New Delhi [India], Feb 16 : India's only curated, authentic and verified marketplace for pre-owned cars Truebil has successfully concluded its follow-on Series A funding round. The marketplace has secured an investment of USD three million from China's leading Venture Capital Fund Shunwei Capital.
Shunwei Capital was founded in 2011 by Jun Lei and Tuck Lye KOH and manages over two billion in US dollars across five funds. Shunwei's key focus is on mobile internet and IoT. Specifically, opportunities where internet and technology fundamentally disrupt how businesses and services are conducted in traditional industry verticals. Shunwei primarily invest in early and growth stage startups.
"The Indian start-up landscape has exhibited exceptional growth across industries and this trend is likely to continue as the focus shifts on sustainability and unit economics. For our debut investment in this vibrant market, we were looking to join hands with a venture that has a robust business model, is catering to a real consumer need and is backed by a superior team and tech infrastructure," said CEO and founding partner Shunwei Capital, Tuck Lye Koh.
"Truebil fits the bill perfectly and we are certain that with the freshly infused capital, the company will build on its expertise and widen the consumer base it reaches out to with its dynamic offerings," added Lye Koh.
Truebil plans to utilize the present funding to intensify its operations, invest in skill development and bolster the technological infrastructure of the company.
It had previously raised seed fund of USD 500,000 from Kae Capital and angel investor Anupam Mittal, Founder and CEO of People Group. The company raised USD 5.5M (Rs. 35 crore) in Series A funding led by Kalaari Capital, Inventus Capital, Kae Capital, and Tekton Ventures. Truebil has been leveraging the capital to expand its reach and services. It has recently rolled out its operations in Bengaluru and, launched Truebil Direct - an offline platform for pre-owned cars based on the full stack inventory model. Truebil also launched its B2C dealer digitization platform 'Truebil Privilege Partner'.
"We are looking towards doing everything possible to provide our users better services and enable them in making informed decisions related to car ownership," said co-founder and CEO Truebil, Suraj Kalwani.
"We will be using the proceeds of this recently-closed round of funding primarily towards skill development and augmenting the technological infrastructure of the company," added Suraj Kalwani.
"As we're about to roll out more consumer-centric products, securing funds at this stage has been a real shot in the arm for us. We would like to thank our investors for showing confidence in Truebil's business model and facilitating adequate investment in the company," said co-founder and Chief of Marketing at Truebil, Shubh Bansal. (ANI)