Truebil, a virtual marketplace for preowned cars, raises USD 500,000 from Kae Capital and other angel investors !


Mumbai, 1st June, 2015 : Truebil, a Mumbai based startup and India’s only curated, authentic and verified virtual marketplace for preowned cars has raised USD 500,000 in its first round of funding from Kae Capital and angel investor Anupam Mittal, Founder and CEO of People Group.

The company plans to utilise this investment to develop a robust technology to enhance the end user experience and further expand to other cities in the country.Incepted in March 2015, Truebil is an outcome of the integration of seven thinking minds; Suraj Kalwani   (CEO,   IIT   KGP,   ExHousing),Ravi   Chirania   (Operations,   IIT   KGP,   Ex– Housing),Shubh Bansal (Market ing, IIIT Jabalpur, Ex-­‐Housing),Rakesh Raman (Product, IITB, Ex-­‐Housing),Ritesh Pandey (Technology, IIIT Jabalpur, Ex-­‐,ShanuVivek (Marketing, IITB, Ex-­‐Housing) and Himanshu Singhal   Operations,   IIT   KGP,   Ex -­‐Rio   Tinto).   Together,   the   founders   hold   extensive start -­up   work   experience;   having   worked   with   companies   like,,   Fusion Charts   etc.   Their   latest   venture,   Truebil   aims   to   make   preowned   vehicle   buying   and   selling experience   more   rewarding   and   uncomplicated   while ensuring   absolute   transparency   to   the buyers.

Truebil   provides   a   one   stop   solution   for   buying   and   selling   of   used   automobiles   by offering   free   inspection   and   valuation,   quick   sell   guarantee,   free   vehicle   buying   consulting, smooth   paper   transfer,   loan   assistance,   insurance   support   and   car   spa   to   all   the   purchases made through the online portal. Commenting on the funds raised, Shubh Bansal, CoFounder & Chief of Marketing & Growth, Truebil said, “The fundamental problems in buying a preowned car are the delayed processes and the hassle. With Truebil’s unique model, we are confident of bringing about a revolution in the used car market in the country and making the buying process a gratifying experience for the   consumers.   We   have   received   encouraging   response   from   the   users   since   the   website’s launch   in Mumbai   and   plan   to   use   the   current funding for   innovating   on   the   products   side   to give them a seamless experience.” Navin Honagudi, Investment Director at Kae Capital said .

Trubil lists verified cars which solves for   trust while   making   a   purchase   decision.The   team   has   strong   experience   in   scaling marketplace and the vision with Truebil is to buy a used car at the click of a button. “The world is moving to full stack solutions unlike the Indian pre owned cars market which has not seen innovation since decades. I think Truebil and its team are poised to crack that.” said Angel Investor Anupam Mittal,Founder and CEO of People Group. At Truebil, each car undergoes an intensive inspection by the in house auto engineers before Truebil   team   lists   the   verified   cars   on   the   platform.   Each   car   listed on   the   portal   carries   a detailed inspection report. The brand believes in ensuring a satisfied consumer experience and to   make   it   possible, it   handholds   its   sellers   and   buyers   throughout   the   entire   transaction process.

Witnessing a 15% growth every week with more than 1000 verified cars registered to its portal, 3.12   Cr   GMV   sold   and more   than 156   cars   sold   so   far,   Truebil   has   marked   its   Pan   Mumbai presence   through   a   team   of   more   than   50   individuals,   including   a   team ofin house   auto engineers. Truebil team comprises of young, highly motivated professionals who strive to help consumers   with   a   platform   that   facilitates   a   unique   car   buying   experience,   especially   for   the youth and the young families who aspire to buy a value for money car.

Incepted   on   13th   March   2015,   Truebil   is   India’s   only   curated,   authentic   and   verified   virtual marketplace   for   preowned   cars.   Based   out   of   Mumbai,   Truebil   aims   to   make   the   process   of buying   and   selling   preowned   automobiles   surprisingly   easy   through   a   one of its kind platform.The   buyers   can   shortlist   from   a   list   of   meticulously   inspected   and   certified   cars   and avail   end to end   services   on   their   sale/purchase.   The   objective   is   to   eliminate   hassle   and inefficiency   caused   during   car   purchases   from   the   used   automobile   ecosystem   and   ensure absolute transparency to the buyers.