Truebil, a Mumbai-based online marketplace for selling and buying used and second-hand cars has secured a $3 Mn fundraise deal from Chinese VC Firm Shunwei Capital. The funding was raised as a follow-on Series A round. The startup plans to use the freshly raised funds to intensify its operations, invest in skill development and bolster the technological infrastructure of the company.
Shunwei Capital, founded by Jun Lei and Tuck Lye KOH in 2011 manages over $2 Bn across five funds. Shunwei’s major area of focus are mobile Internet and IoT and the venture capital firm primarily invests in early- and growth-stage startups.
Tuck Lye Koh, CEO and Founding Partner, Shunwei Capital said, “The Indian startup landscape has exhibited exceptional growth across industries and this trend is likely to continue as the focus shifts on sustainability and unit economics. For our debut investment in this vibrant market, we were looking to join hands with a venture that has a robust business model, is catering to a real consumer need and is backed by a superior team and tech infrastructure. Truebil fits the bill perfectly and we are certain that with the freshly infused capital, the company will build on its expertise and widen the consumer base it reaches out to with its dynamic offerings.”
Truebil was founded in March 2015 by Suraj Kalwani, Himanshu Singhal, Rakesh Raman, Ravi Chirania, Ritesh Pandey, Shanu Vivek, and Shubh Bansal.
As per a company statement, Truebil witnessed a 20% growth MoM with more than 3,000 verified cars registered to its portal and claims platform claims to have sold 2,500+ cars in Mumbai.
Truebil raised $5 Mn (INR 35 Cr.) in Series A round of funding from Kalaari Capital, Inventus Capital, Kae Capital, and San Francisco-based Tekton Ventures last year in January.
Last week, Mumbai-based online automobile classifieds platform, CarTrade raised $55 Mn in a fresh round of funding led by Singapore-based Temasek, and a US-based family office. Other players in this segment include Carwale, MahindraFirstChoice, Carnation, Droom and Zigwheels.