Truebil, India’s leading auto-tech platform has raised $1 Million from Japanese venture capital firm Spiral Ventures.
India is witnessing a rapidly changing consumer preference and there has been a consequent increase in demand for used cars in recent years. Rapid technological adoption has been the backbone of Truebil’s massive growth and these additional funds will be used to strengthen the technology stack.
Founded in 2015, Truebil has raised a total of about $28 million in funding so far. In November 2018, the startup had raised $1.4 million from a debt financing round led by Trifecta Capital. Prior to which Truebil had raised $2 million in Series A round led by Inventus Capital Partners. In February 2017, the auto-tech startup had got an investment of $3 million from China’s leading Venture Capital Fund Shunwei Capital.
Following a seamlessly integrated online and offline model, Truebil has developed proprietary tech-enabled evaluation mechanisms such as Recommendation System for personalized user experience, TruePrice to predict the accurate selling price, Procurement Score to determine the right procurement price, Dynamic Pricing to change the price based on a car’s demand in the market and TrueScore, a super-efficient rating meter.
Truebil has successfully managed to achieve precious insights on rapidly changing consumer preferences and consequent increase in demand for used cars in recent years. The company is currently doing ₹350Cr of annual revenue run rate with an aim to grow 3x this fiscal.