Mumbai-based car marketplace Truebil has announced raising $1 Mn in a fresh funding round from Japan-based Spiral Ventures.
The company, which last raised $14 Mn in Series B funding in January, has raised $27 Mn prior to this round. Truebil said it plans to use these additional funds to strengthen the technology stack.
Truebil began its operations in 2015 being founded by Suraj Kalwani, Himanshu Singhal, Rakesh Raman, Ravi Chirania, Ritesh Pandey, Shanu Vivek, and Shubh Bansal. Truebil is an omni-channel platform for buying and selling of pre-owned cars. The buyers can shortlist from a list of meticulously inspected and certified cars and avail end-to-end services on their sale/purchase.
The company has developed proprietary tech-enabled evaluation mechanisms, which includes
- Recommendation system for personalised 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
- TueScore, a rating meter.
The company said it is witnessing a 20% growth MoM with more than 3000 verified cars registered to its portal. So far, it claims to have sold more than 2500 cars in Mumbai only worth INR 87.5 Cr Gross Merchandise Volume (GMV. Currently, the sales rate in Mumbai is 125 cars per month.
Truebil said it is currently doing INR 350Cr of annual revenue run rate with an aim to grow 3x this fiscal.
Other major online used car marketplaces in India are Cars24, CarDekho, Droom, Quikr, Olx, Mahindra First Choice Wheels, among others. According to an IBEF report, the Indian auto industry is one of the largest in the world, accounting for 7.1% of the country’s GDP.
The report has pegged the Indian automobile market at $125 Bn. Out of this, $100 Bn is the estimated share of automobile sales and the remaining $25 Bn includes services. It is expected to grow at a rate of about 10% to a whopping $225 Bn by 2020.