Spinny, an Indian-based used vehicle retail platform, recently fund raised $13.2 million during a Series A round that was led primarily by SAIF Partners and Accel as well as investments from previous investors like Simile Ventures and Blume Ventures.
The Co-Founder of Taxi For Sure, Raghunandan G, and a partner with True North PE Firm, Haresh Chawla, were also investors during the round and Alteria Capital invested through venture debt.
Spinny launched back in 2015 and was founded by Ramanshu Mahaur, Niraj Singh, and Mohit Gupta. The company uses a full-stack dealership model and utilizes technology to keep track of and manage their inventory. Consumers can search, using the details of the vehicle they want, through the inventory of inspected and quality vehicles.
The company has said they will use these new funds to improve their current operations, update inventory, and grow the company to serve new markets.
Currently the company has their vehicle hubs in three cities: Delhi, Noida, and Gurgaon. They plan on opening five new hubs by the end of the year.
The Managing Director of SAIF Partners said, “Used cars is a massive market, but buying a used car remains a painful experience, and the buyer is always worried about getting cheated. Spinny follows a full-stack approach which ensures that customers get what they are promised."
In 2017, Spinny had fund raised around $1 million that was led primarily by the Indian Angel Network, Blume Ventures, and the C-Founder of FreeCharge Sandeep Tandon and Kunal Shah.
The used car market within India is estimated to be worth $66 billion by 2022 and already features major companies like Maruti True Value, Mahindra First Choice Wheels, Hyundai H Promise, Das Welt Auto, Ford Assured, Toyota U Trust, Honda Auto Terrace, BMW Premium Selection, Audi Approved Plus, Mercedes-Benz Certified, etc.