New Delhi-based TrusTerra, a recently launched marketplace for used electric motorcycles, has raised INR90 million ($1.0 million) in a pre-seed funding round led by Finvolve and India Accelerator.
GrowthCap Ventures and several angel investors — including Shishir Maheswari, Samrath Jit Singh, Ayush Lohia and Kapil Nirmal — were among the other participants, APN News reports.
Launched in August by CEO Tanvir Singh, CBO Saurabh Arora, CTO Madhu Reddy and Chanakya Agarwal, TrusTerra operates both b-to-b and b-to-c models.
The company draws upon Singh’s battery-swapping and battery-as-a-service startup, Mooving. Since its launch, TrusTerra says it has onboarded 150 dealers, evaluated more than 2,000 used electric motorcycles and facilitated transactions worth INR30 million.
TrusTerra says it aims to make EV transactions more credible and transparent through a data-driven, standardized assessment framework. Among its offerings are TruEV Score, which estimates an EV’s battery health, range consistency and ‘remaining useful life.’
TerraCash is a rapid diagnostic service that allows EV owners to instantly assess their motorcycle’s health and receive bids, offering payment within 24 hours, while TerraBid is a certified dealer-auction service with financing, extended warranty and assured-buyback options.
The proceeds from the pre-seed funding round will be used to scale TruEV Score, expand to tier-two markets in India, increase the company’s headcount and strengthen collaborations with OEMs, lending institutions and dealers, TrusTerra said.
