Feb 16, 2017 03:33 PM IST | Source: Moneycontrol.com

Truebil raises USD 3 million from China's Shunwei Capital

Trubil recently rolled out its operations in Bengaluru and, launched Truebil Direct - an offline platform for pre-owned cars based on the full stack inventory model.

Truebil raises USD 3 million from China's Shunwei Capital

Moneycontrol Bureau

Truebil, marketplace for pre-owned cars secured an investment of USD 3 million in follow-on Series A funding round led by China’s Venture Capital Fund Shunwei Capital.

Incepted in March, 2015, the Mumbai-based company provides a platform to buy and sell pre-owned cars. The startup previously raised seed fund of USD 500,000 from Kae Capital and angel investor Anupam Mittal, Founder and CEO of People Group after that it raised USD 5.5 million in Series A funding led by Kalaari Capital, Inventus Capital, Kae Capital, and Tekton Ventures.

The company competes with the likes of online players such as Droom, CarTrade, CarDekho, Gaadi, etc. and in the offline market large players such as Mahindra First Choice and Maruti True Value dominate the market.

Speaking regarding the investment Tuck Lye Koh, CEO and Founding Partner, Shunwei Capital said, "The Indian start-up landscape has exhibited exceptional growth across industries and this trend is likely to continue as the focus shifts on sustainability and unit economics. For our debut investment in this vibrant market, we were looking to join hands with a venture that has a robust business model, is catering to a real consumer need and is backed by a superior team and tech infrastructure.”

Trubil recently rolled out its operations in Bengaluru and, launched Truebil Direct - an offline platform for pre-owned cars based on the full stack inventory model.

Suraj Kalwani, Co-founder and CEO, Truebil said, “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. Further, by associating with Shunwei Capital, we will be able to gain invaluable insights which will certainly be a big boost for our overall vision for the growth and expansion of Truebil.”

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