On Thursday, used car retailing platform Spinny announced that it had acquired a 100 percent stake in AI-powered connected car startup Scouto.
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.
“A part of the acquisition, Scouto’s founders will become an integral part of Spinny and help build and drive our connected car offerings forward. We are very excited about the integration & the synergies of Scouto with Spinny,” Niraj Singh, Founder, and CEO of Spinny, said in a statement.
Founded by ex-racecar driver Akshay Gupta (CEO) and Shubham Sharma (CTO), Scouto has built an end-to-end connected car technology suite that provides detailed intelligence on car’s health as well as performance, connects the vehicle owner to automotive service providers and improves the overall car ownership experience significantly.
The Ahmedabad-based startup was backed by DevX Venture Fund, iCreate & Bhuva Family Office before being acquired by Accel, Tiger Global, and Elevation Capital-backed Spinny.
Founded in 2015, Spinny operates across the entire value chain of pre-owned cars, embedding superior technology and processes to deliver a premium experience to customers.
Spinny has around 23 car hubs that operate across 15 cities.
