Online used car seller Truebil just raised US$3 million from China’s leading venture capital Fund Shunwei Capital, founded in 2011 by Xiaomi boss Jun Lei and Tuck Lye Koh.
This marks Shunwei’s first investment in an Indian #startup. The VC’s key focus is on mobile internet and IoT.
“The Indian startup 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…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,” Tuck Lye Koh said in a statement.
Mumbai-based Truebil was founded in 2015, and competes with the likes of CarTrade and Droom. The startup claims it is seeing a 20 percent month-on-month growth, has more than 3000 verified cars registered to its portal, and has so far sold more than 2,500 cars in Mumbai, worth a gross merchandise value of US$16 million.
CEO Suraj Kalwani says the fresh funds will be used for skill development and bettering 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,” he adds.