Gurugram-based online used car platform Spinny, on Thursday (August 6), announced that it has acquired rival Truebil for an undisclosed amount. The acquisition comes at a time when the used car market has gained momentum due to a change in personal transport preferences due to Covid.
Truebil was founded by Kalwani along with Himanshu Singhal, Rakesh Raman, Ravi Chirania, Ritesh Pandey, Shanu Vivek, and Shubh Bansal in 2015 as an omnichannel marketplace for pre-owned cars.
With operations in Mumbai, Bengaluru, and Delhi NCR, and Truebil was clocking INR 250 Cr+ in annual sales before the Covid outbreak. The company had raised close to $24 Mn in the course of five years, including $ 4 Mn in debt funding from investors such as Kalaari Capital, Inventus Capital, Kae, Shunwei Capital among others.
Spinny was founded around the same time by Niraj Singh (Founding partner at Outbox Ventures), Mohit Gupta (Ex-Flipkart) and Ramanshu Mahaur (Ex-Adobe) as an technology-enabled full-stack pre-owned car platform that uses the online-to-offline (O2O) model to help customers discover cars online on Spinny’s website and make the final purchase offline at a Spinny Car Hub. Currently, Spinny has nine car hubs that operate across Delhi-NCR, Bengaluru, and Hyderabad.
Commenting on the acquisition, Spinny cofounder and CEO Niraj Singh said in a press release, “Given Spinny is still in its early days, we will let the Truebil platform keep operating as an independent brand for now. We will reassess merging within the Spinny brand umbrella after some time.”
With this acquisition, Spinny becomes the only used car startup in India which follows a full-stack retail platform model and operates on the organised side of the market.
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