Truebil, an online marketplace for selling pre-owned cars, has raised $500k in its first funding round from KAE Capital along with the participation of angel investor Anupam Mittal.
With this fresh capital, the company is planning to enhance its technology for a better user experience and to expand to other cities across the nation.
Commenting on the newly raised funds, Shubh Bansal, Co-Founder & Chief of Marketing & Growth, Truebil said,
With Truebil’s unique model, we are confident of bringing about a revolution in the used car market in the country and making the buying process a gratifying experience for the consumers. We have received encouraging response from the users since the website’s launch in Mumbai and plan to use the current funding for innovating on the products side to give them a seamless experience.
Navin Honagudi, Investment Director at Kae Capital said,
“Trubil lists verified cars which solves for trust while making a purchase decision. The team has strong experience in scaling marketplace and the vision with Truebil is to buy a used car at the click of a button.”
Anupam Mitaal, one of the investors in the company, said,
The world is moving to full-stack solutions like the Indian pre-owned cars market which has not seen innovation since decades. I think Trubil and its team are poised to crack that.
The company was founded in March 2015 by ex-Housing employees include Suraj Kalwani, Ravi Chirania, Shubh Bansal, Rakesh Raman, Ritesh Pandey, Shanu Vivek and Himanshu Singhal.
TruBil’s working model is pretty simple. If someone is interested in selling you their car, he/she just will have to fill out a form with the contact details. Upon receiving the selling request, TruBil’s auto engineer will visit to inspect the car being sold. Once the car gets sold after being listed on the portal, the company will take care of all the documentation work.
It claims to have more than 1000 verified cars listed on its platform and has over 400 customers. TruBil says that it has achieved a growth rate of about 15% every week, which is healthy considering the domain. It has team of over 50 people, including in-house auto engineers.
It also provides services like Car Insurance, Car Paper Work and Car Loan.
However, TruBil’s biggest competitor will be Jaipur-based CarDekho.com, an online platform which is undoubtedly the most comprehensive in this field right now. Moreover, GirnarSoft, the parent company behind CarDekho has also raised multiple rounds of funding, which includes investments from Ratan Tata and more recently HDFC Bank.
It will be interesting to see how TruBil differentiates itself from the likes of CarDekho, or other similar platforms.