Truebil, the ecommerce platform for purchasing and selling used vehicles based out of India, recently fund raised $14 million in both equity and a Series B round that was led primarily by Joe Hirao, an investor out of Japan. The company intends to expand into five new cities within India and bolster their technology as well.
In the startup’s latest funding round, Kalaari Capital, Inventus Capital, Kae, Shunwei Capital, and Tekton had also participated, with Merisis Advisors as an investment banker.
With the latest funding, Paix Technology-owned Truebil has announced its total funding to have reached $22.4 million. The company had announced revenue of $7 million for the FY 2017-18, and aims to generate 5x growth in revenue for the current fiscal.
Truebil was founded in March 2015 by Suraj Kalwani, Himanshu Singhal, Rakesh Raman, Ravi Chirania, Ritesh Pandey, Shanu Vivek, and Shubh Bansal. It offers an ample choice for its customers, providing a detailed report of each car to help them make informed purchase decisions.
The startup earlier introduced full-stack model — Truebil Direct — that maintains an unique online-to-offline integration, enabling its buyers to choose best-quality cars directly from its offline dark stores with a 1-year comprehensive service warranty.
According to Kalwani, the startup is selling over 600 used cars per month. The company currently operates across Mumbai, Bengaluru and Delhi, and plans to foray into five more cities, including Jaipur and Pune.
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