Top Story

e4m_logo.png

Home >> Marketing >> Article

Truebil raises USD 3 million in Series A funding from Chinese VC Fund Shunwei Capital

17-February-2017
Font Size   16
Truebil raises USD 3 million in Series A funding from Chinese VC Fund Shunwei Capital

Truebil, India’s only curated, authentic, and verified marketplace for pre-owned cars, has successfully concluded its follow-on Series A funding round. The marketplace has secured an investment of USD 3 million from China’s leading Venture Capital Fund Shunwei Capital.

Shunwei Capital was founded in 2011 by Jun Lei and Tuck Lye KOH and manages over 2 billion in US dollars across five funds. Shunwei’s key focus is on mobile Internet and IoT. Specifically, opportunities where Internet and technology fundamentally disrupt how businesses and services are conducted in traditional industry verticals. Shunwei primarily invests in early and growth stage start-ups.

Tuck Lye Koh, CEO and Founding Partner, Shunwei Capital said, “The Indian start-up landscape has exhibited exceptional growth across industries and this trend is likely to continue as the focus shifts on sustainability and unit economics. 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.” 

With rapid expansion plans on the cards, Truebil plans to utilize the present funding to intensify its operations, invest in skill development, and bolster the technological infrastructure of the company. Truebil had previously raised seed fund of USD 500,000 from Kae Capital and angel investor Anupam Mittal, Founder and CEO of People Group. The company raised USD 5.5M (Rs 35 crore) in Series A funding led by Kalaari Capital, Inventus Capital, Kae Capital, and Tekton Ventures. Truebil has been leveraging the capital to expand its reach and services. It has recently rolled out its operations in Bengaluru, and launched Truebil Direct – an offline platform for pre-owned cars based on the full stack inventory model. Truebil also launched its B2C dealer digitization platform ‘Truebil Privilege Partner’.

Talking about the growth plans, Suraj Kalwani, Co-founder and CEO, Truebil said, “We are looking towards doing everything possible to provide our users better services and enable them in making informed decisions related to car ownership. 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.” 

Commenting on the announcement, Shubh Bansal Co-founder and Chief of Marketing at Truebil said, “As we're about to roll out more consumer-centric products, securing funds at this stage has been a real shot in the arm for us. We would like to thank our investors for showing confidence in Truebil's business model and facilitating adequate investment in the company. 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.”

Tags

Vijay Mansukhani, speaks to exchange4media about the resurgence of Onida, the scope of growth of consumer electronics market in India and the reasons why Indian consumer electronics brands don’t compete on a global scale

Projjol Banerjea opens up about hiring Anne Macdonald and GroupM's Rob Norman, and the brand's new identity

Meera Iyer tells exchange4media that in FY 2016/17, bigbasket clocked a revenue of Rs 1,400 crore. The online supermarket currently stands at 70,000 orders a day, with operations in 25 cities.

CMO, Kashyap Vadapalli on the start-up’s marketing play, why it has decided to stay away from IPL and response to its furniture rental apps

Ushering the launch with a campaign titled ‘The New Way to Get Rich’ showcasing how technology gets millennials closer to their financial dreams

Ogilvy and Love Matters conceptualised a campaign that aimed to change the conversation and imagery that is associated with the LGBTQ community and lesbians in particular