The virtual marketplace, Truebil has proclaimed that it has raised $1 million in a funding round from Spiral Ventures.
In January 2019, the company has amassed $14 million in Series B round and before that, the company has gathered $27 million in the previous round, as reported by the daily news, Inc42.
It plans to use these additional funds to strengthen the technology stack, Truebil said.
Truebil, which was incorporated in 2015, is established by Ravi Chirania, Shanu Vivek, Rakesh Raman, Suraj Kalwani, Himanshu Singhal and Shubh Bansal. The company runs an online platform for procuring and selling second-hand cars. The buyers on the platform can narrow down their search as the cats are certified and further, end-to-end services offered to the customers.
Mumbai-based company asserts to see a 20 per cent growth MoM with over 3000 certified cars. Further, it said that it has sold over 2500 cars in Mumbai city only reaching nearly INR 87.5 crore GMV (Gross Merchandise Volume).
It is currently doing INR 350Cr of annual revenue run rate with an aim to grow 3x this fiscal, Truebil told the daily news.
Other key players in the segment are CarDekho, Droom, Cars24, and Olx, amongst others.