Mumbai-based Truebil, India’s leading omni-channel platform for buying and selling of pre-owned cars has announced its series B funding round and has raised 100 Cr (~ US $14 million) in a mix of equity & debt. The round was led by Japanese investor Joe Hirao. With this latest round of funding, the company has so far raised a total of INR 160 cr.
Hirao is the founder of ZIGExN which is a Tokyo-headquartered company that owns and operates a number of classified websites, ranging from Automobile, jobs, real estate. Existing investors Kalari, Inventus, Kae, Shunwei, and Tekton have also participated in this round. Merisis Advisors were the investment bankers for this round of funding.
This is just another step forward in furthering the company’s vision of becoming India’s largest used car market aggregator.
Founded in 2015, Truebil has raised a total of about $27 million in funding over seven rounds including the latest one. The startup last raised $1.4 million from a debt financing round led by Trifecta Capital in November last year. Prior to which it has raised $2 million in Series A round led by Inventus Capital Partners. In February 2017, Truebil has got an investment of $3 million from China’s leading Venture Capital Fund Shunwei Capital.
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. We are extremely happy about the confidence investors have shown in us and the continued trust and support of our customers. We are all set to bring in more value added services aimed at providing the best in class customer experience.
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 provides innovative services for used car buyers solving the problem of trust and assurance for the customers. Truebil is the largest online used car retailer offering unique services like comprehensive warranty and assured buy-back to end consumers through its full stack offering, Truebil Direct.