Mumbai: On-line used automobile retailing platform Spinny plans to broaden its presence in 4 new cities in 2021, together with Mumbai and Kolkata. The corporate noticed a 82 per cent development in 2020, promoting 9,100 vehicles within the yr on the again of expanded community and extra prospects in search of protected private transportation regardless of liquidity points, Spinny stated in a press release.
The complete-stack used automobile platform had offered over 5,000 pre-owned vehicles in 2019.
Spinny had began its operations in Pune and Hyderabad on the fag finish of 2019. Earlier, it was current solely in Bengaluru and Delhi-Nationwide Capital Area.
The yr 2020 was an yr of “extremes” and the corporate goes into 2021 with continuation of its enlargement plans that have been placed on maintain as a result of COVID-19 state of affairs, Spinny founder and CEO Niraj Singh stated.
“With momentum and validation of our companies from constructive buyer response, we’re satisfied of providing a protected expertise and we will probably be scaling our operations by increasing to new cities in 2021,” Singh stated.
“Our top-of-mind concern as we foray into new cities is to keep up and certainly additional the standard of our purchasing and promoting expertise,” he added.
Spinny is increasing to Mumbai quickly and can additional begin operations in Ahmedabad, Chennai and Kolkata later, he stated.
The enlargement into new cities will probably be funded utilizing the Rs-315 crore capital raised from Nandan Nilekani’s Fundamentum Partnership earlier final yr, he added.
In early March final yr, Spinny had raised USD 43.7 million (Rs 315 crore) in its Sequence B spherical led by Nilekani’s enterprise capital fund Fundamentum Partnership, US-based enterprise capital agency Common Catalyst Companions and Korean monetary companies conglomerate KB Monetary Group.
“Our first authentic pivot was changing into a full-stack platform as we have been sure that is required to ship a pleasant buyer expertise in an business with too many variables and belief points,” Singh stated.
“With the altering wants and expectations of the purchasers through the course of this pandemic, this full-stack functionality allowed us the agility, the management to set business benchmarks when it comes to a contactless, protected and easy automobile shopping for and promoting expertise,” he added.
The corporate stated it has noticed a big discount within the time taken to finish transactions, which has fallen to 3-5 days from every week earlier.
Spinny has additionally launched many new options to make shopping for automobile a totally zero-contact expertise corresponding to Spinny 360, an business first characteristic that provides a 360-degree, detailed view of each Spinny-assured automobile that’s obtainable within the stock in every metropolis, it said.
“With the continuing pandemic, it’s evident that each resolution must be backed by sturdy security and social distancing measures. Our emphasis on high quality has helped us earn credibility and shopper belief,” Singh stated.
Spinny stated its BuyBack programme, which affords a assured future resale worth for six, 12, or 18 months from the time of buy, addresses the liquidity crunch confronted throughout these unsure instances and makes proudly owning a automobile extra possible and economical than the rental or subscription mannequin.
