Buying used vehicles and other products is no more a reason to be looked down upon. With the advent of various online portals for used vehicles, electronic gadgets, the sector has started witnessing large amount of customer attraction.
The market that was said to be dominated by the two giants Olx and Quikr, has now started witnessing new players that are targeting a particularly category. And thus posing a great competition to the above mentioned companies in their particular area.
Used vehicles, which is said to be the most popular category in this segment has witnessed a number of startups that have emerged in the past few months.
If we go by numbers, according to a recent study done by Google India and Mahindra First Choice Wheels Ltd online searches for used cars alone has seen an increase of 20 times in the last six years, which indicates a compounded annual growth rate of 54%.
The annual used-car demand in the Indian market is around 1.4 Mn cars. Tapping this market, players like Carwale, Mahindrafirstchoice, Catrade among others have been trying to dominate the market in the used car sale segment.
A three month old Mumbai-based startup, Truebil is yet another startup trying its luck in the pre-owned good segment with a focus on cars. The startup has very recently grabbed $500K in its first round of funding led by Kae Capital and angel investor Anupam Mittal, Founder and CEO of People Group.