Truebil provides a one stop solution for buying and selling of used automobiles by offering free inspection and valuation, quick sell guarantee, free vehicle buying consulting, smooth paper transfer, loan assistance, insurance support and car spa to all the purchases made through the online portal. On August 6th, 2020th, Truebil was acquired by Spinny. The terms of the transaction were not disclosed.
Expert Collections containing Truebil
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
Truebil is included in 2 Expert Collections, including E-Commerce.
Companies that sell goods online (B2C), or enable the selling of goods online via tech solutions (B2B).
Companies involved in the rental, selling, trading, or purchasing of cars, RVs, trucks, and fleets, including auto financing companies, vehicle auction services, online classified advertising companies with a focus on auto, and dealership software platforms.
Latest Truebil News
Aug 4, 2023
Spinny Lays Off Approximately 300 Employees Amid Merger of Truebil and Max Platforms Share Spinny Lays Off Approximately 300 Employees Amid Merger of Truebil and Max Platforms Spinny, a used car retailer, has taken a strategic decision to streamline its operations by merging the Truebil and Max platforms into the main platform. As a result of this consolidation, the company has laid off nearly 300 employees. The main objective behind the merger and the layoffs is to achieve a cleaner and more focused execution of the company’s operations. By bringing Truebil and Max platforms under the main Spinny platform, the company aims to offer a comprehensive and unified experience to its customers. This move is expected to create a more efficient and seamless user experience, with all services and offerings available on a single platform. Related Articles August 4, 2023 While the layoffs may be seen as a cost-cutting measure, the company’s management has stated that the primary motivation behind the restructuring is to improve overall operational efficiency and provide customers with a more integrated and convenient platform for buying and selling used cars. As businesses evolve and adapt to market dynamics, restructuring and consolidation are common practices to optimize operations and enhance customer experience. The company’s decision to merge its platforms and streamline its workforce reflects its commitment to staying competitive and agile in the used car retail market. Spinny’s acquisition of Truebil in August 2020 was aimed at strengthening its position in the used car market. However, as part of its recent decision to merge the Truebil and Max platforms into the main Spinny platform, the company has decided to lay off around 4.5% of its total workforce, which is over 6,000 employees currently, according to sources. While mergers and consolidations can lead to increased operational efficiency and improved customer experience, they can also result in certain redundancies in the workforce. The company’s decision to lay off employees may be part of its efforts to optimize resources and align its workforce with the new organizational structure following the merger. It’s important to note that such workforce adjustments are not uncommon in business restructuring, and companies often take these measures to streamline their operations and maintain competitiveness in the market. The focus remains on achieving long-term sustainability and growth for the company, while ensuring a smooth transition for both employees and customers during the integration process. The integration of Truebil and Max into the main Spinny platform will allow the company to offer a comprehensive range of options to customers, including Assured, Budget, and Max categories of cars. By consolidating the inventory and offerings on a single platform, Spinny aims to improve the customer experience and cater to the increased demand for reliable and budget-friendly cars , especially as people resume working from the office. This move will likely streamline operations and enhance efficiency by centralizing all car categories and services under one roof. Customers will have access to a wider selection of cars and services, making it easier for them to find suitable options based on their needs and budget. As the automotive industry continues to evolve, companies like Spinny are adapting their strategies to meet changing customer preferences and market demands. Providing a seamless and diverse range of offerings through a unified platform can help strengthen Spinny’s position in the competitive used car market and meet the evolving needs of its customers. It’s commendable that Spinny is taking steps to support the impacted employees during this transition. Besides providing a three-month severance pay, the company’s decision to accelerate the vesting of ESOPs (Employee Stock Ownership Plans) for the affected employees is a positive move. This will enable the employees to retain the vested portion of their ESOPs, even after their employment with the company comes to an end. Moreover, allowing impacted employees to keep their assets can also be seen as a supportive gesture. This may include laptops, mobile devices, or any other equipment that the employees were using during their tenure at Spinny. By allowing them to keep these assets, the company is providing some additional assistance to help them during this period of transition. Such employee-centric initiatives can make a significant difference for the affected individuals, offering them some financial and emotional support during challenging times. It also reflects the company’s commitment to its workforce and the recognition of their contributions to the organization. During times of restructuring and consolidation, companies need to be mindful of their employees and take steps to minimize the impact on them. By offering additional benefits like accelerated ESOP vesting and allowing them to keep assets, Spinny is showing that it values its employees and is committed to their well-being. These measures can help create a positive image for the company among its employees and stakeholders. Despite the layoffs at Spinny, the company’s financial performance and its recent achievement of becoming a unicorn indicate that it has been successful in attracting significant funding and generating substantial revenue. The Series E funding round in November 2021, which raised around Rs 1,849 crore (approximately $248 million), was a significant milestone for the company and solidified its status as a unicorn, meaning it reached a valuation of $1 billion or more. Spinny’s reported revenue of Rs 3,000 crore, as per its unaudited financial report reviewed by Entrackr, reflects its strong revenue generation capability. The company’s ability to raise over $500 million in funding since its inception is a testament to investors’ confidence in its business model and growth prospects. While the layoffs are undoubtedly a challenging and difficult decision for the company and the affected employees, it is worth noting that they are not uncommon in the dynamic and competitive startup ecosystem. Companies in various sectors have faced disruptions due to market dynamics, the COVID-19 pandemic, and changing consumer behavior, which have necessitated reevaluation and restructuring of their operations . As Spinny continues to evolve and grow, it will likely face ongoing challenges and opportunities in the highly competitive used car marketplace. The company’s ability to adapt to market changes, maintain customer trust, and efficiently utilize its funding will be critical factors in determining its future success and sustainability in the industry. Tags
Truebil Frequently Asked Questions (FAQ)
When was Truebil founded?
Truebil was founded in 2015.
Where is Truebil's headquarters?
Truebil's headquarters is located at 4th Floor, ICC Chambers, Mumbai.
What is Truebil's latest funding round?
Truebil's latest funding round is Acquired.
How much did Truebil raise?
Truebil raised a total of $28.02M.
Who are the investors of Truebil?
Investors of Truebil include Spinny, Spiral Ventures, Tekton Ventures, Inventus Capital Partners, Kalaari Capital and 7 more.
Who are Truebil's competitors?
Competitors of Truebil include Cars24 and 1 more.
Compare Truebil to Competitors
CarDekho provides an auto portal helping users with car research, finance, insurance, and used cars. The company has tie-ups with various auto manufacturers, car dealers, and financial institutions to facilitate the purchase of vehicles. The company was founded in 2008 and is based in Gurugram, India.
Droom is an online marketplace for buying and selling new and used automobiles. The company also provides a suite of software for used car transactions. The company was founded in 2014 and is based in Haryana, India.
VavaCars operates as a technology-enabled used car platform that provides a transparent and hassle-free car-buying experience, leveraging its proprietary pricing and inspection technology to make car ownership accessible and affordable. In addition to buying and selling used cars, VavaCars also offers ancillary services such as servicing and extended warranty, providing customers with a comprehensive and convenient car ownership solution. It was founded in 2019 and is based in Istanbul, Turkey.
Spinny operates as a pre-owned car trading platform. It allows users to select cars online and book a test drive. It also helps users to purchase a vehicle matching their needs. The company was founded in 2015 and is based in Gurugram, India.
Cars24 is a technology-enabled used car marketplace. It provides a used car trading platform offering online and offline services and also enables the selling of used cars and used two-wheeled motorbikes. The company fixes and then resells vehicles for an agreed-upon price. It was founded in 2015 and is based in Gurgaon, India.
SheerDrive offers a digital used-car platform to optimize the consumer buying experience. It offers a B2B multibrand exchange platform, remarketing solutions, vehicle scan, pricing algorithm, vehicle part review and grading dashboard, and more. The company was founded in 2019 and is based in Mumbai, India.