This brings Truebil’s total funding to around $23 million U.S.
The company was founded in 2015 and currently operates in three Indian cities: Bangalore, Mumbai, and Delhi. Its plans for expansion are likely to gain momentum with this fresh capital injection. Truebil also plans to improve its technology stack and marketing.
Commenting on the developments, CEO Suraj Kalwani (LinkedIn profile) said the company is making aggressive strides towards becoming the number one used cars marketplace in India. He added that it currently sells around 600 vehicles a month and is equipped with a strong tech backbone.
Co-founder Shubh Bansal (LinkedIn profile) said the new funding will be used to scale the business. “A good portion will go towards building our technology stack, focus on our AI and machine learning-based score, and go deeper into our pricing algorithms.”
Truebil last raised $1.37 million venture debt from Gurugram-based Trifecta Capital in November. After successive funding rounds in 2018 — and having raised a sum total of $4.35 million U.S. — the latest Series B round is the most fruitful one yet.
As a testament to Truebil’s strong intent, the company has entered Google’s Sand Hill project in India to enhance its technical and market potential.
It’s interesting to note that the chief investor of the latest round, Joe Hirao, is an existing investor of Truebil’s direct rival in the used cars market, Droom. Hirao and an anonymous Japanese investor pumped $30 million into Droom in a series E funding round held in Oct. 2018. He has funded several other real estate and automobile ventures across the world.