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.
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.
Source: zeebiz.com
