Gurgaon-based online retailer, Spinny has secured $1 million in seed funding from Blume Ventures and Indian Angel Network. FreeCharge co-founder’s Kunal Shah and Sandeep Tandon also participated in this round. The startup plans to utilise freshly infused funds primarily for strengthening their technology and expansion of hubs.
Commenting on the investment, Arpit Agarwal, Principal, Blume Ventures said “We did extensive research into the pains consumer go through the buying and selling of used cars in India. Despite the presence of vertical-focused classifieds, the needs of the market are largely unfulfilled as the issue of trust still remains. We found Spinny to be the only company willing to get their hands dirty in solving the problem from the ground up. On top of it, the credentials of founders make them easily the best early-stage team playing in this market.”
Founded by IIT Delhi alumni Niraj Singh and Ramanshu Mahaur along with former Flipkart executives Ganesh Pawar and Mohit Gupta, Spinny was launched in mid-2015. According to the company, they have strategically chosen Delhi-NCR as its target market as it accounts for 18% of India’s used cars market. Further, it also represents a good amount of depth in all segments of the market – from those buying on a budget to those dealing in the supercars. In 2016, Spinny acquired Gurgaon-based Hopcar.
“Spinny stands for ‘Car buying & selling with Absolute Trust’. We are bringing radical change to the way pre-owned cars are bought and sold in India. For car owners looking to sell out their cars, Spinny offers simplicity, value and speed of sale that is unprecedented in the used car market till now. Using data from real transactions, we can best predict the selling price of a car as per its true condition and can make a quick offer. This reduces the time to close the deal. It also ends the uncertainty and hassles usually associated with options to sell in the open market,” said Niraj Singh, Founder and CEO, Spinny.
Spinny’s technology which is used in the smart price engine combined with the expertise in assessment of used cars is a perfect combination for ensuring that buyers, sellers and auto financiers are able to meet their expectations.
According to Singh, to entice buyers, the company presents them only high-quality cars with complete transparency about car’s true condition and history. As a testimony of company’s firm commitment to transparency and fair pricing, every car comes with a 5-day money-back guarantee. The company also provide service warranty with its cars to make the buying and owning experience as good as like buying a new car.
More than 40 Lakh cars exchange hands every year and this market is growing at more than 20% per year. Despit the presence of a large number of offline and online platforms, the buyers and sellers find it troublesome to transact with confidence. Through its revolutionary full stack operating methods and strong technology integration Spinny is looking to streamline the experiences of both sellers and buyers.
Earlier, Blume Ventures, a seed-stage venture fund that backs startups with both funding as well as active mentoring and support had pumped in a $1.2 million in co-working and shared office space provider BHIVE Workspace in a fresh round of funding.