The Indian Wire » Startups » Used cars startup Truebil raises ₹10 crore from Trifecta Capital in debt funding

Used cars startup Truebil raises ₹10 crore from Trifecta Capital in debt funding

Mumbai-based online used cars startup Truebil has raised an additional ₹10 crore ($1.35 million) in debt funding from venture debt fund Trifecta Capital, as reported by VCCircle.

In a span of less than a month, Truebil has raised over ₹30 crore in a mix of equity and debt capital, in three tranches.

The latest funding comes less than three weeks after Truebil raised ₹15 crore in funding led by Inventus Capital Partners, along with participation from Shunwei Capital, Kae Capital, and Tekton Ventures.

Also last month, online cars marketplace Truebil raised ₹7.4 crore in a round led by existing investor Kalaari Capital.

It has not yet been ascertained if the latest fundraising is part of a larger funding round. The deal has not yet been confirmed either by Truebil or Trifecta Capital.

Truebil was co-founded by seven members, including, Suraj Kalwani, Himanshu Singhal, Rakesh Raman Ravi Chirania, Ritesh Pandey, Shanu Vivek, and Shubh Bansal in 2015. The startup provides end-to-end solutions for buying used cars through its platform.

It offers various other services while buying a used car, like, affordable car loans, paper transfer, warranty servicing, emergency roadside assistance, and insurance renewal, to provide a seamless car purchasing experience.

Truebil provides in-house car experts to its customers, to assist them through every step of buying a pre-owned car, helping them find a car according to their preferences and needs.

The startup claims to have more than 5,000 verified cars listed on the platform and has already served over 1,000 customers. Currently, the startup is operational across Mumbai, Delhi, and Bengaluru.

According to Crunchbase, so far Truebil has raised more than $11 million across all funding rounds, since inception.

Other players in the used cars segment in India, competing with Truebil include, Droom, CarDekho, CarTrade, Cars24, and CarWale, among others.

Earlier this month, Automobile marketplace Droom raised ₹220 crores in series E funding round.

In July 2018, Cars24 raised ₹340 crores in a funding round from Sequoia Capital, along with other investors, valuing the startup at around ₹1,700 crores ($250 million).

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  • The market of selling used car in India is really at boom and many more startups like OLX cash My car & many other are trying their luck in this field.

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