Spinny, Gurugram based used car reseller has raised ₹6.2 crores ($1 Million) in a funding round led by Blume Ventures. This funding round also saw participation from Indian Angel Network and Founders of Freecharge. The raised funds will be used for technology enhancement and expansion.
Speaking on the development, Arpit Agarwal, Principal at Blume Ventures stated that the reseller automobile industry has trust issues and despite having a number of online classified portals, the market still remains undressed. In such scenario, Spinny has come up as an option which does not mind getting to the beginning of problem and solving it.
Spinny was launched in 2015 by IIT alumni Niraj Singh, Ramanshu Mahaur along with a couple of Flipkart executives, Ganesh Pawar and Mohit Gupta. According to the founders, choosing Delhi-NCR was a part of the strategy as it accounts for almost 20% of the used car market in India.
The used car market in India is estimated to be worth ₹100,000 crores and it has a growth rate of 20% year-on-year. The people in India exchange over 40 lakh cars in a year and that in itself, is a big number.