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Mumbai based Truebil raises $500,000 from Kae Capital and Anupam Mittal

Tags: Truebil, start-up, angel investor, People Group, Kae Capital

June 02, 2015 | COMMENTS ( 0 )

Mumbai based Truebil raises $500,000 from Kae Capital and Anupam Mittal

Truebil, a Mumbai-based start-up and India's only curated, authentic and verified virtual marketplace for pre-owned cars has raised $500,000 in its first round of funding from Kae Capital and angel investor Anupam Mittal, Founder and CEO of People Group.

The company plans to utilise this investment to develop a robust technology to enhance the end-user experience and further expand to other cities in the country.

Incepted in March 2015, Truebil is an outcome of the integration of seven thinking minds; Suraj Kalwani (CEO, IIT KGP, Ex-Housing), Ravi Chirania (Operations, IIT KGP, Ex-Housing), Shubh Bansal (Marketing, IIIT Jabalpur, Ex-Housing), Rakesh Raman (Product, IITB, Ex-Housing), Ritesh Pandey (Technology, IIIT Jabalpur, Ex- Fab.com), ShanuVivek (Marketing, IITB, Ex- Housing) and Himanshu Singhal (Operations, IIT KGP, Ex- Rio Tinto).

Together, the founders hold start-up work experience; having worked with companies like Housing.com, Fab.com, Fusion Charts etc. Their latest venture, Truebil aims to make pre-owned vehicle buying and selling experience more rewarding and uncomplicated while ensuring absolute transparency to the buyers.

“Truebil provides a one stop solution for buying and selling of used automobiles by offering free inspection and valuation, quick sell guarantee, free vehicle buying consulting, smooth paper transfer, loan assistance, insurance support and car spa to all the purchases made through the online portal,” said the company’s official press release.

Commenting on the funds raised, Shubh Bansal, Co-Founder & Chief of Marketing & Growth, Truebil said, “The fundamental problems in buying a pre-owned car are the delayed processes and the hassle. With Truebil’s unique model, we are confident of bringing about a revolution in the used car market in the country and making the buying process a gratifying experience for the consumers. We have received encouraging response from the users since the website’s launch in Mumbai and plan to use the current funding for innovating on the products side to give them a seamless experience.”

Navin Honagudi, Investment Director, Kae Capital, said, "Trubil lists verified cars which solves for trust while making a purchase decision. The team has strong experience in scaling marketplace and the vision with Truebil is to buy a used car at the click of a button.”

“The world is moving to full-stack solutions unlike the Indian pre-owned cars market which has not seen innovation since decades. I think Truebil and its team are poised to crack that.” said Angel Investor Anupam Mittal, Founder and CEO of People Group.

Witnessing a 15 per cent growth every week with more than 1000 verified cars registered to its portal, 3.12 Cr GMV sold and more than 156 cars sold so far, Truebil has marked its Pan Mumbai presence through a team of more than 50 individuals, including a team of in-house auto engineers.
 

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