Pre-owned cars platform Spinny has secured $1 Mn in its Seed round of funding from Blume Ventures. The other who participated in this round includes Indian Angel Network, and FreeCharge co-founders Kunal Shah and Sandeep Tandon.
Arpit Agarwal, Principal at Blume Ventures said, “Despite the presence of vertical-focussed 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.”
Gurugram based startup, Spinny was founded in 2015 by Niraj Singh, Ramanshu Mahaur, Ganesh Pawar, and Mohit Gupta. It allows sellers to list the details of his car on the web portal. An in-house inspection team of qualified experts then has the responsibility to ensure that the hosted cars are the best pre-owned cars in the market. All cars are assessed based on a detailed 200-point inspection checklist to evaluate every aspect of the car thoroughly.
The startup also offers doorstep delivery of used cars and helps customers in financing besides managing paperwork.
Founder and CEO, Spinny, Niraj Singh said “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.”
The startup plans to use the raised capital to strengthen its technology platform and for the expansion of its hubs. Earlier, the company has raised an undisclosed amount from the Outbox Ventures.
Most recently, online automobile classifieds platform, CarTrade had raised $55 Mn in a fresh round of funding led by Singapore-based Temasek and a US-based family office.
Another startup, Truebil, which is an online marketplace for buying and selling used cars secured $3 Mn from Chinese VC firm Shunwei Capital in February 2017.
Other players in this sector include, MahindraFirstChoice, Carnation, Zoomo, Zigwheels, CarDekho and Carwale besides the vertical player OLX and Quikr.