Spiral Ventures infuses $1 million into used car marketplace platfrom Truebil

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Truebil, a second hand car marketplace startup, has bagged $1 million (INR 7 crore)from Spiral Ventures.

Mumbai-based platform will utilize the infused funds to strengthen its technology stack and marketing.

Truebil was started by Ravi Chirania, Shubh Bansal, Rakesh Raman, Ritesh Pandey, Shanu Vivek and Himanshu Singhal in 2015. The platform follows an integrated online and offline model for buying and selling pre-owned cars.

The startup has developed proprietary tech-enabled evaluation mechanisms such as recommendation system for personalised user experience, TruePrice to predict the accurate selling price, procurement score to determine the right procurement price, dynamic pricing to change the price based on a car’s demand in the market and TrueScore, a rating meter.

Currently, the company is doing INR 350 crore of annual revenue run rate, with an aim to grow 3x this fiscal.

Furthermore, Truebil has an active presence across all the metro-cities, which includes Mumbai, Delhi and Bangalore. It claims to be empowering a broad-range of customers with better-informed pre-owned car sale and purchase decisions through its innovative features.

Other notable players operating in the used car segment includes, Cars24, CarTrade, Droom, Quikr, Olx, Spinny, Droom, among others.

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