Truebil, India’s only curated, authentic and verified marketplace for pre-owned cars has successfully concluded its follow-on Series A funding round. The marketplace has secured an investment of $3 million from China’s leading Venture Capital Fund Shunwei Capital.
Shunwei Capital was founded in 2011 by Jun Lei and Tuck Lye KOH and manages over 2 billion in US dollars across five funds. Shunwei’s key focus is on mobile internet and IoT. Specifically, opportunities where internet and technology fundamentally disrupt how businesses and services are conducted in traditional industry verticals. Shunwei primarily invest in early and growth stage startups.
Tuck Lye Koh, CEO and Founding Partner, Shunwei Capital said, “The Indian start-up 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.”
With rapid expansion plans on the cards, Truebil plans to utilize the present funding to intensify its operations, invest in skill development and bolster the technological infrastructure of the company. Truebil had previously raised seed fund of $500,000 from Kae Capital and angel investor Anupam Mittal, Founder and CEO of People Group. The company raised $5.5M (INR 35 Crore) in Series A funding led by Kalaari Capital, Inventus Capital, Kae Capital, and Tekton Ventures. Truebil has been leveraging the capital to expand its reach and services. It has recently rolled out its operations in Bengaluru and, launched Truebil Direct – an offline platform for pre-owned cars based on the full stack inventory model. Truebil also launched its B2C dealer digitization platform ‘Truebil Privilege Partner’.
Talking about the growth plans, Suraj Kalwani, Co-founder and CEO, Truebil said, “We are looking towards doing everything possible to provide our users better services and enable them in making informed decisions related to car ownership. We will be using the proceeds of this recently-closed round of funding primarily towards skill development and augmenting the technological infrastructure of the company. Further, by associating with Shunwei Capital, we will be able to gain invaluable insights which will certainly be a big boost for our overall vision for the growth and expansion of Truebil.”
Commenting on the announcement, Shubh Bansal Co-founder and Chief of Marketing at Truebil said, “As we’re about to roll out more consumer-centric products, securing funds at this stage has been a real shot in the arm for us. We would like to thank our investors for showing confidence in Truebil’s business model and facilitating adequate investment in the company. This investment will further drive the expansion of our operations and will become the defining block in unprecedented business activity for Truebil. More than the funds, however, it is the strategic guidance and mentorship that Shunwei Capital brings to the table that will be pivotal for us at this stage of our growth story.”