Truebil, an online marketplace to buy and sell second-hand cars, has raised nearly $5 million (Rs 35 crore) in a Series-A round of funding from venture capital firms Kalaari Capital, Inventus Capital and San Francisco-based Tekton Ventures.
The funding round also saw participation from its existing investor Kae Capital.
The funds will be used by the Mumbai-based startup to expand its operations in four cities including Bengaluru and Delhi in the next 12 months with a target of 1,500 transactions a month. Truebil, which launched operations in March 2015, currently claims to be doing 200 transactions daily in Mumbai alone.
“Our funding would be used to develop products and technologies to enhance and add immense value to consumer experience. We have been in the forefront of product and services innovation with offerings like True Score (a unified rating algorithm for every car), Used Cars Comparison engine (Comparing apples to oranges as every car is different) and Car Recommendation Algorithm,” Suraj Kalwani, co-founder and CEO of Truebil told DEALSTREETASIA.
Founded by Kalwani, Ravi Chirania, Shubh Bansal, Rakesh Raman, Ritesh Pandey, Shanu Vivek and Himanshu Singhal, Truebil is focused on peer-to-peer sales of cars. The platform also offers features like free inspection, valuation, quick sell guarantee, vehicle buying consulting, smooth paper transfer, loan assistance and insurance among others.
Soon after launching its operations, the startup raised $500K in funding from Kae Capital and angel investor Anupam Mittal.