Spinny, a Delhi-based used car platform, has announced that it has raised $1 million in its seed funding round. The investors for this new funding round include Blume Ventures, Indian Angel Network and FreeCharge co-founders Kunal Shah and Sandeep Tandon.
The newly raised capital will be primarily used by the company to strengthen its technology platform and for the expansion of its hubs.
Commenting on the investment, Arpit Agarwal, principal at Blume Ventures, said,
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 was launched in mid-2015 by IIT Delhi alumni Niraj Singh and Ramanshu Mahaur along with former Flipkart executives Ganesh Pawar and Mohit Gupta. The company had acquired Gurgaon-based Hopcar last year.
It aim to become a one-stop tech-driven platform for buying used cars while taking care of all the touch-points to keep ‘Customer Convenience’ at the centre of every experience.
The portal, like many other in this space, is bridging the gap between buyers and sellers. Buyers can get profitable and secure deals, while sellers can get the right price for their used vehicle without much hassle.
The founders of the company say that Spinny is all about bringing transparency and convenience to the used car buying and selling experience. Not only can people browse different types of cars on the portal, they can also look for other value added services, including inspection of the cars, test drives, registration transfers, providing warranty on cars to buyers, etc.
The company asserts that it has strategically chosen Delhi-NCR as its target market as it accounts for 18% of India’s used cars market. The used car market is estimated to be valued at about $15 billion and is growing at 20-22% CAGR. In this space of pre-owned car market, the startup competes against the likes of Cartrade, Cardekho, Droom, among others.