Spinny is a state-of-the-art technology-using car dealing platform that facilitates the sale and purchase of used vehicles. As indicated by its recent $65 million fundraising, the company is growing at rapid speeds. The start-up’s processes like thorough and transparent inspection of the car, buying it from the owner and then selling it to customers are addressing key customer concerns in the used car segment.
Spinny is removing traditional intermediaries from the equation by making the process cheaper and more reliable for consumers to buy used cars. If the customer is not content with the vehicle purchased from Spinny, they receive a full refund on the transaction.
Spinny began its course as a marketplace for used cars, but the start-up has extended its offerings to become a full-stack platform.
Recently Raised Funds
The five-year-old start-up recently raised $65 million in funds as part of the Series C funding round. General Catalyst, a Silicon Valley-based venture capital firm, led the new round of funding. This round of funding has brought Spinny’s previous total financing to over $120 million, and the start-up is now worth approximately $350 million from the earlier $150 million.
How Does Spinny Work?
In sync with the traditional cars’ online dealership platforms, Spinny also offers a wide variety of vehicle options. The difference is that Spinny’s whole process maintains transparency and accountability for car alternatives in real-time testing, features and reviews. The company publishes all data available for cars while developing a strict control process to reassure its customers’ satisfaction.
The company’s range of industry-first offerings includes Spinny Assured, meaning that it just does not sell pre-owned cars but engages with customers personally to grow and build relationships. Its inventory is varied, and people have the options to interact with Spinny for optimum recommendations as well as best fitted vehicles.
Spinny Technology: Changing the Market for Car Owners
The unique technology used by the company is Spinny 360: Redefining Transparency. Buying a used car is a very hectic process and requires careful consideration for any flaws. Spinny360 brings nuanced interactivity to the digital platform and allows customers to explore many options easily. Spinny360 will enable customers to see the exterior and interior of any Spinny Assured car on smartphones or computers- whatever the customer wishes to use.
Growth Prospects for Others in the Car Market
The used car market is expected to grow 22%, with a compound annual growth rate of 7.2 million vehicles per year. During the coronavirus outbreak, the online used car market continued to thrive thanks to consumers’ choice for more exclusive but cheaper travel solutions. According to Deloitte, the expected growth rate of online shopping platforms for used cars (like Spinny) is 17-18% in the running fiscal year.
Some industry leaders, such as Mahindra First Choice Wheels, Cars24, CarWale and CarDekho, have entered the rural Indian markets by offering distribution rights and franchise rights, marking a shift in online and contactless sales.
This growth trend clearly provides a sustainable path for young entrepreneurs and budding start-ups in the industry. All that is needed to succeed is a good strategy with a qualified go-to-market plan.