Mumbai-based peer-to-peer car sales startup, Truebil, has raised about $5 Mn (INR 35 Cr.) in series A round of funding from Kalaari Capital, Inventus Capital and San Francisco-based Tekton Ventures. Existing investor Kae Capital also participated in this round.
Truebil will use the newly raised capital to scale up its operations to four cities including Bangalore and Delhi.
Founded in March 2015 by Suraj Kalwani, Himanshu Singhal, Rakesh Raman, Ravi Chirania, Ritesh Pandey, Shanu Vivek and Shubh Bansal, Truebil, is an online marketplace for buying and selling second hand cars.
The startup provides a one stop solution for buying and selling of used automobiles by offering free inspection & valuation, quick sell guarantee, free vehicle buying consulting, smooth paper transfer, loan assistance and insurance support. It also offers ‘QuickSell’ service, where if a car is not sold within 15 days at the recommended price the startup purchases it.
Earlier in June 2015, Truebil raised $500K in its first round of funding led by Kae Capital and angel investor Anupam Mittal, founder and CEO of People Group.
Other players in this segment include Carwale, Cartrade, MahindraFirstChoice, Carnation, Droom and Zigwheels.
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