Naspers co-leads $14.5M extension round in mobility startup WhereIsMyTransport

Many people in emerging markets depend on informal public transport to move across cities. But while there are ride-hailing and bus-hailing applications in some of these cities, there’s a dire need for journey-planning apps to improve mobility for users and reduce the time they spend commuting.

South African startup WhereIsMyTransport is one such company filling that gap for now. Today, it is announcing a $14.5 million Series A extension to continue its expansion across emerging markets; the company already has a presence in South Africa and Mexico.

Naspers, via its investment arm, Naspers Foundry, co-led the investment with Cathay AfricInvest Innovation Fund. According to Naspers, the size of its check was $3 million. Japan’s SBI Investment also participated in the round.

The extension round is coming a year after WhereIsMyTransport received a $7.5 million Series A investment from VC firms and strategic investment from Google, Nedbank, and Toyota Tsusho Corporation (TTC).

Devin de Vries, Chris King and Dave New started the company in 2015. As a mobility startup, WhereIsMyTransport maps formal and informal public transport networks. The company then uses data gotten to improve the public transport experience, making commute safe and accessible.

In addition to this, WhereIsMyTransport licenses some of this data to governments, DFIs, NGOs, operators, and third-party developers. It claims this is done for research, analytics, insights and consumer and enterprise solutions purposes.  

“WhereIsMyTransport started in South Africa, focused on becoming a central source of accurate and reliable public transport data for high-growth markets. We’re thrilled to welcome Naspers as an investor as our journey continues in megacities across the majority world,” said CEO Devin de Vries in a statement.

Last year when we covered the company, it had mapped 34 cities in Africa while actively mapping some in India, Southeast Asia and Latin  America. Since then, it has only expanded into Latin America by launching in Mexico City last November. It has launched its first consumer product Rumbo which provides network information from all modes of public transport in the region. WhereIsMyTransport currently has over 100,000 users delivering over 750,000 real-time network alerts with plans to launch Rumbo in Lima, Peru, later this year.

Devin de Vries CEO_WhereIsMyTransport

Devin de Vries (CEO WhereIsMyTransport)

For co-lead investor Naspers Foundry, this is the firm’s first investment in mobility. So far, it has funded four other South African startups — Aerobotics, SweepSouth, Aerobotics, and Studio Cap — with a focus on edtech, food and cleaning sectors.

“We couldn’t pass on the opportunity to back an extraordinary South African founder who has built his business here in Cape Town to a global market leader in mapping formal and informal transportation with a strong focus on emerging markets,” Head of Naspers Foundry Fabian Whate said to TechCrunch

He also adds that there is an overlap between mobility and the food and e-commerce businesses that seem to be Naspers main focus from a Naspers perspective. “The global food and e-commerce businesses, often operating in emerging markets, are quite reliant on mobility solutions. So there’s a great overlap between what the Naspers Group does and the vision for WhereIsMyTransport.”

In South Africa, WhereIsMyTransport’s clients include Johannesburg commuter rail system Gautrain and Transport for Cape Town. On the other hand, its international client base Google, the World Bank and WSP, and others.

South Africa CEO of Naspers, Phuthi Mahanyele-Dabengwa, said: “Mobility remains an obstacle for billions of people in high-growth markets across the world. Our investment in WhereIsMyTransport is a testimony of our belief that great innovation and tech talent is found in South Africa, and with the right backing and support, these businesses can provide solutions to local challenges that can improve the lives of ordinary people in South Africa and abroad.”

#africa, #enterprise, #funding, #latin-america, #mexico, #mexico-city, #naspers, #naspers-foundry, #phuthi-mahanyele-dabengwa, #south-africa, #tc, #toyota-tsusho-corporation, #transportation, #whereismytransport

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Stack Overflow sold to tech investor Prosus for $1.8 billion

If you've ever gone looking for answers to software development questions, this screenshot probably looks quite familiar.

Enlarge / If you’ve ever gone looking for answers to software development questions, this screenshot probably looks quite familiar. (credit: Jim Salter)

Legendary programming Q&A site Stack Overflow is being acquired by Prosus N.V., Europe’s largest tech investment firm. According to a press release on Prosus’ website, the two companies entered into a definitive acquisition agreement yesterday.

According to Amazon Alexa web analytics, Stack Overflow is the 46th most heavily engaged site in the world. Since 2008, the site has served as the first stop for developers searching for answers to their programming-related questions—and eventually, their non-programming-related questions, as the Stack Exchange network of sites expanded into categories including culture, recreation, arts, science, business, and more.

Prosus will likely be much less familiar, particularly to Americans, as the Amsterdam-listed investment firm has a much lower public profile. Although based in Europe, Prosus invests internationally; for example, it has the largest single stake in Chinese gaming and social media company Tencent.

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#coding-horror, #naspers, #prosus, #stack-exchange, #stack-overflow, #tech

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Armed with $160M in funding, LatAm’s Merama enters the e-commerce land grab

Merama, a five-month old e-commerce startup focused on Latin America, announced today that it has raised $60 million in seed and Series A funding and $100 million in debt.

The money was raised “at well over a $200 million valuation,” according to co-founder and CEO Sujay Tyle.  

“We are receiving significant inbound for a Series B already,” he said.

LatAm firms Valor Capital and Monashees Capital and U.K.-based Balderton Capital co-led the “massively oversubscribed” funding round, which also included participation from Silicon Valley-based TriplePoint Capital and the CEOs of four unicorns in Latin America, including Uala, Loggi, Rappi and Madeira Madeira. 

Tyle, Felipe Delgado, Olivier Scialom, Renato Andrade and Guilherme Nosralla started Merama in December 2020 with a vision to be the “largest and best-selling set of brands in Latin America.” The company has dual headquarters in Mexico City and São Paulo.

Merama partners with e-commerce product sellers in Latin America by purchasing a stake in the businesses and working with their teams to help them “exponentially” grow and boost their technology while providing them with nondilutive working capital. CEO Tyle describes the company’s model as “wildly different” from that of Thras.io, Perch and other similar companies such as Valoreo because it does not aggregate dozens of brands.

“We will work with very few brands over time, and only the best, and work with our entire team to scale and expand these few businesses,” Tyle told TechCrunch. “We’re more similar to The Hut Group in the EU.”

Merama expects to sell $100 million across the region this year, more than two times the year before. It is currently focused on Mexico, Brazil, Argentina and Chile. Already, the company operates “very profitably,” according to Tyle. So the cash raised will go primarily toward partnering with more brands, investing in building its technology platform “to aid in the automation of several facets” of its partners’ brands and in working capital for product innovation and inventory purchases. 

The 42-person team is made up of e-commerce leaders from companies such as Amazon, Mercado Libre and Facebook, among others. Tyle knows a thing or two about growing and building new startups, having co-founded Frontier Car Group, which sold to OLX/Naspers for about $700 million in 2019. He is also currently a venture partner at Balderton. 

It’s a fact that Latin American e-commerce has boomed, particularly during the pandemic. Mexico was the fastest-growing e-commerce market in 2020 worldwide, yet is still in its infancy, Tyle said. Overall, the $85 billion e-commerce market in Latin America is growing rapidly, with projections of it reaching $116.2 billion in 2023.

“Merchants are seeing hypergrowth but still struggle with fundamental problems, which creates a ceiling in their potential,” Tyle told TechCrunch. “For example, they are unable to expand internationally, get reliable and cost-effective working capital and build technology tools to support their own online presence. This is where Merama comes in. We seek to give our partners an unfair advantage. When we decide to work with a team, it is because we believe they will be the de facto category leader and can become a $1 billion business on their own.”

Merama collaborates with e-commerce giants such as Amazon and Mercado Libre, and several executives from both companies have invested in the startup, as well.

Daniel Waterhouse, partner at Balderton Capital, says his firm sees “huge potential” in Merama.

“In our two decades scaling businesses in Europe, we have seen firsthand what defines eCommerce category leaders,” he said in a written statement. “What they have already achieved is breathtaking, and it is just the tip of the iceberg.”

Valor Capital founding partner Scott Sobel believes that creating superior products that connect with consumers is the first key challenge D2C companies face.

“That is why we like Merama’s approach to partnering with these established brands and provide them unparalleled support to scale their operations in an efficient way,” he added.

#amazon, #argentina, #balderton-capital, #brazil, #chile, #daniel-waterhouse, #e-commerce, #ecommerce, #europe, #european-union, #facebook, #frontier-car-group, #funding, #fundings-exits, #latin-america, #merama, #mercado-libre, #mercadolibre, #mexico, #mexico-city, #monashees-capital, #naspers, #olx, #paypal, #rappi, #recent-funding, #retailers, #sao-paulo, #silicon-valley, #startup, #startups, #sujay-tyle, #tc, #techcrunch, #the-hut-group, #triplepoint-capital, #unicorn, #valor-capital, #venture-capital, #websites

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Prosus classifieds group OLX shuts down Berlin’s Frontier Car Group to focus OLX Autos on LatAm and Asia

Cazoo is picking up significant capital today by teaming up with a SPAC in the U.S. at a $7 billion valuation, but it’s the end of the line for another big European name in used-car sales. TechCrunch has learned and confirmed that Berlin-based Frontier Car Group, which builds used-car marketplaces with a focus on emerging markets, is shutting down its operations in the city.

Its majority owner OLX Group, a division of Prosus (the tech holdings of Naspers that is now listed as a separate entity), said that it wants to refocus on more local operations in Latin America and Asia under its OLX Autos brand, into which it will fold in the remaining FCG operations.

The company currently has operations in Argentina, Chile, Colombia, Ecuador, India, Indonesia, Mexico, and Peru. OLX Autos independently also had three other brands: CarFirst brand in Pakistan, Cars45 in Nigeria, and webuyanycar.com in the US.

OLX took a controlling stake in Frontier as a result of an investment of about $400 million in late 2019, valuing Frontier at around $700 million at the time. There was no official announcement of the closure, but we saw the news in passing on Twitter, and Prosus spokesperson confirmed the details to TechCrunch in a statement.

“OLX Group can confirm the closure of the FCG Germany GmbH entity based in Berlin over the coming months,” said the spokesperson. “This entity represents a subset of the OLX Group workforce in Berlin – other OLX Group employees in Berlin were not impacted by this entity closure, and those operations are ongoing. This decision to close FCG Germany GmbH was not taken lightly. The decision reflects the evolution of the OLX Autos strategy to focus more strongly on the LatAm and Asia markets. In order to have our development teams closer to our customers, we will shift core product development operations to India, a key market for OLX Autos. OLX Group is committed to taking care of our people in such a difficult situation and has offered a financial runway beyond what is compulsory, to allow time and flexibility to find new roles. Effected employees are being encouraged to apply for open roles within our other entities.”

About 100 people are being impacted by the news, the company confirmed to us and it looks to be an immediate move. If you go to FCG’s site now, it automatically redirects to OLX.

Although it was founded and headquartered in Berlin, Frontier Car Group had always focused on emerging markets and taking the used-car marketplace model to those countries.

Inspired by Cazoo rival Auto1 — another Berlin-based used-car marketplace that went public via a listing in Germany in February and is now valued at $12.6 billion (likely an encouraging comparison for Cazoo investors) — Frontier founders Sujay Tyle, Peter Lindholm and André Kussmann thought they could take that model to less developed markets for a bigger opportunity.

“I fell in love with the Auto1 model,” Tyle told TechCrunch back in 2018. “I could see how it could be applied to emerging markets. Emerging markets represent nascency.” Tyle himself is a whizz-kid who hails from the U.S. and was in his early 20s when he co-founded Frontier. He left it in August 2020 and now lives in Mexico City, building a new e-commerce investor there called Merama.

Frontier, in part because of the success of Auto1 (which took hundreds of millions of dollars in investment from the likes of Sequoia, SoftBank and others), became a part of the guard of exciting new tech startups building businesses out of Berlin.

That focus on emerging markets linked up Naspers’ global expansion strategy, and so OLX, a classifieds operation that had an interest in automotive marketplaces, became a strategic investor in Frontier, first with a smaller stake, and eventually taking majority ownership and control of the operation.

It’s not clear why OLX decided to wind down the Frontier brand and to double down OLX Autos but notably, over the last year it looks like OLX was restructuring in other markets, including with the layoff of 250 people in its operations in India after shutting down marketplaces focused on real estate and used goods.

While some companies like Cazoo have apparently seen a strong surge of business in the wake of the Covid-19 pandemic, the health crisis has hit a number of economies, economic sectors and specific companies harder than others, leading to tightening costs. Overall, we’ve seen big slumps in new car sales in different markets around the world.

A Prosus spokesperson said that both OLX and OLX Autos were impacted at the start of Covid-19 but have since recovered. Prosus has remained profitable in what has been a turbulent year, but some have pointed out that those profits have declined. (It will next update its financials in June.)

#ecommerce, #emerging-markets, #europe, #frontier-car-group, #marketplaces, #naspers, #olx, #prosus, #used-cars

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Leading a $15 million round, Prosus Ventures makes the challenger bank Klar its first bet in Mexico

Klar, a new online bank based in Mexico City, has become the first big bet that Prosus Ventures (the firm formerly known as Naspers Ventures) is taking in Latin America outside of Brazil.

Founded by Stefan Moller, a former consultant at Bain & Co. who advised large banks, Klar blends Moller’s work experience in Mexico with his connections to the German banking world and the tech team at Berlin -based n26, to create a challenger bank offering deposit and credit services for Mexican customers.

The Mexican market is woefully underserved when it comes to the finance industry, according to Moller. Only 10% of Mexican adults have a credit card, something Moller said is the cheapest consumer lending instrument around.

That’s why Klar launched last year with both credit and debit services. The company has 200,000 banking customers and roughly 27,000 of those customers have taken out loans through the bank. A typical loan is roughly $110, according to Moller, and each loan comes with a 68% annual percentage rate. 

If that sounds usurious, that’s because it is — at least by U.S. standards. In the U.S. a typical credit card will run somewhere between 16% and 24%, according to data from WalletHub. In Mexico, Moller said the typical interest rate is 70% (no wonder only 10% of adults have credit cards).

Still, the opportunity to expand credit and debit services made sense to Prosus, which led the company’s Series A round alongside investors including the International Finance Corporation and former investors Quona capital, who led Klar´s SEED round, Mouro Capital (formerly Santander Innoventures) and aCrew.

Banafsheh Fathieh, the Prosus Ventures principal who led the investment for the firm, said that the commitment to Klar will likely be the first of many investments that her firm makes in the region — both in fintech and likely in Mexico’s tech ecosystem more broadly.

Prosus is famous for making early bets on emerging technology companies in developing markets. Perhaps most famously the firm’s parent company was an early investor in Tencent — a multi-million dollar bet that has generated billions in returns.

Before this investment, Prosus had confined its work in the Latin American region to investments in Brazilian technology companies like Creditas and Movile .

“Prosus Ventures partners with entrepreneurs that are solving big societal problems with technology, in a uniquely local way. We invest in sectors of the economy where technology can lead to meaningful change in the lives of consumers. Klar has identified a massive need in the Mexican financial market and brings a unique solution through their credit and debit offering,” said Banafsheh Fathieh from Prosus Ventures, in a statement. “In less than a year, the team has shown an ability to build a world-class digital bank for the masses, one focused on financial access and inclusion. We are very excited to partner with them on that mission.”

#bank, #banking, #berlin, #brazil, #credit-card, #creditas, #economy, #financial-technology, #latin-america, #mexico, #mexico-city, #mouro-capital, #movile, #n26, #naspers, #naspers-ventures, #online-bank, #prosus, #prosus-ventures, #tc, #technology, #tencent, #united-states

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LA’s consumer goods rental service, Joymode, sells to the NYC retail investment firm, XRC Labs

After raising $15 million in financing from one of technology’s most successful global investment firms, the Los Angeles-based consumer goods rental company Joymode is selling itself to an early-stage retail investment firm out of New York, XRC Labs.

Joymode’s founder Joe Fernandez will continue on as an advisor to Joymode as the company moves to pivot its business to focus on retail partnerships.

The relationship with XRC Labs’ Pano Anthos began after a small pilot integration between Joymode and Walmart launched in late 2019. “[It] became obvious that we should go all in on retail partnerships,” according to Fernandez. And as the company cast about for partners to pursue the strategy, Anthos and his firm, XRC, kept being mentioned, Fernandez said.

The precise terms of the deal with XRC Labs were undisclosed, but Joymode will become a wholly owned business of XRC and could potentially return to market to raise additional funds from additional investors, according to Fernandez.

“We could never crack growth at the scale we needed,” said Fernandez of the company’s initial business. “From day one, my belief was Joymode was going to be huge or dead. We grew, but given the cost structure of our business it put a lot of pressure on the business to grow exponentially fast. Everyone loved the idea but the actual growth was slower than we needed it to be.”

Though Joymode wasn’t a success, Fernandez said he can’t fault his investors or his team. “We got to iterate through every possible idea we had. Literally every idea we had was exhausted… We failed and that’s a bummer, but we got a fair shot,” he said.

What remains of the company is an inventory management system on the back end and a service that will allow any retailer to get involved in the rental business going forward.

“Part of the thesis was that by making things available for rental, people would want to do more stuff,” said Fernandez, but what happened was that consumers needed additional reasons to use the company’s service, and there weren’t enough events to drive demand.

“I believe that the inventory management system we made was incredible and it will be a standard for retailers doing rentals going forward,” he said. 

 As the company turned to retailers, the rental option became a way to generate revenue through additional products. “All the accessories that made the event even better,” said Fernandez. “Add-ons, try before you buy, experiential things that are just much more complete in a retail environment.”

At Joymode, the problem was that the company was owning the inventory, which created a high fixed cost. “We never felt confident with the growth in LA to justify the expense of opening in another city,” Fernandez said. “If we had cracked user acquisition in LA we would have rolled it out in a bunch of places.”

Ultimately, Joymode members saved $50 million by using Joymode to rent products rather than buying them. In all, the company acquired 2,000 unique products — from beach and camping equipment to video games, virtual reality headsets to cooking appliances. On a given weekend, roughly 30,000 products would ship from the company’s warehouse to locations across Southern California.

At XRC Labs, a firm launched in 2015 to support the consumer goods and brand space, Joymode will complement an accelerator that raises between $6 million and $9 million every two years and manages a growth fund that could reach $50 million in assets under management.

For Anthos, the best corollary to Joymode’s business could be the rental business at Home Depot. “Home Depot’s rental business is over $1 billion per year,” Anthos said. “There’s going to be this enormous component of our society and for them renting will be not just a more sustainable but reasonable option. They’re going to want to rent because they don’t want to own it.”

Joymode was backed by TenOneTen, Wonder, Struck Ventures, Homebrew and Naspers (now Prosus).

#advisor, #exit, #home-depot, #investment-banking, #joe-fernandez, #joymode, #los-angeles, #louisiana, #ma, #naspers, #new-york, #retail, #retailers, #startups, #tc, #virtual-reality, #walmart, #xrc-labs

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JustEat Takeaway $7.6B merger approved, pair pick up $756M in new funding

On the heels of Amazon getting approval from the competition authority to proceed with an investment leading a $575 million round for food delivery startup Deliveroo in the UK, two of Deliveroo’s biggest rivals got their own £6.2 billion merger approved, and they have subsequently picked up an extra $756 million to come out fighting.

Today, the competition watchdog in the UK officially gave a nod to the merger, originally valued at $10 billion but more currently valued at £6.2 billion, between UK’s JustEat and the Netherlands’ Takeaway.com. And along with that, the merged company announced that it had raised €700 million ($756 million) in new outside funding in the form of new shares and convertible bonds.

JustEat and Takeaway had already been respectively trading on the London and Netherlands stock exchanges — on LSE as ‘JET’ and on AMS as ‘TKWY’ — and they said they would use the capital and convertible bond issue to pay down debts, business development and other corporate purposes and potential acquisitions in what remains a very fragmented and crowded market for food delivery in Europe and elsewhere, despite the rapid scaling we’re seeing among some of the biggest players.

Specifically the pair said in their announcement that they would use the money to “partially pay down revolving credit facilities currently utilised by both Just Eat and Takeaway.com, for general corporate purposes as well as to provide the Company with financial flexibility to act on strategic opportunities which may arise.”

The two also noted that the placement is conditional on the two getting successfully admitted to trade as a merged company. They’ve made the application for this and it is expected to become effective on April 27.

The Competition and Markets Authority, meanwhile, noted that its decision was influenced by the fact that Takeaway.com had not been active in the UK market and “we are satisfied that there are no competition concerns.”

“Millions of people in the UK use online food platforms for takeaways and, where a merger could raise competition concerns, we have a duty to rigorously investigate whether customers could lose out. In this case, we carefully considered whether Takeaway.com could have re-entered the UK market in future, giving people more choice,” it said. “It was important we investigated this properly, but after gathering additional evidence which indicates this deal will not reduce competition, it is also the right decision to now clear the merger.”

The moves cap of a turbulent nine months for the two companies, which announced their intention to merge last year to bulk up against pricey competition from Uber Eats, Deliveroo (which itself was getting a huge cash injection and support from the mighty Amazon) and more. After the two announced their intentions to come together, Prosus (the tech holdings of Naspers) also made a protracted, hostile bid for JustEat.

Online food delivery services have been a popular business in the world of tech: three-sided marketplaces bring together restaurants, consumers who would rather stay home but still want to eat restaurant food, and an army of delivery people who largely work as contractors to shuttle between the other two — but their growth has come at high costs.

Heavy competition between a number of firms, and the overall unit economics of on-demand services, have meant that all of them need large sums of cash to grow and often survive while they slowly inch towards profitability. (And those that cannot raise that cash often fall by the wayside or are swallowed up in larger consolidation plays for economy of scale.)

The big question is how the current climate is going to affect that general model. Stay-at-home orders have been a huge boost for businesses that cater to people making transactions virtually, or staying at home; and food delivery services check both of those boxes.

At least in the short term, that has spelled major opportunity for all of them, and the most optimistic believe that even if that outsized surge abates when some of our COVID-19 restrictions get relaxed, it will leave in its place a permanent shift among consumer and business behaviour.

For its part, the CMA noted that “millions” of people in the UK are using take-out services and that it is trying to be more flexible and efficient during COVID-19 to enable more services to people.

“During the COVID-19 outbreak, the CMA is working with businesses where it can to be flexible – for example, by recognising that there may be delays in providing the information it needs to conduct investigations,” it said. “However, it is also trying to complete investigations efficiently at this time, wherever possible, to provide businesses with certainty. In this case, the CMA was able to publish its final decision 26 days ahead of the statutory deadline.”

 

#amazon, #collaborative-consumption, #companies, #competition-and-markets-authority, #deliveroo, #ecommerce, #europe, #food, #food-and-drink, #food-delivery, #just-eat, #justeat, #london, #naspers, #netherlands, #on-demand-services, #online-food-ordering, #take-out, #takeaway-com, #tc, #tcuk, #uber, #united-kingdom, #websites

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India’s Spinny raises $43.7M to expand its online platform for selling used cars

Spinny, an online platform for selling used cars, has secured $43.7 million from a cohort of influential investors in a new financing round as it looks to expand to more Indian cities.

The Series B financing round for the Gurgaon-based startup was led by the Fundamentum Partnership, the growth-capital fund backed by tech veterans Nandan Nilekani and Sanjeev Aggarwal. U.S.-based General Catalyst Partners, Korea based KB Financial Group and existing investors Accel, SAIF Partners and Alteria Capital also participated in the round.

The four-year-old startup has raised about $57 million to date, and according to a person familiar with the matter, the new round gave it a post-money valuation of about $150 million.

Spinny runs a platform to facilitate sale and purchase of used cars. Niraj Singh, co-founder and chief executive of the startup, told TechCrunch in an interview that Spinny brings the trust factor that people are looking for when they are purchasing a car.

“Most of these people are aged under 35. They are aspirational and want to get better cars. But it’s a hassle for them to find a trustworthy place and deal with agents,” he said.

The Gurgaon-based four-year-old startup is solving that by inspecting and purchasing the cars and then selling them itself.

“Since there are no middlemen, we are able to sell the cars at more affordable prices and we offer a five-day, no-question asked full-refund if someone is not satisfied with their purchase,” he claimed. “On top of that, we also offer a year-long warranty on these cars.”

Spinny operates in four cities in India today and has sold nearly 10,000 cars. Until 2017, the startup acted as a marketplace for sale and purchase of cars, essentially serving as a listing platform. “Then we pivoted as we wanted to control the full supply chain,” he said.

Nandan Nilekani, co-founder and Chairman of Fundamentum, said the fund was impressed by Spinny’s “full stack business” that is building a competitive differentiation as it scales.

“This fits into Fundamentum’s thesis of backing long-term oriented entrepreneurs to solve complex business problems using technology and who aspire to build a company at scale and to last,” he said.

On Spinny’s website, people can find the car they want to purchase and then inspect and test drive it from the startup’s physical hubs. Spinny currently has nine hubs in India, something it plans to scale to 20 by the end of the year as it scales to more cities in the country.

It competes with heavily-backed Cars24 and CarDekho, both of which count Sequoia Capital as an investor, as well as Droom, which has raised over $130 million, and Naspers-owned marketplace Olx.

#asia, #funding, #nandan-nilekani, #naspers, #saif-partners, #sanjeev-aggarwal, #sequoia-capital, #startups

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