Used Electric Vehicles: TrusTerra Secures 9 Crore in Funding

Used electric vehicles are gaining traction, and TrusTerra, an AI-powered marketplace, has raised Rs 9 crore in pre-seed funding. This funding round was co-led by Finvolve and India Accelerator, with additional investments from GrowthCap Ventures and various strategic angels, including Shishir Maheswari, Samrath Jit Singh, Ayush Lohia, and Kapil Nirmal, among others. The funds will be used to enhance TruEV Score, broaden its marketplace across India’s top cities with high EV adoption, reach into Tier-2 markets, bolster partnerships with OEMs, NBFCs, banks, and dealers, and invest in hiring experienced personnel in technology, operations, and business development.

About TrusTerra and Its Offerings

TrusTerra was launched this year by Tanvir Singh, Saurabh Arora, Madhu Reddy, and Chanakya Agarwal. It serves as an AI-driven platform dedicated to pre-owned electric vehicles, offering services like TruEV Score, TerraCash, and TerraBid to create transparency, trust, and liquidity within India’s burgeoning EV market. The platform aims to establish a reliable resale structure to support India’s electric vehicle revolution.

Unlocking Trust and Liquidity in the Market

Tanvir Singh, co-founder and CEO of TrusTerra, emphasized that the combination of TruEV Score and an instant-sell marketplace is essential for cultivating trust and liquidity in India’s pre-owned EV sector.

TrusTerra’s Impact Since Inception

Since its inception, TrusTerra reports onboarding over 150 dealers and evaluating more than 2,000 used electric vehicles for resale. They have facilitated transactions totalling over Rs 3 crore. Their TruEV Score is currently being tested with various OEMs, NBFCs, and fleet operators, drawing significant interest from lenders and manufacturers.

Future Goals for Used Electric Vehicles

This Delhi-based startup aims to certify 20,000 used electric vehicles across more than 20 cities. They plan to enhance their web and mobile marketplace, ensuring that customers, dealers, and financiers can trade pre-owned electric vehicles with verified battery performance and access to instant financing.