Truebil, an Indian-based auto marketplace, recently announced the company has fund raised $1 million during a new funding round that was led primarily by Spiral Ventures.
The company, which last raised $14 million in Series B funding in January, has raised $27 million prior to this round. Truebil said it plans to use these additional funds to strengthen the technology stack.
Truebil began its operations in 2015 being founded by Suraj Kalwani, Himanshu Singhal, Rakesh Raman, Ravi Chirania, Ritesh Pandey, Shanu Vivek, and Shubh Bansal. Truebil is an omnichannel platform for buying and selling of pre-owned cars. The buyers can shortlist from a list of meticulously inspected and certified cars and avail end-to-end services on their sale/purchase.
The company has developed proprietary tech-enabled evaluation mechanisms, which includes
The company said it is witnessing a 20% growth MoM with more than 3000 verified cars registered to its portal. So far, it claims to have sold more than 2500 cars in Mumbai only worth $13.1 million Gross Merchandise Volume.
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