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Indian used cars marketplace Truebil has raised $1.37 million U.S. (around INR 10 crores) in venture debt from Gurugram-based Trifecta Capital.

This is the company’s third round of fresh funding in just three weeks. It’s managed to raise a total of  $4.35 million U.S. during the period — $1 million came from Kalaari Capital in early October while $2 million came from existing investors.

TechCircle reports that the funds were raised by Truebil’s parent company Paix Technology Pvt. Ltd. The business boasts a long-standing association with investors like Kalaari Capital, Inventus Capital Partners, Shunwei Capital, Kae Capital, and San-Francisco based Tekton Ventures. Although Trifecta is new to this list, it has an existing investor relationship with CarDekho — Truebil’s direct rival in the Indian used car market. Trifecta invested $3.6 million in CarDekho in July.

TechCircle was unable to verify if all the new funding was part of the same round. Truebil was reportedly valued at around $20 million for all three funding announcements.

The company conducted its first Series A funding round in 2016; raising $5.5 million from the aforementioned existing investors. This was followed by a $3 million investment from China-based Shunwei Capital in a follow-on Series A round in Feb. 2017

Truebil has been operating for four years. It has a strong presence in Mumbai, Bangalore, and Delhi, and boasts a sizeable dealer base in all three cities. The latest funding is likely to propel the company’s expansion plans. It launched an online auction platform for used cars in July this year.

Auto verticals like Droom, CarDekho, CarTrade, and Cars24  also have a strong presence in the market where OLX has been enjoying a mammoth share for a decade.

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