Mumbai-based used car marketplace Truebil has raised ₹100 crores ($14.2 million) in a combination of equity and debt from Japanese investor Joe Hirao. With this Series B round of funding, the total amount raised by Truebil jumps to ₹160 crores till date. The startup plans to use the freshly raised capital to boost its marketing and build up a technology stack.
This is Joe’s second investment in the sector. He earlier invested ₹210 crores ($30 million) in series E round in car marketplace Droom. Truebil counts Kalaari Capital, Inventus Capital, Tekton Ventures and Shunwei Capital as notable investors. All the above investors also participated in the mixed funding round, according to the company’s press statement.
Merisis Advisors were the investment bankers for this round of funding. Founded by former Housing employees along with former Fab.com executives Rakesh Raman, Ravi Chirania, Ritesh Pandey, Shubh Bansal and Suraj Kalwani, the startup sells certified used cars in Mumbai, Bengaluru and Delhi. It soon will enter Jaipur and Pune.
You can read the startup story of Truebil here.
Suraj Kalwani, CEO of Truebil, said, “I am pleased to announce our newest funding at this stage of operational profitability which reflects the success of our efforts in bringing trust and assurance in the used car industry. We are currently selling over 600 cars per month and with our strong tech backbone, we are making aggressive strides towards becoming the numero uno used car retailer platform in India. “
The startup also provides car loans, warranty servicing, paper transfer and emergency roadside assistance for pre-owned cars. Truebil has partnered with Tata Capital to provide easy financing to customers. The startup uses its proprietary technology to inspect each car at more than 150 checkpoints before listing them on their website.
Shubh Bansal, Co-Founder, Truebil, said, “The funding will not only boost the brand’s status as a leading used car platform but also help us take it to the next level of growth. We will be using these funds to expand the business in other geographies and strengthen our technology stack which is the backbone of the consumer-focused retail business.”
Truebil introduced a full-stack model called Truebil Direct which maintains a unique offline to online integration. Customers can use the service to shortlist and buy the best quality cars from its offline stories with a 1-year comprehensive service warranty, 1-year Roadside assistance and 1 free servicing.
Earlier in November 2018, the startup raised ₹10 crores ($1.42 million) in debt funding from Trifecta Capital. It competes with established players like Cars24, CarDekho, CarTrade, Spinny, Mahindra First Choice Wheels and Maruti True Value. It recorded revenue of ₹50 crores ($7.1 million) last financial year and aims to target a run rate of ₹250 crores ($35.7 million) in the current financial year.