Blume-backed used car platform Spinny eyes up to $15m in funding

Photo: Spinny website

Used car marketplace Spinny is in talks to raise $10-15 million from Accel Partners and Sequoia Capital, two people familiar with the matter said on condition of anonymity.

The Gurugram-based company has so far raised $1 million. Spinny Cars counts Blume Ventures, Similie Venture and Partners, Indian Angel Network, through its member Hari Balasubramanian, and Freecharge co-founders Kunal Shah and Sandeep Tandon as investors.

Spinny Cars, run by Yellow Drive Technologies Pvt. Ltd, is an online platform for buying and selling used cars.

Unlike popular marketplaces for used cars, Spinny buys cars from sellers and holds until sale. It keeps the inventory for a maximum of 35 days, beyond which it disposes of the car to one of its partner dealers.

According to the company, direct sourcing helps cut middlemen commissions and allows it to list cars at 5-6% less than average market rates.

For this purpose, Spinny operates a network of retail hubs where a customer can review the car before buying it. Spinny has three hubs—in Gurugram, Delhi and Noida—according to its website.

E-mails sent to the founder and chief executive officer Niraj Singh didn’t elicit response until press time.

Spinny Cars competes directly with manufacturer-owned used car retailers such as Mahindra First Choice Wheels and Maruti True Value. Other start-ups in the car-reselling industry include CarDekho, CarTrade.Com and Droom Technologies, which serve as a marketplace and do not hold inventory.

Spinny Cars was founded by IIT-Delhi graduates Niraj Singh and Ramanshu Mathur in June 2015. Like other players, it started as a marketplace for used cars but later saw challenges with respect to coordination between buyers and sellers and even quality. The company also offers credit facilities for purchase of used cars. Spinny pivoted to the retailing model in September 2016.

It acquired Delhi-based start-up Hopcar to strengthen its position in the market.

Also Read:

India: Pre-owned cars platform Spinny raises $1m from Blume Ventures

This article was first published on livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.