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Spinny
From Wikipedia - Reading time: 4 min
| Type | Private |
|---|---|
| Industry | Used car retailer |
| Founded | 2015[2] |
| Founder |
|
| Headquarters | Gurugram, Haryana, India[4] |
Area served | India |
| Services | End-to-end car ownership - Buying, selling and exchanging |
| Website | www |
Spinny is a full stack used car marketplace has a headquarter in Gurugram, Haryana, India.[4] The company was founded by Niraj Singh, Mohit Gupta, Ramanshu Mahaur in 2015.[3][2] Spinny received a funding from Abu Dhabi-based ADQ, Avenir Growth and Tiger Global.[3][5] Sachin Tendulkar also joined Spinny as a strategic investor and lead brand endorser.[6]
History[edit]
Spinny was founded in late 2015 by Niraj Singh, an alumnus of the Indian Institute of Technology, Delhi. His earliest entrepreneurial foray began with Outbox Ventures, through which he invested in over 30 startups including Rapido, Drivezy, Little Black Book, Tripoto, MyHQ, and Shaadisaga, while also mentoring them. The impetus to start up Spinny came from his desire to fix “the car-buying blues Indians faced.” [7]
Buoyed by the lack of a decent buying and selling experience for customers in the used-car space, he set up with the intent of being a catalyst to change the perception of used car transactions. He launched the firm with USD $500,00 from his own funds. The first of the brand’s Spinny Car Hubs in the National Capital region opened in Gurugram in the same year and the website - www.spinny.com - was launched concurrently.
Acquisitions[edit]
In August of 2020, Spinny acquired Truebil.[8] Truebil operates in the consumer-to-consumer used car market and retails pre-owned cars through its sub-brand Truebil Direct across Mumbai, Bengaluru and Delhi. Of the acquisition, a source from Spinny was quoted as saying that Spinny “will let the Truebil platform keep operating as an independent brand for now. We will reassess merging within the Spinny brand umbrella after some time.”[9]
Spinny progressed towards consolidating the AI-powered used car solution segment with the acquisition of Scouto. Scouto operates in the AI-powered connected car space and Spinny has completed a 100% acquisition of the organization.[10]
Spinny 360[edit]
Spinny was the first in the industry to offer a detailed 360-degree view of the interiors and exteriors of every Spinny Assured® car in its inventory, online at spinny.com. [11]
Contactless and sanitized car-buying[edit]
At the onset of the Covid-19 pandemic, Spinny put in place measures to offer contactless buying of its Spinny Assured® cars. This entailed home test drives, home deliveries, online booking and completely sanitized interiors and exteriors and the deployment of social distancing at its hubs and through every touchpoint of a customer’s physical buying experience. These brand efforts were introduced to the car-buying public #withextracare [12]
Philanthropy[edit]
As part of the partnership with PV Sindhu, Spinny completed the sale of her family’s car on the platform. The entire proceeds of the sale were donated to PV Sindhu’s alma mater, Suchitra Badminton Academy in Hyderabad to support the development of young badminton talent.[13]
References[edit]
- ^ "Spinny looks to raise fresh funds in round that values it at $150 mn". Mint. 27 November 2019.
- ^ a b "Used car co Spinny is year's 42nd unicorn, gets $283 mn". The Times of India. 8 December 2021.
- ^ a b c "Spinny joins unicorn club with $283 million funding led by ADQ, Tiger Global, Avenir Growth". The Economic Times. 7 December 2021.
- ^ a b Shah, Pradeep (11 July 2020). "Used cars between Rs 4 lakh to 6 lakh see rise in demand during lockdown: Spinny". The Financial Express.
- ^ "Used-car platform Spinny valued at $1.8 billion in new funding round". The Times of India. 7 December 2021.
- ^ "Sachin Tendulkar joins Spinny as strategic investor, lead brand endorser". The Times of India. 14 December 2021.
- ^ "How IIT alumni are turning funders and founders to create their own unique startup ecosystem". The Economic Times. 23 August 2015.
- ^ "Exclusive: Online used car platform Spinny buys out rival Truebil". Forbes India. 6 August 2020.
- ^ "Used car retailing platform Spinny acquires rival Truebil". CNBC TV18. 6 August 2020.
- ^ "Spinny acquires AI-powered car connectivity solutions' startup, Scouto". Business Standard. 10 February 2022.
- ^ "Spinny brings in 360-degree interactive view of used cars". The Economic Times. 23 October 2020.
- ^ "Used cars between Rs 4 lakh to 6 lakh see rise in demand during lockdown: Spinny". The Financial Express.
- ^ "P.V. Sindhu sells car to raise money for emerging badminton talent". The Hindu. 6 December 2021.
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