The company is trying to bring insurance to more consumers and make the process of getting insurance easier. They claim the insurance will have sales support to help with purchasing and claims assistance.
Digvijay Singh, COO IAN said, “IAN’s investment in Spinny was driven by the belief in the founding team’s vision and expertise, as well as its business model. With this exit, IAN investors are reaping the dividends of their faith in this high-potential venture, led by a team focused on execution in the auto space."
Ola founder and CEO Bhavish Aggarwal revealed that the Bengaluru-based company had to compete fiercely with Uber who was outspending what was then a startup “almost 5:1” or essentially spending 5 times as much as Ola.
On his new role, Varun Jha said, “Zoomcar is at the cusp of a mobility revolution in India. This has also brought enormous problem-solving opportunities for me with regard to supply-demand standpoint.”
Droom has, so far, raised close to $125 million over six rounds of funding. Some of its investors include Lightbox, Beenext, Beenos, Digital Garage, Toyota Tsusho Corporation, Integrated Assets Management, and family office of Japanese based investor Joe Hirao, Founder ZIGExN.
The layoffs at this scale also hints at the possibility of Car24’s strategy to scale down its consumer financing business, which is housed under a separate entity. However, defying this, Vikram Chopra, CEO and Co-Founder, said, “No layoffs have taken place."