Mumbai based Truebil, an online marketplace for used cars, has raised $3 million in a follow-on round of series A funding from Chinese venture capital firm Shunwei Capital. The startup will use the funding for improving its technology and hiring.
The company had earlier raised $5.5 million in Series A round of funding from Kalaari Capital, Inventus Capital and San Francisco-based Tekton Ventures in February last year. It had also secured a seed round worth $500,000 from Kae Capital and angel investor Anupam Mittal.
Truebil mentions that it recently launched Truebil Direct, an offline platform for pre owned cars based on an inventory model, other than launching its B2C dealer digitization platform ‘Truebil Privilege Partner’. On the consumer front, Truebil, also available as an Android app, offers a platform which that recommends based on user input.
Users can search by brand or car model, after which it lists multiple features and information about the cars, including owner info, child locks, tubeless tyres, fog lamps, air bags, ABS etc. It inspects the cars and assigns them a score. Further, the company also adds its own services like service warranty, car loans and insurance which can be bought.
Truebil competes with services like QuickCars which offers user cars and bikes classifieds, reviews and relevant content. Similar players include CarTrade which recently raised $5.5 million in funding, GrinarSoft owned CarDekho, which acquired the Times Internet auto portal Zigwheels in 2015, and Bangalore-based GoZoomo which raised $5 million from SAIF partners in July 2015. GoZoomo, however, shut down its operations in August last year citing unsustainable unit economics.