Pre-owned car retailing platform Spinny has acquired a 100% stake in AI-powered connected car start-up Scouto.
The deal marks a consolidation in the AI-powered used car solutions segment where Spinny is gunning big to emerge as the market leader.
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 and performance, connects the vehicle owner to automotive service providers (e.g., insurers, Fast Tag players etc.) and improves the overall car ownership experience significantly.
The company is focused on the consumer car industry and caters to the various start-ups in the Automotive aftermarket and used car space in India.
The Ahmedabad-based start-up was backed by DevX Venture Fund, iCreate and Bhuva Family Office before being acquired by Accel, Tiger Global & Elevation Capital backed Spinny.
Niraj Singh, Founder and CEO of Spinny, said, “As 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 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.”
“We absolutely love what we do and have been working with the Spinny team for a very long time. We admire Niraj’s vision of building with a highly customer-centric approach. The more we worked together, the more we realised that the synergies are plentiful and hence decided to join hands. It is Day 1 for us at Scouto again, and 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 Akshay Gupta.