Mumbai based Truebil, an online marketplace for pre-owned cars, has raised $3 million in follow-on Series-A round from Shunwei Capital, a Chinese venture capital fund.
The amount will fund the company’s expansion plans, apart from streamlining its operations. Part of the money raised will also go into skill development and upgrading the technological infrastructure, the company said in a statement.
Run by Paix Technology Pvt Ltd, Truebil was founded in March 2015 by former Housing.com employees Suraj Kalwani, Ravi Chirania, Shubh Bansal, Rakesh Raman and Shanu Vivek, along with former Fab.com executive Ritesh Pandey and ex-Rio Tinto official Himanshu Singhal.
Starting out in March 2015, Truebil offers features like valuation, quick sell guarantee, vehicle buying consulting, smooth paper transfer, loan assistance and insurance, among others. It plans to use the money to expand operations, invest in skill development, and bolster the technological infrastructure of the company. Suraj Kalwani, Co-founder and CEO of Truebil, says,
“We are looking to do everything possible to provide our users better services and enable them in making informed decisions related to car ownership. We will be using the proceeds of this recently closed round of funding primarily towards skill development and augmenting the technological infrastructure of the company.”
Truebil had previously raised seed fund of $500,000 from Kae Capital and angel investor Anupam Mittal, Founder and CEO of People Group. The company raised $5.5M (Rs 35 Crore) in Series A funding led by Kalaari Capital, Inventus Capital, Kae Capital, and Tekton Ventures.
Earlier this month, CarTrade had raised Rs 370 crore ($55 million) in a funding round led by existing investor Temasek Holdings, the Singapore government’s investment firm, and an undisclosed US family office.