Truebil.com is a Mumbai-based company, which operates virtual

marketplace A marketplace, market place, or just market, is a location where people regularly gather for the purchase and sale of provisions, livestock, and other goods. In different parts of the world, a marketplace may be described as a ''souk'' (from ...

for trading used cars in

Mumbai Mumbai ( ; ), also known as Bombay ( ; its official name until 1995), is the capital city of the Indian state of Maharashtra. Mumbai is the financial capital and the most populous city proper of India with an estimated population of 12 ...

Bangalore Bengaluru, also known as Bangalore (List of renamed places in India#Karnataka, its official name until 1 November 2014), is the Capital city, capital and largest city of the southern States and union territories of India, Indian state of Kar ...

and

Delhi Delhi, officially the National Capital Territory (NCT) of Delhi, is a city and a union territory of India containing New Delhi, the capital of India. Straddling the Yamuna river, but spread chiefly to the west, or beyond its Bank (geography ...

, along with a retail vertical called Truebil Direct. Launched on 13 March 2015. Truebil uses

artificial intelligence Artificial intelligence (AI) is the capability of computer, computational systems to perform tasks typically associated with human intelligence, such as learning, reasoning, problem-solving, perception, and decision-making. It is a field of re ...

(AI) algorithms to predict the ideal price of used cars based on parameters like the condition of the car, geographical factors, and seasonal factors.

History

Truebil was co-founded by seven ex- IITians namely Suraj Kalwani (CEO), Ravi Chirania, Shubh Bansal, Rakesh Raman, Ritesh Pandey, Shanu Vivek, and Himanshu Singhal in 2015. Truebil has a presence in 4 Indian cities: Delhi, Mumbai, Hyderabad and Bangalore.

Finance/Funding

Kae Capital and

angel investor An angel investor (also known as a business angel, informal investor, angel funder, private investor, or seed investor) is an individual who provides capital to a business or businesses, including startups, usually in exchange for convertible de ...

Anupam Mittal invested a sum of $500,000;

Kalaari Capital Vani Kola is an Indian venture capitalist. She is the founder and managing director of Kalaari Capital, an Indian early stage venture capital firm. She was listed as one of the most powerful women in Indian business by ''Fortune India'' in 2014 ...

, Inventus Capital and Tekton Ventures pumped $5.15 million as Series-A funding. It has also received an additional $3 million from

Shunwei Capital Shunwei Capital () is a Beijing-based venture capital firm founded in 2011. It was founded by Lei Jun (the founder and CEO of Xiaomi) and Tuck Lye Koh. The firm focuses on investing in the technology sector in China as well as other countries s ...

in Follow-on

Series A funding A series A is the name typically given to a company's first significant round of venture capital financing. It can be followed by the word round, investment or financing. The name refers to the class of preferred stock sold to investors in excha ...

. Truebil raised funding from a Japanese firm worth $14M in January 2019. In March 2018 Truebil crossed Rs.100 crore in annualized revenue run rate. In September 2019 it raised $1 million from a Japanese venture capital firm Spiral Ventures.

Services

Truebil's services include valuation, sell guarantees, vehicle buying consulting, paper transfer, loan assistance, and insurance, among others. The platform offers a marketplace of used and refurbished cars from a variety of sources, lets customers buy refurbished cars directly from offline Truebil stores that handle all paperwork related to ownership transfer, loan, and insurance.

References

{{reflist 2015 establishments in Maharashtra Internet properties established in 2015 Automotive industry in India