Mumbai-based Truebil, a virtual marketplace with a curated collection of used and pre-owned cars, has raised a seed round of Rs 3.18 crore ($500,000) from Kae Capital and People Group founder and angel investor Anupam Mittal.
Truebil is a pre-owned cars marketplace. Truebil claims to be India’s only platform which has 100% verified and inspected cars listed on the platform. The data for every car along with verification is collected by a team of Truebil certified car-engineers. Post shortlisting of a car on Truebil platform, buyers would be able to avail of end-to-end services to complete the entire buying process.
Started by former employees of Housing.com, the Mumbai-based company set shop in March this year. It looks to disrupt the present classifieds marketplaces such as OLX and Quikr, which collate content from the sellers. In addition to sellers, Truebil will also curate content from the carmakers themselves.
Truebil offers end-to-end services, starting from helping customers discover and shortlist the car of their choice, inspection and valuation services, up till the paper transfer, loan and insurance.
The number of used cars bought is greater than the number of new cars bought. In India, the ratio stands at 1.3/1, whereas in USA it is 3/1. In India, 30 Lakh used cars are sold in a year and this number is poised to become 90 Lakh by 2020. That is at 24.57% compounded annual growth rate!