Using data from real transactions, Spinny can predict the selling price of a car as per its true condition and can make a quick offer
Spinny, an online platform for used and pre-owned cars in India, has raised an undisclosed sum in seed funding from Blume Ventures and Indian Angel Network. FreeCharge Co-founders Kunal Shah and Sandeep Tandon also participated.
The proceeds of this round will go primarily into technology and expansion of hubs.
Spinny Founder and CEO Niraj Singh said: “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 uncertainty and hassle usually associated with options to sell in the open market,” he added.
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Spinny has strategically chosen Delhi-NCR as its target market. Accounting for 18 per cent of market in India for used-cars, this region is the most dynamic in terms of consumer needs. 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 super cars.
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 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 ground up.”
Spinny claims it presents buyers with only high-quality cars with complete transparency about car’s true condition and history. Every car comes with 5-day money-back guarantee.
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Hari Balasubramanian, Founder of OnTrack UK and lead angel investor from IAN in Spinny said, “Spinny platform enables quick disposal of used cars by owners and also facilitates buyers of used cars to confidently acquire vehicles at the right price. The used car market in India requires a very large reach across the country and the Spinny team has come up with a scalable model which will enable them to capture a decent market share within the next 12 months and establish Spinny as the most trusted platform for buying and selling used cars. The technology 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.”
More than 4 million cars exchange hands every year and this market is growing at more than 20 per cent per year. Despite 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.
In February this year. Shunwei Capital, a Beijing-headquartered fund with under US$2 billion assets under management, invested in Truebil, a curated online marketplace for pre-owned cars in India.–
Image Credit: Spinny
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