Established in 2015 by Niraj Singh, Mohit Gupta, and Ramanshu Mahar, Spinny is a tech-enabled pre-owned car platform. Its online-to-offline (O2O) model permits customers to discover cars online on Spinny’s website and make the final purchase offline.
To ensure the customers and its employees’ safety, Spinny has implemented a contactless delivery system and processed a considerable number of orders during this period, it said in a release. Spinny is a new age used car retailing startup platform in India. By indicating absolute trust & simplicity in transactions, they bring radical change to the way people buy used cars. Spinny brings the trust factor that people are looking for when purchasing a car.
Helping Customers Purchase a Vehicle that Matches their Aspirations
Several platforms – classifieds, franchises, and auctions that sell used cars, a startup based out of Gurugram, Spinny, possess the entire retail operation offering a used car buying experience to people. This platform is bridging the gap between buyers and sellers, providing sellers profitable and secured deals. The goal is to help the customers purchase a vehicle with absolute confidence and complete peace of mind. Spinny enables people to order on its app, get finance, and get their car delivered home. Spinny also ensures top quality cars and curates an end-to-end customer experience.
“Only four percent of people are satisfied with their experience of buying a used car. We are providing trust, transparency, and simplicity. Our aim is that the buyer can purchase the car with the same confidence that they show while buying a new car.” says Niraj.
Tech-Enabled Pre-owned Car Platform
The startup company was started with Niraj’s desire to solve car ownership blues for young Indians. Niraj initiated his business with $500,000 from his funds. Currently, he is funded by several VC firms and has raised close to Rs 418 crores. Difficulties have been plenty as the used car category, neither input nor output is standard. Their sourcing in the local market needed strict quality requirements in terms of documentation, mechanical condition of the vehicle, and safety aspects. The difficulty was in challenging the norms at every level.
“Expansion to new cities has been put off, for now, to focus on the initiatives that are required to deliver a safe experience. From Bengaluru, Gurugram, Hyderabad, and Delhi, they have managed to sell 600 plus cars since Lockdown 4.0,” Niraj explains.
Raised $43.7 million (about Rs 315 crore) in Series B funding
Spinny raised fresh capital of Rs 315 crore from Nandan Nilekani’s Fundamentum Partnership in March 2020. Earlier started with Blume Ventures, Smile Ventures, Accel, SAIF Partners, and Alteria Capital, totaling close to Rs 103 crores. They were currently targeting corporate-level profitability by the end of next year. They will continue to raise more funds to diversify into ‘new segments’ related to solving customer problems. It earned the trust of 10,000+ customers with a 4x magnification in the last nine months.
The company operates in six cities – Delhi, Gurugram, Noida, Bengaluru, Hyderabad, and Pune, and has ten car hubs and employs over 500 people. The company has achieved $50 million ARR (Annual Run Rate) until March 2020. The funds will be used by Spinny to invest in technology, strengthen business teams, enhance customer experience, and expand to newer cities. They are on a mission Spinny as the most loved and trustworthy brand of India.