Startups

Used cars marketplace Truebil raises additional ₹15 crores in a round led by Inventus

Mumbai-based online pre-owned cars marketplace Truebil has raised an additional funding of around ₹15 crores ($2 million) in a round led by existing investor Inventus Capital Partners, as reported by VCCircle.

Other existing investors that participated in the round include Chinese venture capital fund Shunwei Capital, Mumbai-based sector agnostic fund Kae Capital, and San Francisco-based Tekton Ventures.

The latest investment comes merely a week after, Truebil raised ₹7.4 crores from Kalaari Capital. In this month alone, Truebil has raised close to ₹22.4 crores ($3 million).

The current investment has reportedly valued the used cars marketplace at around ₹150-160 crores ($20-22 million). It is yet to be ascertained, if the latest funding is a part of the previous round or a fresh funding round.

The deal is yet to be confirmed by Truebil, Inventus Capital Ventures, Shunwei Capital, Kae Capital, and Tekton Ventures.

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.

Truebil last raised $3 million follow-on series A funding led by Shunwei Capital in February 2017. Earlier in January 2016, Truebil raised $5 million in series A funding round led by Kalaari Capital.

Other players in the used cars domain competing with Truebil in India include CarDekhoCars24CarWaleDroom, and CarTrade, among many 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).

Varun

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