Spinny, a used car retailing platform based in Gurgaon, announced today that it has purchased a 100 percent stake in Scouto, an AI-powered car connectivity solutions startup, for an undisclosed sum.
The deal, according to the company, will be one of the first in the AI-powered used car solutions segment, where Spinny is aiming to be the market leader. Spinny made the announcement nearly two months after raising an undisclosed amount of money from former cricketer Sachin Tendulkar.
Scouto claims to have built an end-to-end connected car technology suite that provides detailed intelligence on a car’s health and performance, connects the vehicle owner to automotive service providers, and improves the overall car ownership experience. It was founded in 2016 by ex-racecar drivers Akshay Gupta and Shubham Sharma.
The company focuses on the consumer car industry and provides services to various startups in India’s automotive aftermarket and used car sectors. Scouto claims to have made around Rs 5 crore in revenue in FY22.
Before being acquired by Tiger Global-backed Spinny, the Ahmedabad-based startup was backed by DevX Venture Fund, iCreate, and Bhuva Family Office.
“As part of the acquisition, Scouto’s founders will become an integral part of Spinny & help build and drive our connected car offerings forward,” said Niraj Singh, founder & CEO of Spinny. “We are very excited about the integration & the synergies of Scouto with Spinny. By augmenting each other’s capabilities, we can accelerate towards building the country’s largest and the most trusted used car brand.”
Speaking on the development, Akshay Gupta, co-founder & CEO of Scouto, said: “We absolutely love what we do and have been working with the Spinny team for a very long time. We admire Niraj’s (Singh) vision of building with a highly customer-centric approach. The more we worked together, the more we realized that the synergies are plentiful and hence decided to join hands.”
Niraj Singh, Mohit Gupta, Ramanshu Mahur, and Ganesh Pawar co-founded Spinny in 2015.
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