Spinny, a Delhi based startup in the used car industry, has recently completed the merger of HopCar, another startup in the same industry. The merger will allow Spinny to strengthen its consumer products as well as the development of its technology while at the same time streamlining operations to achieve greater efficiency.
HopCar was established in August, 2015 to provide consumers with a one stop solution to buy and sell used cars. The online vertical focused on giving consumers value, trust, and convenience and targeted the information asymmetry of the used car market. In a similar vein, Spinny was established with the prime directive of improving the consumer experience and their interaction with the used car market. HopCar had been working to provide customers all the relevant information they required, whether they were buying or selling, so as to ensure information asymmetry didn’t take place at any point in the transaction.
HopCar’s founding team includes Arijit Biswas, Rahul Thakur, Anish Karan and Rahul Anand and between them they are bringing a wealth of experience and innovation to Spinny. The approach and the experience of the HopCar fit well with Spinny, which was the prime motive behind the merger.
On the occasion, CEO and Co-founder of Spinny, Niraj Singh said
The used car market is a very fragmented segment with many different players tackling the same issues in their own ways. HopCar was one such player who were working on very similar lines to our own at Spinny. The technology they were developing, their work philosophy, and their approach to the market made the merger with HopCar a natural choice. The merger brings immediate benefits for Spinny as it will allow Spinny to further strengthen its position in the Delhi-NCR region and bring greater efficiency to our operations in Bengaluru as well.
Adding to this, Co-founder of HopCar and now a core team member at Spinny, Arijit Biswas said
Our experience in the used car market has shown us that the issues in the market were too great to solve alone. However, finding a partner to tackle these issues wasn’t so straightforward either. Spinny’s vision synced naturally with our own and we look forward to working with Spinny and their team to deliver a satisfactory consumer experience.
Both companies were working on their own Price and Rating Engines. Through this merger, the engines will be combined, improving the accuracy and depth of the engines. This will help Spinny roll out fully featured and developed Algorithmic Engines that will help the consumer to understand the reasoning behind the pricing and certification provided by Spinny.
HopCar’s merger places Spinny in an advantageous position in the Delhi-NCR pre-owned car market. The company is currently streamlining its operations in Bangalore and looks to expand into Tier I and Tier II cities by the end of 2016. The introduction of the Price Engine and Rating Engine in the coming months will allow Spinny to better cater to consumer needs while at the same also further improve the overall consumer experience for people looking for a reliable, data-driven, and transparent platform to buy or sell pre-owned cars.