Unicorn Club: Not only has the craze to buy second hand cars increased among people in India, but due to this car business, three unicorns have been born in the year 2021. Unicorns are actually those startups whose valuation has crossed $ one billion. Have done it
If we talk about the second hand car selling platform like Zoom Car Dekho and Spinny, then he has joined the Unicorn Club in the year 2021. Investors are very fond of second hand car selling platforms and they are continuously investing in them.
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increased investor interest
Just earlier this month, Spinny has secured an investment of more than $280 million. With this, Spinny’s valuation has doubled to $1.8 billion in six months. If we talk about cars24, then its valuation has increased by 60 percent in just 3 months and it has reached $ 3.3 billion. Car Dekho has raised $250 million in funding in October this year, with $200 million in series equity and $50 million in pre-IPL debt.
expect great growth
Second-hand car selling platform Droom has raised $200 million in a growth funding round ahead of the IPO. According to a recent study conducted by OLX Auto-Crisil, the second hand car market in the country is expected to grow tremendously in 4 years. It can increase to 70 lakh units. In the financial year 2021, this figure has been at 40 lakh units. According to the estimates made in this regard, by the end of FY 2022, the segment of second hand car market can reach 44 lakh units.
Focus on expanding business abroad
With the increasing craze of unicorns in the country, startups are now hiring more and more people and trying to capture the market by expanding their tech infrastructure. Neeraj Singh, Founder and CEO, Spinny, said, “We are currently operating in 13 cities and plan to expand our operations to 25 cities in the next two quarters. We have recruited 200 people. We are now investing rapidly in growing the business.” Vikram Chopra, Founder and CEO, Cars24 said, “We are now looking to expand our operations to Australia, Thailand and Middle East countries. With the funding received, we are now focusing on expanding our business abroad.
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