Truebil, the omni-channel platform for buying and selling of pre-owned cars has announced that it has raised Rs 100 crore in its series B funding round through a mix of equity and debt. With this latest round of funding, the company has raised a total of Rs 160 crore till now.
The Series B round was led by Japanese investor Joe Hirao, founder of ZIGExN which is a Tokyo-headquartered company that owns and operates a number of classified websites, ranging from automobile, jobs and real estate. Existing investors Kalari, Inventus, Kae, Shunwei, and Tekton have also participated in this round. Truebil says this is just another step forward that will further the company’s vision of becoming India’s largest used car market aggregator.
Suraj Kalwani, CEO, Truebil, said, “I am pleased to announce our newest funding at this stage of operational profitability which reflects the success of our efforts in bringing trust and assurance in the used car industry. We are currently selling over 600 cars per month and with our strong technology backbone we are making aggressive strides towards becoming the Numero Uno used car retailer platform in India. We are extremely happy about the confidence investors have shown in us and the continued trust and support of our customers. We are all set to bring in more value added services aimed at providing the best in class customer experience.”
Shubh Bansal, co-founder, Truebil, said, “The funding will not only boost the brand’s status as a leading used car platform, but also help us take it to the next level of growth. We will be using these funds to expand the business in other geographies and strengthen our technology stack, which is the backbone of the consumer-focused retail business.”