Spinny, Gurgaon based used car platform, has acquired $1 million of funds from seed funding round driven by Indian Angel Network, Kunal shah, Freecharge’s co-founder, Sandeep Tondon, and Blume Ventures.
How funds will be utilized
Spinny said that it will utilize the funds to fortify its technology platform as well as hubs expansion.
Agarwal who is the principal at Blume Ventures said that, “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.”
Target market of the company
The organization said it has deliberately picked Delhi-NCR as its target marketplace as it records for 18% of India’s used car marketplace.
About used car market in India
The used car market is evaluated at almost $15 billion and growing rate is 20-22% CAGR. Almost 40 lakhs and more automobiles are traded each year. The pre-owned car Indian market is already divided with several players such as Cardekho, Cartrade, and CredR.
Spinny was propelled in 2015 by Ramanshu Mahaur and Niraj Singh who are graduates from IIT Delhi along with Ex-executive of Flipkart Mohit Gupta and Ganesh Pawar. Last year, it owned Hopcar, a Gurgaon based company.