had recently rolled out its operations in Bengaluru and also launched an offline platform called Truebil Direct for pre-owned cars based on the full stack inventory model. The company had also launched Truebil Privilege Partner, its B2C dealer digitization platform.
Incepted in 2015, the online marketplace had previously raised seed fund of $500,000 from Kae Capital and angel investor Anupam Mittal, Founder and CEO of People Group. The company raised $5.5 million in Series A funding led by Kalaari Capital, Inventus Capital, Kae Capital, and Tekton Ventures, which was used to expand its reach and services.
Tuck Lye Koh, CEO and Founding Partner, Shunwei Capital said, “The Indian start-up landscape has exhibited exceptional growth across industries and this trend is likely to continue as the focus shifts on sustainability and unit economics.”
“For our debut investment in this vibrant market, we were looking to join hands with a venture that has a robust business model, is catering to a real consumer need and is backed by a superior team and tech infrastructure. Truebil fits the bill perfectly and we are certain that with the freshly infused capital, the company will build on its expertise and widen the consumer base it reaches out to with its dynamic offerings.”
Truebil aims to make the process of buying and selling pre-owned automobiles surprisingly easy by posting pictures and detailed inspection report of the car on its platform, while the buyers can shortlist the cars online and avail end-to-end services of the entire buying process. The objective of the transaction-centric platform is to eliminate hassle and inefficiency caused during car purchases from the used automobile ecosystem and ensures absolute transparency to the buyers.
“We are looking towards doing everything possible to provide our users better services and enable them in making informed decisions related to car ownership,” said Suraj Kalwani, Co-Founder and CEO, Truebil.
“We will be using the proceeds of this recently-closed round of funding primarily towards skill development and augmenting the technological infrastructure of the company. Further, by associating with Shunwei Capital, we will be able to gain invaluable insights which will certainly be a big boost for our overall vision for the growth and expansion of Truebil.”