Delhi base spinny, which operates in the pre-owned car segment, has acquired Gurgaon-based Hop car, another startup in the same industry. Spinny is a new age online retailer for used cars in India. With transparency & technology as core pillars, we are helping customers save big with experience of just like new.
Spinny, which offers its services in Delhi-NCR and Bengaluru, now plans to expand to other Tier-I and Tier-II cities by the end of this financial year. Launched in April 2015, Spinny calls itself a C2C, fulfillment–based, end-to-end solution provider in the pre-owned car segment. The investor name are Blume Ventures, Indian Angel Network, Kunal Shah, Sandeep Tandon and the amount of funding are of 1000000 USD
According to a rough estimate, the used car market is valued at about $15 billion (GMV). The market is growing at 20-22 percent CAGR. A recent CRISIL study forecasts the sales of used cars to reach around 8 million units by 2020. This will value the market size at around $45 billion by 2020.The financing partner of spinny are HDFC Bank, Tata Capital, Zest money, Fund
The acquisition will further strengthen our position in Delhi-NCR and bring greater efficiency to our operations in Bengaluru as well,” says Niraj Singh, CEO, and Co-founder, Spinny.
Cartrade, Cardekho, Droom, Zoomo, 19miles, Truebil, Gozoomo and CredR, operating in the used car space