The Future of Car Ownership: Spinny Spinning Its Way

Aakash Sharma — Wed, 21 Apr 2021 07:35:04 +0000

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.

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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.

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What is Coming in Enterprise Technology?

Smruthi Krishnan — Thu, 11 Feb 2021 08:35:02 +0000

COVID-19 Pandemic blew many industries out of the water. For instance, the Information Technology sector was predicted to rise by 4% in 2020 but it ended up dropping by 4% to 5%. Organizations slowed down experimentation this year and began to bring into reality their digital transformation proofs-of-concept. With companies shutting down offices worldwide and remote working becoming the new normal, the enterprise technology space is on the horizon of experiencing a surge in innovation and applications. So, what exactly can one expect in the enterprise tech space in 2021?

First, tech spending will get back to 4% growth in 2021 and maybe shoot higher. The pandemic highlighted proof-of-concept on technology and what works in the digital business. Organizations will now push forward and double down on this success. Many organizations reported productivity improvements for remote workers and ways to leverage them. We can also expect collaborations between software and remote tools like desktops.

Productivity increase has also led to a surge in productivity measuring apps and software as companies want to maximise work without burning out employees. The video conferencing trend is expected to remain strong while Microsoft Teams continues to have a stronghold.

The remote-working culture also exposed us to escalated cyberattacks and breaches. Identity access management, cloud security, endpoint and zero-trust security upstarted while CrowdStrike, Okta, etc thrive. They are expected to show 30% to 50% revenue growth into 2021. Certain micro-segmentation players will experience spikes in activity. As a skill shortage continues, there will be an increasing trend toward automation to counter talent shortage.

With low-interest rates, technology spending is picking up in enterprises. There will also be a perfect storm of more liquidity events, whether it be continued IPOs or Mergers and Acquisitions. There’s a rapid shift to cloud databases and cross-cloud data sharing. We see a pending shift toward domain-centric ownership of the data pipeline with data teams organized around data products and embedded into the business.

Cloud, containers, artificial intelligence and machine learning, and automation are expected to have the highest Net Scores or spending momentum. With the IT project freezes at the end of 2020, outsourcing and consulting could pick up. AI and real-time inferencing will also need more development in terms of processor and systems design. Companies like Apple Inc., Broadcom Inc., Microsoft, Nvidia Corp. etc will dominate the new workload while showing superior price-performance metrics.

With these expectations in 2021, the enterprise technology space has immense potential to evolve and develop further into a full-fledged sector. We can only hope these forecasts turn into reality in the near future.

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Tech Forecasts – Dutch Uncles