Online used cars listing startup Truebil raises $500K from Kae Capital and Anupam Mittal

Truebil Online portal for buying and selling pre-owned automobiles Truebil, started by former employees, has raised $500,000 (RS 3.17 crore) in its first round of funding from seed stage VC fund Kae Capital and angel investor Anupam Mittal. Truebil, run by Taix Technology Pvt Ltd, will utilise the funds to expand operations to other cities and increase investments in the technology interface, the company said in a press statement. Mumbai-based Truebil is a virtual marketplace for pre-owned cars where sellers can upload pictures of their cars so that they can be short-listed for purchase by buyers. “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,” Mittal, who is also the founder and CEO of People Group, said in the statement. People Group owns and operates various internet properties such as besides mobile content and apps firm Mauj Mobile. Truebil was founded in March 2015 by former employees Suraj Kalwani, Ravi Chirania, Shubh Bansal, Rakesh Raman and Shanu Vivek along with former executive Ritesh Pandey and ex-Rio Tinto official Himanshu Singhal. “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,” Bansal, who is the CEO of the firm, said. The company claims to be growing at 15 per cent every week and says its platform has been used for transactions worth Rs 3.12 core. Over 1,000 verified cars are registered to its portal. Truebil offers services such as inspection and valuation, sell guarantee, vehicle buying consulting, paper transfer, loan assistance, insurance support and car spa services. It competes with online players such as CarDekho (also acquired and CarTrade in addition to horizontal P2P platforms such as OLX and Quikr. A recent report by Google India and Mahindra First Choice Wheels Ltd  shows that there has been an increase of 20 times in online searches for used cars in the last six years.