MUMBAI: Truebil, a Mumbai-based start-up in the pre-owned cars virtual marketplace has raised Rs 3.18 crore ($500,000) in its first round of funding from Kae Capital and angel investor Anupam Mittal, who is the founder and CEO of People Group.
With the investment, the company plans to develop a robust technology to enhance the end user-experience and further expand to other cities in the country.
Founded in March 2015, Truebil is an outcome of the integration of seven minds; Suraj Kalwani (CEO), Ravi Chirania (operations), Shubh Bansal (marketing), Rakesh Raman (product), Ritesh Pandey (technology), Shanu Vivek (marketing) and Himanshu Singhal (operations).
The founders together hold an experience of having worked with companies like Housing.com, Fab.com and Fusion Charts etc. Their new venture, Truebil aims to make pre-owned vehicle buying and selling experience more rewarding and uncomplicated while ensuring absolute transparency to the buyers. Truebil provides a one stop solution for buying and selling of used automobiles by offering free inspection and valuation, quick sell guarantee, free vehicle buying consulting, smooth paper transfer, loan assistance, insurance support and car spa to all the purchases made through the online portal.
Truebil co-founder and chief of marketing & growth Bansal said, “The fundamental problems in buying a pre-owned car are the delayed processes and the hassle. With Truebil’s unique model, we are confident of bringing about a revolution in the used car market in the country and making the buying process a gratifying experience for the consumers. We have received encouraging response from the users since the website’s launch in Mumbai and plan to use the current funding for innovating on the products side to give them a seamless experience.”
Kae Capital investment director Navin Honagudi added, “Truebil lists verified cars, which solves for trust while making a purchase decision. The team has strong experience in scaling marketplace and the vision with Truebil is to buy a used car at the click of a button.”
“The world is moving to full-stack solutions unlike the Indian pre-owned cars market which has not seen innovation since decades. I think Truebil and its team are poised to crack that,” said Mittal.
