NEW DELHI: TrusTerra, an AI-backed marketplace for used electric vehicles (EVs), on Tuesday, announced raising Rs 9 crore in a Pre-Seed funding round led by Finvolve and India Accelerator, with co-investment from GrowthCap Ventures and participation from strategic angels including Shishir Maheswari (MD, E-Mobility/Eversource Capital), Samrath Jit Singh (Founder, Trontek Batteries), Ayush Lohia (CEO, Lohia Auto), Kapil Nirmal and other EV and fintech ecosystem investors.
The fresh capital will be deployed to scale TruEV Score™, an AI-driven metric for EV health, and establish it as the benchmark for resale and financing. TrusTerra will expand its web and mobile marketplace across India’s top EV adoption cities and into Tier-2 markets, strengthen partnerships with OEMs, NBFCs, banks, and dealers, and invest in senior technology, operations, and business development hires. The company will also scale TerraCash™, its instant-sell platform, to accelerate liquidity in the used EV market.
Tanvir Singh, Co-founder & CEO, TrusTerra, said in a statement, “With our TruEV Score™ and instant-sell marketplace, TrusTerra is unlocking trust and liquidity in India’s pre-owned EV market."
Ashish Bhatia, Founder & CEO of India Accelerator and Co-Founder of Finvolve said in a statement, “Used EV resale and battery health transparency are emerging as key drivers for EV adoption at scale. Without addressing these two pillars, the industry’s growth remains fragile. TrusTerra’s early traction and innovative approach convinced us they are not just solving a challenge but building the backbone of a truly sustainable EV resale ecosystem that can endure and expand.”
Pratekk Agarwaal, Founder & GP at GrowthCap Ventures, said in a statement, “TrusTerra’s TruEV Score™ has the potential to do for EVs what the Bureau score did for credit. By enabling trust in resale and unlocking financing, they are addressing one of the most critical barriers to clean mobility. We are excited to support this mission.”
With India’s EV market projected to reach 10 million annual sales by 2030, industry experts believe that resale and financing infrastructure will be critical for sustaining this growth, a gap that TrusTerra aims to close with its AI-backed marketplace.
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The fresh capital will be deployed to scale TruEV Score™, an AI-driven metric for EV health, and establish it as the benchmark for resale and financing. TrusTerra will expand its web and mobile marketplace across India’s top EV adoption cities and into Tier-2 markets, strengthen partnerships with OEMs, NBFCs, banks, and dealers, and invest in senior technology, operations, and business development hires. The company will also scale TerraCash™, its instant-sell platform, to accelerate liquidity in the used EV market.
Tanvir Singh, Co-founder & CEO, TrusTerra, said in a statement, “With our TruEV Score™ and instant-sell marketplace, TrusTerra is unlocking trust and liquidity in India’s pre-owned EV market."
Ashish Bhatia, Founder & CEO of India Accelerator and Co-Founder of Finvolve said in a statement, “Used EV resale and battery health transparency are emerging as key drivers for EV adoption at scale. Without addressing these two pillars, the industry’s growth remains fragile. TrusTerra’s early traction and innovative approach convinced us they are not just solving a challenge but building the backbone of a truly sustainable EV resale ecosystem that can endure and expand.”
Pratekk Agarwaal, Founder & GP at GrowthCap Ventures, said in a statement, “TrusTerra’s TruEV Score™ has the potential to do for EVs what the Bureau score did for credit. By enabling trust in resale and unlocking financing, they are addressing one of the most critical barriers to clean mobility. We are excited to support this mission.”
With India’s EV market projected to reach 10 million annual sales by 2030, industry experts believe that resale and financing infrastructure will be critical for sustaining this growth, a gap that TrusTerra aims to close with its AI-backed marketplace.
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