June 13 2016, 18.25 PM IST || Pocket News Alert
New Delhi, 13th June 2016: A delhi based startup, Hopcar.in, that deals in the sale and purchase of used cars has announced that it has merged with Spinny an online marketplace used cars. Hopcar.in was started by four Cofounders : Arijit Biswas, Rahul Thakur, Anish Karan and Rahul Anand in August last year.
“When working towards making Hopcar.in the preferred choice for customers looking to buy or sell used cars, I met Niraj, the cofounder and CEO of Spinny. The vision Niraj had for Spinny was very much in line with that of ours for Hopcar.” quoted Arijit. Niraj, an IITD alumni and a Serial Entrepreneur, cofounded Spinny last year in April along with 3 other cofounders. Spinny, now an year old, was founded on the core values of Trust and Transparency. “Having witnessed information asymmetry being a hindrance in the process of buying and selling used cars, I wanted to establish Spinny as the platform that bridged that gap between the two stakeholders.” Niraj says.
The unique proposition that Spinny brought to the market was an analytically developed 200point Inspection Checklist that assesses a car’s true condition and it’s right price. This works in two ways One by helping the buyer make an informed decision about the purchase and Second by helping Sellers claim the right price for their cars.
“It didn’t take us long to figure that just enabling the transaction wasn’t going to be enough to establish ourselves in the market. Customers needed to be provided an avenue they could blindly trust.“ Arijit further added. While Spinny had been working on incorporating a scientifically developed Pricing Engine and an algorithm based Rating Engine in their processes to strengthen the techside to their business, Hopcar.in was onto something similar.
“Seeing how our visions and approach naturally synced, it only seemed tactful to make concerted rather than disjointed efforts towards the same aim, and hence the merger happened” he added. The merged entity will continue to operate under Spinny’s brand name with the four cofounders of Hopcar becoming CoreTeam members at Spinny. With the entry of many new players in the market, the merger places Spinny in an advantageous position in the otherwise still nascent PreOwned Car Market in India.
“Having set our foothold in Delhi, we are now streamlining our operations in Bangalore and plan to expand to other Tier I and Tier II cities by the end of this financial year” Niraj states. The merger is definitely a step ahead in Spinny’s continuous endeavours to provide a reliable, datadriven, and transparent service to its consumers.