Gurgaon-based used car retailing platform Spinny today announced it has acquired a 100% stake in AI-powered car connectivity solutions startup Scouto for an undisclosed sum.
According to the company, The deal will mark one of the first consolidations in the AI-powered used car solutions segment where Spinny is gunning big to emerge as the market leader. The announcement from Spinny comes almost two months after it raised an undisclosed amount in funding from former cricketer Sachin Tendulkar.
Founded in 2016 by ex-racecar drivers Akshay Gupta and Shubham Sharma, Scouto says it has built an end-to-end connected car technology suite that provides detailed intelligence on car’s health and performance, connects the vehicle owner to automotive service providers, and improves the overall car ownership experience.
The startup is focused on the consumer car industry and caters to the various startups in the Automotive Aftermarket and used car space in India. In FY22, Scouto claims to have clocked about Rs 5 crore in revenue.
The Ahmedabad-based startup was backed by DevX Venture Fund, iCreate & Bhuva Family Office before being acquired by the Tiger Global-backed Spinny.
“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.