China’s Shunwei makes debut India investment

Operated by Paix Technology, Truebil was founded in March 2015 by former employees at property portal Housing.com and online lifestyle store Fab.com.

It connects car-owners to prospective buyers, relying on a team of in-house engineers across 150 physical checkpoints to inspect vehicles before listing them on the marketplace. There are 1,000 new listings each month with 200 transactions facilitated.

The company also provides other car-related services such as vehicle financing, warranty servicing, emerging roadside assistance and insurance renewal for pre-owned cars. Furthermore, offline service Truebil Direct purchases used vehicles from owners directly and refurbishes them for sale online.

Truebil previously received seed funding from Kae Capital and angel investor Anupam Mittal. It then raised $5.5 million in the first tranche of its Series A from Kalaari Capital, Inventus Capital, Kae Capital and Tekton Ventures in January 2016. The new funding will be used for expansion, skills development, and technology upgrades, according to a VCCircle report linked from Truebil’s Twitter account.

Several used car platforms have received VC funding. Last month, CarTrade raised a $145 million round led by Singapore’s Temasek Holdings and US-based March Capital. In addition, CarDekho received almost $65 million across two rounds from investors including Hillhouse Capital and Sequoia Capital, while Mahindra First Choice Wheels got backing from Valiant Capital Management.

Shunwei was set up in 2011 by Tuck Lye Koh and Lei Jun, the founder of Chinese smart phone maker Xiaomi. The China-focused GP closed its third US dollar-denominated fund at $1 billion in 2015. It primarily invests in early- and growth-stage companies.  

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• Topics
• Greater China
• South Asia
• Technology
• Consumer
• Early-stage
• China
• India
• Shunwei Capital Partners
• TMT
• Venture
• Transportation