Online pre-owned cars selling platform Truebil raises nearly Rs 20 crore from Shunwei Capital
Online pre-owned car selling platform Truebil has raised $3 million (nearly Rs 19.95 crore) via follow-on Series A funding round from China's Shunwei Capital for funding its skill development and augmenting the technological infrastructure.
1. Truebil will use the proceeds primarily towards skill development and augmenting the technological infrastructure of the company
2. Shunwei Capital is a capital fund venture founded in 2011 by Jun Lei and Tuck Lye KOH and manages over $2 billion across five funds
3. The online car selling platform had previously raised $5.5 million (nearly Rs 36.6 crore) in Series A funding
Online pre-owned cars selling platform Truebil announced on Thursday of raising $3 million (nearly Rs 19.95 crore) via follow-on Series A funding round from China's Shunwei Capital.
— Truebil (@mytruebil) February 16, 2017
The online car selling platform had previously raised $5.5 million (nearly Rs 36.6 crore) in Series A funding.
Truebil will use the proceeds raised from the recent funding for expansion and strengthening its technological infrastructure.
"We will be using the proceeds of this recently-closed round of funding primarily towards skill development and augmenting the technological infrastructure of the company. Further, by associating with Shunwei Capital, we will be able to gain invaluable insights which will certainly be a big boost for our overall vision for the growth and expansion of Truebil," Truebil co-founder and chief executive officer Suraj Kalwani, said in a press release.
Echoing similar views, Truebil co-founder and chief of Marketing Shubh Bansal, said in a statement,"This investment will further drive the expansion of our operations and will become the defining block in unprecedented business activity for Truebil."
More than the funds, however, it is the strategic guidance and mentorship that Shunwei Capital brings to the table that will be pivotal for us at this stage of our growth story, Bansal further added.
Shunwei Capital is a capital fund venture founded in 2011 by Jun Lei and Tuck Lye Koh and manages over $2 billion (nearly Rs 13,305.5 crore) across five funds and the company primarily invests in early and growth stage startups.
Commenting on its first investment made into Indian startup, Shunwei Capital chief executive officer and founding partner Tuck Lye Koh, said in a statement, "For our debut investment in this vibrant market, we were looking to join hands with a venture that has a robust business model, is catering to a real consumer need and is backed by a superior team and tech infrastructure. Truebil fits the bill perfectly and we are certain that with the freshly infused capital, the company will build on its expertise and widen the consumer base it reaches out to with its dynamic offerings.”
Truebil is a Mumbai-based online marketplace founded in March 2015, which offers only curated, authentic and verified pre-owned cars for sale on its platform.