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-‐ Fab.com),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 Housing.com, Fab.com, 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.