Spinny eyes over Rs 350 crore monthly sales revenue

PUNE: Spinny, a full-stack used-car retailing platform, which sells over 6,500 second hand certified cars, including luxury cars like Mercedes, BMW, and Audi every month, is eyeing over Rs 350 crore monthly sales revenue.

The company, which opened its second Spinny Park, an experiential hub at Post Wakad near Hinjewadi, near Pune with a capacity to park over 500 cars to cater to the rising demand of car buyers from nearby cities, plans to expand its operation in Ahmedabad this year.

Last year, the company opened its first flagship and India’s largest experiential hub in Bengaluru. Spread over a 5-acre campus, it can park over 1,000 cars for testing for potential buyers.

At the new 3-acre Spinny Park at Wakad, which facilitates the car-buying experience, customers have a choice of over 500 one-year after sales warranty Spinny Assured cars and Spinny Max pre-owned luxury cars. Here potential buyers are encouraged to choose and test drive the cars and decide to buy the car of their choice.

Spinny has raised a total of $530 million (Rs 4,334 crore) funding till date from institutional investors such as Accel Partners, Elevation Capital, Tiger Global Management, General Catalyst, and Blume Ventures.

In December 2021, Spinny announced $283 million in Series E round led by Abu Dhabi-based ADQ, Tiger Global, Avenir Growth and Arena Holdings at a $1.8 billion valuation.

“We are expanding our footprint across India to cater to the growing demand for second hand certified cars,” Niraj Singh, founder CEO at Spinny, told Financial Chronicle.

He said Spinny sold over 6,500 cars every month with a minimum ticket size of Rs 6 lakh at its 57 car hubs and experiential parks across 22 cities with a total parking capacity of over 12,000 cars.

Last year, the second-hand car market in India was pegged at 4.5 million as against 3.8 million new cars. “The second-hand car market is growing at 14-15 per cent annually,” Singh said.