News Startups

Used cars marketplace Truebil raises $14 million in Series B funding round

Trubil, a Mumbai-based e-commerce platform for buying and selling used cars, has raised $14 million in a mix of equity and debt funding in its Series B round led by Japanese investor Joe Hirao. Kalaari Capital, Inventus Capital, Kae, Shunwei Capital, and Tekton also participated in this funding round.

With new capital coming to the company, it is now planning to foray across five other Indian cities and strengthen its technology-based stack. With this new capital infusion, the company has announced that its total funding has reached $22.4 million.

Truebil was founded in March 2015 by former Housing.com employees Suraj Kalwani, Ravi Chirania, Shubh Bansal, Rakesh Raman and Shanu Vivek, along with former Fab.com executive Ritesh Pandey and former Rio Tinto official Himanshu Singhal.

As said, the startup runs an online portal to sell pre-owned cars and offers services such as affordable car loans, paper transfer, warranty servicing, emergency roadside assistance, and insurance renewal. It vets used cars, prepares inspection reports and uploads photographs of dents or scratches, allowing buyers to shortlist their preferred choice for purchase.

Suraj Kalwani, chief executive of Truebil, said that the company is currently selling over 600 cars per month and with strong tech backbone, it claims to be making aggressive strides towards becoming the numero uno used car retailer platform in India.

The company, which currently operates in Mumbai, Delhi and Bengaluru, announced revenue of INR 50 Cr ($7 million) for the FY 2017-18 and aims to generate 5x growth in revenue for the current fiscal. It will soon launch its services in five more cities, including the metros and tier-2 towns, such as Jaipur and Pune, among others.


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