Truebil

Truebil.com is a Mumbai-based company, which operates virtual marketplace for trading used cars in Mumbai, Bangalore and Delhi, along with a retail vertical called Truebil Direct. Launched on 13 March 2015.[1] Truebil uses AI (artificial intelligence) algorithms to predict the ideal price of used cars based on parameters like the condition of the car, geographical factors, and seasonal factors.[2]

Truebil
Type of businessPublic
Type of site
Online marketplace for trading used cars
Founder(s)
  • Shubh Bansal
  • Himanshu Singhal
  • Rakesh Raman
  • Suraj Kalwani
  • Shanu Vivek
  • Ravi Chirania
  • Ritesh Pandey

History

Truebil was co-founded by seven ex-IITians namely Suraj Kalwani (CEO), Ravi Chirania, Shubh Bansal, Rakesh Raman, Ritesh Pandey, Shanu Vivek, and Himanshu Singhal in 2015.[1]

Truebil has a presence in 3 Indian cities: Delhi, Mumbai, and Bangalore.[3]

Finance/Funding

Kae Capital and angel investor Anupam Mittal invested a sum of $500,000; Kalaari Capital, Inventus Capital and Tekton Ventures pumped $5.15 million as Series-A funding. It has also received an additional $3 million from Shunwei in Follow-on Series A funding.[4][5] Truebil raised funding from a Japanese firm worth $14M in January 2019.[6] In March 2018 Truebil crossed Rs.100 crore in annualized revenue run rate.[7] In September 2019 it raised $1 million from a Japanese venture capital firm Spiral Ventures.[8]

Services

Truebil's services include valuation, sell guarantees, vehicle buying consulting, paper transfer, loan assistance, and insurance, among others.[9] The platform offers a marketplace of used and refurbished cars from a variety of sources,[1] lets customers buy refurbished cars directly from offline Truebil stores that handle all paperwork related to ownership transfer, loan, and insurance.[10]

References
  1. Shruti Jain (2017-02-16). "Used car marketplace Truebil raises $3 mn from Chinese VC fund". Techcircle.in. Retrieved 2018-01-16.
  2. "Startups in India that are leading the race in AI in 2017". Asian News International. 2017-12-02. Retrieved 2018-03-23 – via Business Standard.
  3. "Why the second-hand car market is seeing a boom". 2019-05-15.
  4. "Truebil raises Rs 35 crore Series-A funding from Kalaari Capital, Inventus Capital and Tekton Ventures". Economic Times. 29 Jan 2016.
  5. ANI (2017-02-16). "Truebil raises USD 3 million in Series A funding from Shunwei Capital". Business Standard India. Retrieved 2018-01-16.
  6. "Japanese investor leads $14-mn funding round in Truebil". 2019-01-22.
  7. Srinivasan, Supraja (2018-05-04). "Truebil hits Rs 100 crore in annualised revenue run rate". The Economic Times.
  8. "Japan's Spiral Ventures invests in pre-owned cars marketplace Truebil". 2019-09-12.
  9. Srinivasan, Supraja (2016-11-23). "Online marketplace for used vehicles Truebil launches operations in Bengaluru". The Economic Times. Retrieved 2018-01-16.
  10. Gupta, Soumya. "Truebil s Co Founder Shubh Bansal Reveals Plans to Move to Tier 1 2 Cities". BW Disrupt. Retrieved 2018-01-16.
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