Truebil, a marketplace for selling used cars in India, has closed a $3 million post-Series A funding round from China’s Shunwei Capital. Its $5.5 million Series A was raised in January 2016.
Unlike more traditional rivals like CarTrade, which just raised $55 million led by Singapore’s Temasek, its sister site CarWhale and Cardekho, Truebil dis-intermediates the professional auto trader because it enables direct consumer-to-consumer transactions.
Truebil was founded in 2015 and it is currently present in Mumbai and Bangalore. The company said it is selling 200 cars per month, with 1,000 new listings going up each month. Aside from the marketplace, it also offers a service that buys offline and sells refurbished vehicles: Truebil Direct. The firm purchases used vehicles from owners, which are then refurbished and sold on the site as a more premium option. Truebil Direct is also unique because it allows an owner to sell their car instantly.
The company said its revenue is growing 20 percent per month across both businesses — the marketplace and Truebil Direct. Annual GMV, it claimed, surpassed $220 million in 2016. Truebil said it will invest the new capital on operations, infrastructure and R&D. The round takes the company to $9 million from investors to date, according to Crunchbase data.Featured Image: Lukatme/Shutterstock