While it was a relatively obscure term when it first entered the mainstream, peer-to-peer technology, or P2P, is featured in everything from file sharing programs to Internet-based chat software. However, thanks to a new and highly innovative young startup company known as Truebil, consumers from all corners of the globe may soon be using P2P technology to trade their used vehicles.
It's certainly a large endeavor to tackle, especially for a startup enterprise. Despite the challenges that lie ahead, Truebil, which was founded by Suraj Kalwani and a small group of partners, has already secured $5 million in Series A funding. Its primary investors include the likes of Inventus Capital, Kae Capital, Tekton Ventures and Kalaari Capital.
Shubh Bansal, co-founder and current chief of marketing and growth with Truebil, explained the idea behind their service by saying: "The fundamental problems in buying a pre-owned car are the delayed processes and the hassle. With Truebil’s unique model, we are confident of bringing about a revolution in the used car market in the country and making the buying process a gratifying experience for the consumers. We have received encouraging responses from the users since the website’s launch in Mumbai and plan to use the current funding for innovating on the product side to give them a seamless experience."
In fact, the initial launch of Truebil has been a marked success. With 15% week-over-week growth over the course of their first few months and with hundreds of cars successful sold to date, the team with Truebil is slowly but surely beginning to realize their dreams.
One of the primary purposes of the new P2P service is to streamline the entire process of buying a used vehicle. This process has a tendency to become convoluted and overly complicated, especially when dealing with third-party sellers and private parties.
Suraj Kalwani, founder and CEO, talked about the streamlined experienced offered via Truebil. He was quoted as saying: "The difference between classifieds players and us it that we handhold customer throughout the experience, helping close the transaction."
Rutvik Doshi, director with Inventus Capital, echoed Kalwani's statements, particularly when it comes to buying used cars through modern classified ads. He was quoted as saying: "One thing that we are convinced about is horizontal classifieds will start getting unbundled and specialized. Used car sales is a large market with high ticket sizes, but extremely inefficient."
Moreover, all of the vehicles on Truebil's market are thoroughly inspected by the company's onsite mechanics. It's only after passing a stringent 150-point inspection process that each vehicle is made available to the general public.
On top of all that, Truebil even negotiates prices with individual sellers. They can also provide you with car insurance or even a loan in order to help pay for your purchase. With all of this going for them, Truebil's web portal truly is a one-stop shop for used cars.
To find out more information about Truebil, which is currently only active in the cities of Mumbai and Bangalore, please visit their official website at www.truebil.com.
Using Peer-to-Peer Technology To Trade Used Cars
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