India's Truebil raises $14m in equity and debt
Indian used car trading platform Truebil has raised INR1 billion ($14 million) in equity and debt from investors including Shunwei Capital, Kalaari Capital, and Inventus Capital.
The funding round was led by Joe Hirao, founder of Japanese classified site operator ZIGExN, and brings Truebil’s total capital raised so far to INR1.6 billion, according to media reports linked from Truebil’s Twitter account. Aside from Hirao, all of the participants are existing investors that participated in the company’s 2017 Series A round.
Truebil was founded in 2015 by former employees of property portal Housing.com and online lifestyle outlet Fab.com. In addition to connecting buyers and sellers of pre-owned vehicles and arranging inspections for potential purchasers, the platform provides services such as car loans, roadside assistance, and insurance renewal.
The company claims to sell more than 600 cars per more month, with 200 employees in Delhi, Mumbai, and Bangalore. It will use the new capital to expand to five more cities, and will also improve its technology offering.
Truebil’s competitors include Droom, which is also backed by Hirao; the entrepreneur’s family office led a $30 million Series E round for Droom in October. Other players in the space include CarDekho, which raised $110 million earlier this month, and Temasek Holdings-backed CarTrade.
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