Jobaaj Stories
Journey of this IIT grad from failure to success
Meet Niraj Singh, Founder and CEO of “Spinny”- the online platform where individuals may sell and purchase second-hand vehicles, primarily cars.
Spinny, a second-hand car retailing platform, was founded by Niraj Singh, Ramanshu Mahaur and Mohit Gupta in 2015 in New Delhi.
Having grown up in a small town, Dalton Ganj, Jharkhand, Niraj completed his schooling in a Hindi Medium. He holds a bachelor's degree in Electrical Engineering from IIT- Delhi. He began communicating in English a few years ago and is now proficient.
Spinny is the third startup of this IIT- Delhi graduate. He previously co-founded Locus Education, an online IIT-JEE preparation platform, and TechMonkey, an internet media firm. He is also a founding member of Outbox Ventures, a New Delhi-based sector-agnostic proprietary investment firm. He claims that his experiences from his previous failed startups allowed him to see clearly.
Bird’s eye view of this automobile unicorn
Spinny is a new-age car retailing platform that helps sellers to arrange an examination and receive a quote for their vehicle. Buyers may search the online inventory, examine vehicle conditions, choose a vehicle, and then book a test drive.
Spinny spotted potential as the used automobile industry in India grew in popularity. Their services are currently available in the top 15 cities in the country for buyers and more than 50 cities for vendors.
After the wait for 4 years, Spinny secured its first round of funding. It has raised over 530 million from over 34 institutional investors and 36 angel investors, as per the reports.
This unicorn raised investment in November 2021, with a funding round led by Tiger Global. Spinny secured $283 million at a valuation of $2.11 Billion.
Niraj is an investor in several firms, including Tripoto, ShaadiSaga, and JustRide, and he thinks his expertise and knowledge will help Spinny reach its full potential.
Top investors include Tiger Global, Avenir Growth, and General Catalyst. Sachin Tendulkar is also an investor in this used automobile sales platform.
The long-term vision of Spinny
According to expert estimates, Spinny is the industry leader in the field, with a market share of roughly 55%. Other players include Cars24, Droom, CarDekho, and others. Spinny is presently growing at a monthly pace of 5.5-6%.
Further, Spinny intends to expand its luxury used car segment, “Spinny Max”. Premium automobiles like Mercedes, BMW, Audi, and others get sold on this platform. It now amounts to around 3% of Spinny's gross merchandise value (GMV), crossing to approximately 400 crores every month.
According to Niraj Singh, Spinny, is predicted to be profitable by the third quarter of 2024. Since the majority of its established markets, such as Delhi, Bengaluru, and others, which account for around 65% of its revenues, have already begun to declare profits.
In addition, he stated that decreased marketing spending, higher margins, and lower customer acquisition costs (CACs) would assist the company in approaching profitability.
Also, Read the Challenging journey of DeHaat- a AgriTech unicorn
