Truebil, an online marketplace for used cars that calls Mumbai, India home, has fund raised nearly $1 million during their latest round of funding.
Paix Technology Pvt. Ltd, which operates Truebil, raised this sum from its existing investor Kalaari Capital, a source said.
The three-year-old startup raised this round at an estimated valuation of around $17-20 million, which was the same as its follow-on Series A round last year.
It is not clear whether this capital raise was the company’s bridge round or part of a larger funding round.
In February last year, the company secured $3 million (about Rs 20 crore) in a follow-on Series A funding round from China-based venture capital fund Shunwei Capital.
In January 2016, it raised $5.5 million (Rs35 Crore) in a Series A round led by Kalaari Capital, Inventus Capital, Kae Capital and San Francisco-based Tekton Ventures.
E-mail queries sent to Suraj Kalwani, Ravi Chirania, Shubh Bansal, Rakesh Raman and Shanu Vivek, the co-founders of the venture, seeking more information on this round, did not elicit a response at the time of publishing this report.
The company was founded in March 2015 by former Housing.com employees Kalwani, Chirania, Bansal, Raman and Vivek, along with former Fab.com executive Ritesh Pandey and former Rio Tinto official Himanshu Singhal.
Truebil operates an online portal that offers end-to-end services for the sale of pre-owned cars including affordable car loans, paper transfer, warranty servicing, emergency roadside assistance and insurance renewal.
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