Spinny raises $1 million from Blume Ventures

Spinny, the online ecommerce startup for trading pre-owned cars, has raised $1 million from Blume Ventures, Indian Angel Network and FreeCharge co-founders Kunal Shah and Sandeep Tandon. The startup holds the inventory (car to be sold) with itself for a maximum of 35 days, and disposes the asset to one of its partner deals post that. Spinny is expected to use the fresh capital to further upgrade its technology platform and open retail hubs across NCR. The company’s co-founder Niraj Singh explained the growth strategy by pointing out that the startup operates a network of retail hubs where a customer can review the car before buying. It currently has two hubs—one each in Gurugram and West Delhi—plans to expand the network to at least four in 2017.

He further commented that “The used car market in India requires a very large reach across the country and the Spinny team has come up with a scalable model which will enable them to capture a decent market share within the next 12 months and establish Spinny as the most trusted platform for buying and selling used cars”.

Founded in 2015 by Niraj Singh, the company started as a marketplace for used-cars but it saw challenges with respect to coordination between buyers and sellers and ensuring quality. Thus, late last year, the startup moved to a retailing model.