Pre-owned car retailing platform Spinny on Thursday said it has acquired a 100 per cent stake in artificial intelligence-powered connected car start-up Scouto, for an undisclosed amount.
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 company said in a statement.
The Ahmedabad based start-up was backed by DevX Venture Fund, iCreate and Bhuva Family Office before being acquired by Accel, Tiger Global and Elevation Capital backed Spinny, it said adding that the company is focussed on the consumer car industry and caters to the various start-ups in the automotive aftermarket and used car space in India. Scouto clocked around ₹5 crore in revenue in the last financial year.
Founded by ex-race car driver Akshay Gupta, Chief Executive Officer and Shubham Sharma, Chief Technical Officer, Scouto 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 (like insurers, Fast Tag players) and improves the overall car ownership experience significantly.
“As part of the acquisition, Scouto’s founders will become an integral part of Spinny and help build and drive our connected car offerings forward. By augmenting each other’s capabilities, we can accelerate towards building the country’s largest and the most trusted used car brand,” Niraj Singh, Founder and CEO, Spinny said.
In December, Indian cricket legend Sachin Tendulkar partnered with Spinny as a strategic investor and a lead brand ambassador. PV Sindhu, a customer of Spinny would also be a part of a series of marketing initiatives focused on realising the aspirations of a billion car dreams, the company added.