Investment in used car marketplace has once again started to flow in. Soon after CarDekho, Droom and Spinny raising Series C, Series E, and Series A round respectively, another player in this space Truebil has scooped up Rs 100 crore in Series B round led by Tokyo-based investor Joe Hirao.
This is the second investment for Hirao in this space. In October last year, he led $30 million Series E round in Droom.
The Mumbai-based startup’s existing investors such as Kalaari Capital, Shunwei Capital, Inventus Capital, and Tekton Ventures, have also participated in the mixed round of equity and debt, revealed the company in a press statement.
The four-years-old startup will use the capital raised for marketing and building up its technology stack. Besides, it will foray into five more cities including Jaipur and Pune. Currently, it operates in Mumbai, Bengaluru, and Delhi.
Founded by former Housing.com employees along with former Fab.com executive, Truebil is an online portal which sells certified used cars in the aforementioned cities. It also provides affordable car loans, paper transfer, warranty servicing, emergency roadside assistance and insurance renewal for pre-owned cars.
The startup has tied up with Tata Capital and others to ensure easy financing of pre-owned cars.
Truebil has deployed an in-house engineering team to inspect each car at more than 150 checkpoints before listing them on their website.
The startup had earlier raised Rs 10 crore in debt financing round led by Trifecta Capital in November 2018 and overall has raised Rs 160 crore across the funding rounds.
Truebil directly competes with Spinny, Mahindra First Choice Wheels, Maruti True Value and remotely with Cars24, CarDekho, and CarTrade.
For the financial year ending on March 31, 2018, Truebil recorded a revenue of Rs 50 crore, and it further projects a top-line run rate of Rs 250 crore for the current fiscal.