Gurgaon-based Spinny, which operates in the pre-owned car segment, has raised $1.2 million in a seed funding round led by Blume Ventures, Indian Angel Network and FreeCharge co-founders Kunal Shah and Sandeep Tandon.
The company says that the funds will be used in strengthening the technology used in the platform and expanding car hubs.
Spinny, which was earlier a classified C2C platform, pivoted its model in September last year and became an online retailer. The company now fully controls the inventory.
“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. 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,” said Niraj Singh, Founder and CEO, Spinny.
He adds that the company clocks a monthly turnover of Rs 2.5 crore and has been growing at the rate of 20-25 per cent month-on-month.
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 supercars.
More than 40 Lakh cars exchange hands every year and this market is growing at more than 20 per year 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.