Gurugram’s used-car marketplace Spinny acquires Truebil

Gurugram, Haryana-based used car marketplace Spinny has reportedly acquired Truebil, another used-car marketplace from Mumbai

Gurugram, Haryana-based used car marketplace Spinny has reportedly acquired Truebil, another used-car marketplace from Mumbai, Maharashtra. The amount of the acquisition has not been disclosed yet.

Based on various media reports, Kalaari-backed Trubil was financially struggling and has been into discussions with various major players in the pre-owned car marketplace domain for its acquisition.

Commenting on the development, Neeraj Singh, co-founder of Spinny in a statement with Forbes India, said,

JOIN US TO STAY UPDATED ON YOUR FAVORITE MESSENGER APP!

WhatsApp
Telegram

“Truebil is a natural fit for us. We will let it keep its identity,”

Interesting Read: Startup Glossary – 40+ Startup Terms Every Startup Founder & Entrepreneur Should Know

Spinny in a statement to Entrackr said,

“Given Spinny is still in its early days, we will let the Truebil platform keep operating as an independent brand for now. We will reassess merging within the Spinny brand umbrella after some time,”

About Spinny

Founded in 2015 by Mohit Gupta, Niraj Singh, Ramanshu Mahaur, Spinny aims to enable trustworthy and hassle-free transactions in used cars through its platform. According to Crunchbase, the company has raised around $61 million across different funding rounds, the last one was the Series B round of $43.7 million which came in March from Fundamentum Partnership, with participation from US-based General Catalyst Partners, Korea-based KB Financial Group, and existing backers Accel, SAIF Partners and Alteria Capital.

About Truebil

Founded in 2015 by a clutch of IIT Kharagpur and IIT Bombay alumni, Suraj Kalwani, Ravi Chirania, Shubh Bansal, Rakesh Raman, and Ritesh Pandey, Truebil has raised around $28 million from Joe Hirao, Kalaari Capital, Shunwei Capital, Inventus Capital, Kae, Spiral Ventures and more across different investment rounds, the last one of which came in September 2019, a $1 million venture round led by Spiral Ventures.


As part of our ongoing support for startups and SMEs, LAFFAZ Media publishes feature and resource articles that may include references and links to external websites. These inclusions are selected at our editorial discretion to provide valuable information to our readers. LAFFAZ Media does not control, endorse, or assume responsibility for the content or practices of external websites. For more details, please refer to our Terms and Conditions.

Wajiha Wahab
Wajiha Wahab

Ex-Journalist at LAFFAZ, Delhiite by birth, Wajiha possesses a keen interest in reading about startups, accumulating information and presenting the same to the audience impressively.

Articles: 374