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