Truebil was co-founded by ex-IITians namely Suraj Kalwani (CEO), Ravi Chirania, Shubh Bansal, Rakesh Raman and Ritesh Pandey in 2015. Truebil is an omnichannel platform for buying and selling of used cars. It operates virtual marketplace for trading used cars in Mumbai, Bangalore and Delhi, along with a retail vertical called Truebil Direct. Spinny is a new age used car retailing platform in India. It operates an online platform to facilitate sale and purchase of used cars for its customers. Spinny operates in five cities in India. Merisis was the exclusive Financial advisor to Truebil for this Transaction.