Mumbai-based online used car marketplace Truebil has raised around ₹7.4 crores ($1 million) in a fresh funding round from existing investor Kalaari Capital, as reported by VCCircle.
The deal is yet to be confirmed by the Truebil or Kalaari Capital. The funds have been raised through Paix Technology, the company that operates Truebil. It is yet to be determined if the fundraising was part of a bridge round or a larger funding round. The latest funding round has valued the startup at around ₹130-150 crores, according to the people aware of the development.
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.
Trubil 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 CarDekho, Cars24, CarWale, Droom, 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). According to a study by IndianBlueBook.com, India’s pre-owned car market is expected to touch seven million units mark by 2020.