Pre-owned car retailing platform Spinny acquires AI-powered car connectivity solutions startup Scouto
Pre-owned car retailing platform Spinny on Thursday said it has acquired 100 per cent stake in Ahmedabad-based startup Scouto, a move that marks consolidation in the AI-powered used car solutions space
Pre-owned car retailing platform Spinny on Thursday said it has acquired 100 per cent stake in Ahmedabad-based startup Scouto, a move that marks consolidation in the AI-powered used car solutions space.
The company, however, did not disclose the amount it paid for the buyout.
See Zee Business Live TV Streaming Below:
The connected car platform was backed by DevX Venture Fund, iCreate & Bhuva Family Office before being acquired by Spinny.
"We are excited about the integration and 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," said Niraj Singh, Founder & CEO of Spinny.
As part of the acquisition, he said, Scouto's founders will become a part of the company and help build and drive its connected car offerings forward, he added.
Founded by ex-racecar driver Akshay Gupta and Shubham Sharma, the platform caters to the various start-ups in the automotive aftermarket and used car space in India, clocking a revenue of around Rs five crore in the ongoing fiscal, Spinny said in a release.
"The more we worked together, the more we realized that the synergies are plentiful and hence decided to join hands. Our goal is to ensure that every car in India is connected.
"We will accomplish our goals with Spinny and continue to design, build, and innovate new technologies that provide an unparalleled customer experience?, said Gupta, who is also the CEO of Scouto.
Scouto has 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 significantly, Spinny said.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
Retirement Planning: In how many years your Rs 25K monthly SIP investment will grow to Rs 8.8 cr | See calculations
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
SBI 5-Year FD vs MIS: Which can offer higher returns on a Rs 2,00,000 investment over 5 years? See calculations
03:48 PM IST