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TrueBil, the start-up that promises to disrupt automobile resale market using a technology platform, is now setting its eyes on other metros, after making a mark in Mumbai.
The firm hopes to raise $7-10 million in the next couple of months for its further expansion to other cities.
“We are averaging sales of three cars a day. In less than two months, we have sold 156 cars with a GMV (gross merchandise value) of ₹3 crore. We are planning to raise $7-10 million in the next couple of months” Shubh Bansal, Co-Founder and Chief of Marketing and Growth of TrueBil, told BusinessLine .
As it began operations in March, the firm raised $500,000 from Kae Capital and angel investor Anupam Mittal in the first round. It hired 50 people, majority of them are automobile engineers.
Like Housing.com disrupted the real-estate space by aggregating inventory and building technology-based transparent transaction methods, TrueBil wants to disrupt the way cars are resold in the country.
It promises an “objective assessment” of values of cars and connecting prospective buyers and sellers, giving the “best value” to both parties.
It also promises to help the buyer by taking care of the irksome paperwork. Founded by five Housing.com staffers two others with a similar experience, TrueBil is in the process of developing a pricing engine and honing a technology platform that can take help the firm take care of the paper work required by the buyers and sellers.
Revenue model Removing entry barriers, TrueBil has decided not to charge for the listings. After receiving the request, a TrueBil automobile engineer would take a look at the car and values it and suggests the seller to take up repair works, if need be.
“We are going to charge seven per cent of the transaction value. This includes the charges for estimation and paper work. This is very low when you compare with the charges collected by the offline dealerships. They charge around 15-40 per cent,” Bansal said.
With sellers and buyers lacking knowledge about the pricing mechanism, they settle for a price quoted to them, he added.
To give ‘quality’ cars, TrueBil has decided not to list vehicles that touched the one-lakh km mark. “We don’t list all the cars that people want to sell. We reject about 30 per cent of them based on their health,” he said.
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