Used car platform Spinny to enter 8 more cities this year

Elevation Partners and Accel Partners-backed online used car inventory-holding platform Spinny is entering eight more small towns this year after adding four large cities in the past two months.The New Delhi-based start-up is present in nine large cities, with the addition of Mumbai, Chennai, Kolkatta and Ahmedabad in January.

Elevation Partners and Accel Partners-backed online used car inventory-holding platform Spinny is entering eight more small towns this year after adding four large cities in the past two months.

The New Delhi-based start-up is present in nine large cities, with the addition of Mumbai, Chennai, Kolkatta and Ahmedabad in January. Till this expansion, Spinny was present only in New Delhi, Gurugram, Noida, Hyderabad and Pune, its founder and Chief Executive Officer Niraj Singh has said.

Spinny is already present in nine cities and with the addition of Kochi, Indore, Chandigarh and Jaipur over the course of this year, the company will be present in at least 15 cities by December, Singh told PTI.

Spinny, which was started as a listing platform in mid-2017, had limited its presence to the Delhi-NCR region till 2019.

It makes money from a commission on the order value of old cars which is Rs 3-5 lakh, which he did not specify. But, he said the book is cash positive. On an average, it sells 1,500 cars a month.

Spinny has marquee investors to boast of -- Elevation Partners, Accel Partners, and Nandan Nilekani. They collectively own 60 per cent of the company through Series-A and -B funding rounds that began in April 2019 with a USD 60 million infusion, and will be raising a similar amount in some time, Singh said without giving a timeline.

He said almost 30 per cent old car buyers on his platform use external finance, which increased after the lockdowns. But, the pandemic has also boosted demand for personal mobility and also old cars by around 25 per cent on a month-on-month basis.

He said that to man the expansion, the company will hire over 600 more hands this year.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)