According to a report released by IndianBlueBook.com, the pre-owned car market is expected to hit the 7 million units mark by 2020 in India. The current size, however, is around 3.5 million used cars valued at $20 billion. By 2020, both the used and the new car market in India will be among the top 5 global automotive markets said the survey.
The United States, way beyond in startup culture and innovations, proves to be a mature player in the industry. With a base of 45 million used cars, almost 10 times the size of the Indian market, the country is preceded by China. China is a big player with 25 million pre-owned cars.
Incepted by 7 like minded IITians, Truebil has become India’s only curated, authentic and verified pre-owned cars marketplace for Indian consumers. The aim highs to make the process of buying and selling second-hand cars exquisitely easy for user side.
The buyers can short list from a directory of meticulously inspected and certified cars and avail end-to-end services. The team is working hard to eliminate hassle and inefficiency during transactions of pre-owned cars ensuring transparency for the buyers and sellers as well.
We all know, that necessity is the mother of all inventions. Something similar happened with one of the founders. Let me tell you, all the founders are IIT graduates following Suraj Kalwani, Himanshu Singhal & Ravi Chirania from IIT Kharagpur, Shubh Bansal & Ritesh Pandey from IIT Jabalpur and Rakesh Raman & Shanu Vivek from IIT Bombay.
Shubh, Suraj, Ravi, Rakesh & Shanu are ex-Housing.com colleagues while Ritesh & Himanshu served at Fab.com & Rio Tinto earlier respectively. Suraj leads the team as CEO while Ravi & Himanshu manages the operations, Shubh and Shanu leads the marketing team, Rakesh takes care of the products and Ritesh is the techie behind Truebil.
Headquartered in Mumbai, the startup recently launched operations in Bengaluru as the same was deemed as the perfect start for expansion. The startup culture in and around Bengaluru with infrastructure combined attracted the Truebil team to head towards the town.
One of the founders had to undergo a hectic month-long process to finalize a car. Weekends were spent hiring mechanics and visiting dealers to ensure viability. The never ending negotiation part made him realize, finally, that the actual price differs 20-30% from the quoted price. The asymmetry tingled the minds, and the lack of authenticity infused inspiration. And Truebil came into existence with a motto to facilitate hassle free car buying experience to the youth looking for value-for-money deals.
Truebil has completed three rounds of funding, recently from Shunwein Capital. The Chinese venture capital fund poured $3 million in a follow-on Series A round into the startup. Earlier, the company raised $5.5 million in its first Series A round led by Kalaari Capital, Inventus Capital, Kae Capital and Tekton Ventures. While angel investor Anupam Mittal, the man behind Shaadi.com, from Mumbai, has also invested in Truebil.
“At Truebil, each car undergoes intensive inspection by its in-house auto engineers and carries a detailed inspection report. For every car, 40 high-quality pictures are uploaded by the company, focusing on each dent/scratch so that consumers do not have to travel to places, just to have a look. We believe in ensuring a satisfied consumer experience and to make it possible, it handholds its sellers and buyers throughout the entire transaction process,” Shubh Bansal speaks about the USP of the company.
The platform offers various facilities like free-inspection, valuation, quick sell guarantee, vehicle buying consulting, smooth ownership transfer, loan assistance, and insurance. Focused on the customer satisfaction, the company works on performance marketing, which is extremely crucial for the industry.
Almost 2,500 cars are listed for each city with an extravagant addition rate of 10,000 users every month. The seller side enumerates to 900 every month with the other side of the coin i.e buyers enumerating to 1,00,000 registered buyers per city.
The company is working hard on customer-centric products such as True Score which is an algorithm that helps rate cars using data points of the condition of the car, the price of the car and geographical parameters.
“Truebil’s business model is one that we are familiar with. We believe this puts us at an advantage in anticipating the opportunities and challenges that this business presents,” Tuck Lye Koh, CEO at Shunwei Capital, spoke to Economic Times.
By the end of 2020, the startup aims to expand to Delhi and operate at full scale in Mumbai, Delhi, and Bengaluru. Truebil’s model is similar to that of Chinese firm RenRenChe a marketplace that Shunwei Capital has invested heavily in.
The entrepreneurship journey is like a game. You have to play, you have to play hard to score big, When you fail, you have to play again. But if you truly believe in what you’re doing, if you have a mission that gets you out of bed every day, you can push through it you will definitely be successful .