Auto-Tech Firm Truebil Raises $1 Mn from Japan's Spiral Ventures

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.

Previously Truebil has raised $14M in series B round in January this year.

[caption id="attachment_134348" align="alignright" width="298"] Shubh Bansal, CoFounder, TrueBil[/caption]

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.

AutoTech Firm Truebil giving Car Buyers 'Money-back' offer Even after a Week of Buying A Car

From clothes, home décor to electronics, now trying out your dream car for a week, with the assurance of getting your money back is now a reality! Truebil, India's leading auto tech company has announced the launch of its money-back guarantee, a first of its kind offer. This will augment customer experience by providing flexibility and 100% assurance to buyers who are often sceptical while making heavy investments.

Under this offer, buyers will have a whole week to test-drive the car as part of their daily routines and see if it meets their needs. If for any reason, the buyer is not satisfied with the car, they will be able to get a full refund on their purchase amount. All they have to do is make sure the car is returned within 7 days from the date of purchase and has been driven under 200km. Additionally, they must ensure that none of the car parts have been damaged or replaced, i.e. they should be returned in the same condition that they were received in.

[caption id="attachment_134348" align="alignleft" width="298"] Shubh Bansal, CoFounder, TrueBil[/caption]

Speaking on the launch of the new offer, Shubh Bansal, Co-Founder, Truebil said, “Despite the sluggish growth in the automobile industry over the last few quarters, the used car market has continued to witness accelerated growth and is now booming. With the introduction of our first-of-its-kind money-back-guarantee, we aim to increase the transparency and credibility in our relationship with our customers to propel further growth. The offer will give our customers a unique opportunity to experience the cars first-hand for a week before their final decision. We believe that this move will help our customers to make better-informed decisions and encourage more people to choose our platform for a seamless buying experience.”

Currently a leading online retailer for used cars in India, Truebil has been able to effectively tap into consumer needs by leveraging cutting-edge technology for its service offerings. The company has been able to seamlessly integrate online to offline channels through its full-stack model, Truebil Direct. At present, it operates in Mumbai, Bangalore and Delhi with plans in place for further expansion, both within these cities as well across other parts of the country. With an array of unique services pertaining to used or pre-owned cars, Truebil is able to provide customers with flexible and innovative solutions that enhance their overall car buying and selling experience.

About Truebil:



Rapid technological adoption has been the backbone of Truebil's massive growth. Truebil, India's leading auto tech company has managed to achieve precious insights on rapidly changing consumer preferences and consequent increase in demand for used cars in recent years. The company leverages this information gathered to build state-of-the-art machine learning algorithms.

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, and Dynamic Pricing to change the price based on a car's demand in the market.

TrueScore, Truebil’s super-efficient rating meter. The comprehensive measure gives the customer a fair idea of the condition of the used car. It takes into account several factors like the brand, age, price, mileage, history,etc.and provides a numeric index on the scale of 0-5. Every used car on sale on the Truebil site is given a rating between 0 and 5, which helps a customer to take the right decision. The higher the index, the better the car.

Truebil Raises ₹100 Crore in Series B Round Led By Japan's Joe Hirao

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.