Bangalore: Mumbai based online car marketplace for secondhand, Truebil raises Rs. 3.18 crore in seed funding round from Kae Capital and People Group founder, along with angel investor Anupam Mittal. The fund will be utilized to expand its technology in order to improve the end-user experience. The company also expects to deploy the fund in expanding its reach to other cities in the country.
Founded in 2015 by Suraj Kalwani, Ravi Chirania, Shubh Bansal Rakesh Raman, Ritesh Pandey, Shanu Vivek and Himanshu Singhal, Truebil is a pre-owned cars marketplace that offers end-to-end services. Since inception, the firm provides a one-stop solution, starting from helping customers discover to shortlist the car, from inspection to valuation services, from the paper transfer to loan & insurance and so on.
Today, the firm claims to be India’s only platform which has 100% verified and inspected cars listed on the platform. Currently working with the team of 50 individuals, including auto engineers, the Mumbai based startup claims to have over 1,000 cars listed on its board and has assisted in the sale of 156 cars in Mumbai alone.
On the flip side, the recent report says, the number of used cars bought is higher than the number of new cars bought in India. Therefore, 30 lakh second-hand cars are sold in a year and perhaps, the number will climb to 90 lakh by 2020.