China's Shunwei Capital, a venture investment firm co-founded by Chinese billionaire Lei Jun, has led a US$3 million post-A round in Truebil, an Indian online used-car trading platform, according to Chinese media reports.
"Truebil's business model is one that we are familiar with. We believe this puts us at an advantage in anticipating the opportunities and challenges that this business presents," said Tuck Lye Koh, CEO and co-founder of Shunwei Capital.
Founded in 2015, Truebil offers customer-to-customer transactions of used cars. It also sells refurbished vehicles that the company buys offline. The company claims that its annual gross merchandise value reached US$220 million in 2016.
The company previously raised a US$5.5 million series A round in January 2016 from India-based Kalaari Capital, U.S.-India venture capital firm Inventus Capital, and San Francisco-based Tekton Ventures.
The company says it plans to use the proceeds to enhance its operations, infrastructure, and improve research and development.
Shunwei invested in a similar Chinese company Renrenche, a Beijing-based online used car marketplace. The Beijing-based venture firm led a US$20 million series B round in the Chinese company in 2014, and joined a US$85 million series C round and a US$150 million series D round in 2015 and 2016, respectively.