Truebil, an online marketplace that offers a curated collection of used and pre-owned cars, has raised a seed round of Rs 3.18 crore from Kae Capital and People Group Founder and Angel Investor, Anupam Mittal.
The company plans to utilize this investment to develop a robust technology to enhance the end-user experience and further expand to other cities in the country.
Truebil is a brainchild of Suraj Kalwani (CEO), Ravi Chirania (Operations), Shubh Bansal (Marketing), Rakesh Raman (Product), Ritesh Pandey (Technology), Shanu Vivek (Marketing) and Himanshu Singhal (Operations).
The company 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.
Navin Honagudi, the Investment Director at Kae Capital, which led the funding round, opines: “Second-hand cars end up being one of the larger verticals within classifieds. You will be exactly informed of the condition and other details of the car.This is the kind of peer-to-peer model we are looking at.”
Truebil provides end to end services starting from helping customers in product discovery to assist them in shortlisting the car of their choice, inspection and valuation services. In fact, the company stays with the customer till the paper transfer, loan and insurance.
Companies working on similar models are OLX, Quikr etc.