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<ul><li>The used car retailing company will be recruiting 5,000 people by the end of next year 2022.</li><li>The company will be hiring from management trainees to senior managers across the tech, product, marketing and operations segments.</li><li><keyword id="366851" type="General" weightage="20" keywordseo="Spinny" source="Orion">Spinny</keyword> hired most of the current employees in the month of October this year.</li></ul>Spinny, which is a used car marketplace, is looking to hire 5,000 individuals by the end of 2022 to expand its footprint in the Indian market and take on tough competition coming from Cars24, Droom and others. The company plans to nearly double its workforce from 4,000 to 9,000 people. The company has vacancies across multiple jobs roles like management trainees to senior managers across the tech, product, marketing and operations segments. The announcement comes only a few days after it raised<a href="https://www.businessinsider.in/business/startups/news/spinny-is-the-latest-used-car-platform-to-join-cars24-droom-and-cardekho-in-unicorn-club/articleshow/88140551.cms"> $283 million funding from marquee investors</a> like Abu Dhabi-based ADQ, Tiger Global, Avenir Growth and others. The company was valued at $1.8 billion in this funding round, making its entry into the <keyword id="3009432" type="General" weightage="20" keywordseo="unicorn-club" source="Orion">unicorn club</keyword>. A part of that funding will be used to fund Spinny’s hiring plan. “Every new member of squad Spinny- and more driven individuals will join their ranks in 2022, know their role - to continue to build up this hard-earned trust,” said Niraj Singh, founder and chief executive officer (CEO) of Spinny. The used car platform hired most of its employees in the month of October this year, the company highlighted in a press release. According to their human resource data, 61% of their current employees are working from north India, 20% from south India and 19% from the west side of the country. Spinny was founded in 2015 by Niraj Singh, Mohit Gupta, Ramashu Mahaur and Ganesh Pawar. The company operates across the entire value chain of pre-owned cars, embedding superior technology and processes to deliver a premium experience to customers. The company has raised more than $530 million to date. On December 14, the company also announced its partnership with the cricket icon Sachin Tendulkar, who is the strategic investor in the company as well as lead brand endorser. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/these-countries-have-less-than-5-days-work-week-and-india-may-join-the-list-soon/slidelist/88448480.cms">These countries have less than 5 days work week and India may join the list soon</a>

Used car selling platform Spinny to hire over 5,000 people by the end of 2022

<ul><li>Scorpio, <keyword id="6393092" type="General" weightage="100" keywordseo="fortuner" source="Orion">Fortuner</keyword> and other SUVs are among the most popular second-hand cars being bought by Indians, says <keyword id="6360657" type="General" weightage="80" keywordseo="olx" source="Orion">OLX</keyword> Group India CEO.</li><li>However, the demand for small cars like Swift, i10, WagonR continues to be robust.</li><li>The market for pre-owned cars is growing faster (15%) than the new car market (10%).</li></ul>Indian customers are showing a greater preference for purchasing pre-owned cars as rising input costs and inflationary pressures make buying a new car an expensive proposition. Scorpio, Fortuner and other SUVs are among the most popular choices of Indians, as the demand for these pre-owned cars shot up by more than 150% in 2021 from 2019 levels, <keyword id="51561" type="General" weightage="50" keywordseo="amit-kumar" source="Orion">Amit Kumar</keyword>, CEO at OLX Group India, told Business Insider India in an interview. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Car </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Demand growth </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Scorpio </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">168% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fortuner </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">166% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Other SUVs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">152% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Small cars like Swift, i10 and WagonR continued to dominate the sale of pre-owned cars – with their share rising to 45-55% of the total pie in 2021 from 40-50% in 2019. In the western region, hatchbacks constituted as much as 60% of the total sales in 2021, he said. Demand improvement was more pronounced in the south followed by the west, while it was relatively lower in the east even post lockdown, Kumar said. Interestingly, the concept of buying used cars is now gaining momentum in tier 2 and 3 cities as well. “The Covid-19 pandemic has led to an increase in demand for used cars and so we saw a price increase as well for these used cars,” Kumar further added. The market for pre-owned cars is growing faster (15%) than the new car market (10%) in terms of CAGR. The used-car market is poised to be 1.5 times larger than the new car market by FY26, according to a study by <keyword id="10367965" type="General" weightage="80" keywordseo="olx-autos" source="Orion">OLX Autos</keyword> and CRISIL. A report by Car24 also highlighted that millennials and GenZs were the biggest buyers of used cars, registering a growth of 71% and 57% respectively in 2022 compared to a year earlier. <cmsannotation type="cmsannotation" annotationid="Pre-owned luxury cars see demand in tier 2, 3 cities" comment="subhead" text="Pre-owned luxury cars see demand in tier 2, 3 cities">Pre-owned luxury cars see demand in tier 2, 3 cities</cmsannotation> “We saw an astounding growth in demand for luxury cars in tier 2 cities, as compared to tier 1 cities. The growth in demand in tier 2 cities was 45% in 2021, whereas it was 40% in tier 1 cities,” Kumar said. He further explained that this was mainly because the luxury car market in tier 2 cities benefited from a low base as compared with tier 1 cities. The company also published a report on pre-owned luxury cars after analyzing over 50,000 luxury car listings made on the platform in the January to June period. In the report, OLX Autos noted that the <a href="https://www.businessinsider.in/business/auto/news/as-new-cars-get-pricier-pre-owned-bmws-audis-and-porsches-get-more-attractive/articleshow/93275786.cms">demand for pre-owned luxury cars</a> witnessed a sharp increase in the first half of 2022, with BMW being the top favourite, followed by Mercedes Benz, Audi, Jaguar and Porsche. OLX is not alone in benefitting from this trend. Its competitor<a href="https://www.businessinsider.in/business/auto/news/hyundai-elite-i20-grand-i10-and-maruti-suzuki-baleno-are-the-most-popular-second-hand-cars/slidelist/92854152.cms"> Spinny</a> also witnessed high demand for Mercedes C class, BMW 3 series and Audi Q3 on its newly launched luxury car portal in the second quarter of 2022. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/in-the-wfh-era-soft-skills-like-public-speaking-and-persuasion-are-not-so-essential-after-all/articleshow/93608485.cms">In the WFH era, soft skills like public speaking and persuasion are not so essential after all</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/news/sports-goods-furniture-and-shoes-lead-indias-retail-growth-this-festival-season-rai/articleshow/93614115.cms">Sports goods, furniture and shoes lead India’s retail growth this festive season: RAI</a>

Indians are buying more pre-owned cars: Scorpio, Fortuner among the top picks

Hyundai Elite i20, Grand i10 and Maruti Suzuki Baleno are the most popular second-hand cars, says Spinny

Used car retailing platform <keyword id="366851" type="General" weightage="80" keywordseo="spinny" source="Orion">Spinny</keyword> on Tuesday announced its partnership with Indian sporting legend <keyword id="6354267" type="General" weightage="20" keywordseo="Sachin-Tendulkar" source="Orion">Sachin Tendulkar</keyword>. Tendulkar is a strategic investor in the company, as well as lead brand endorser. "Our country is becoming younger and our ambitions bigger. Entrepreneurs of today are creating solutions that cater to this ambition. I am very happy to be associated with Spinny - a team which aspires to create solutions the right way. The team has adopted timeless values to achieve excellence in their business - trust, transparency, and integrity," Tendulkar said in a statement. Welcoming Tendulkar as an investor, <keyword id="570594" type="General" weightage="20" keywordseo="Niraj-Singh" source="Orion">Niraj Singh</keyword> (Founder &amp; CEO) said, "His life and journey stand as a beacon for the values of tenacity and determination in the face of challenges. We strive to instil these abilities in everything we do and Spinny's outlook to solve real customer problems. Having him onboard with Spinny is absolutely heart-warming, and we are proud to welcome our newest captain of Squad Spinny, Sachin Ramesh Tendulkar." Recently, Spinny announced the closure of a $283 million funding from new and existing investors, taking its valuation to $1.8 billion and becoming another unicorn in 2021. The company said the raised capital would be utilised to bolster the customer experience, strengthen technology and product capabilities and build teams across functions. The Series E round was led by Abu Dhabi-based ADQ, <keyword id="526777" type="General" weightage="20" keywordseo="Tiger-Global" source="Orion">Tiger Global</keyword> and <keyword id="12698348" type="General" weightage="20" keywordseo="Avenir-Growth" source="Orion">Avenir Growth</keyword>, along with participation from existing investors <keyword id="12734221" type="General" weightage="20" keywordseo="Feroz-Dewans-Arena-Holdings" source="Orion">Feroz Dewan's Arena Holdings</keyword> and <keyword id="6448677" type="General" weightage="20" keywordseo="Think-Investments" source="Orion">Think Investments</keyword>, the company noted in a statement. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/adani-signs-worlds-largest-green-power-purchase-agreement-with-solar-energy-corporation-of-india/articleshow/88272877.cms">Adani signs world's largest green power purchase agreement with Solar Energy Corporation of India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/bored-apes-yacht-club-ties-up-with-animoca-with-metaverses-like-the-sandbox-decentraland-and-axie-inifinity-to-launch-p2e-nft-game/articleshow/88273162.cms">The company behind The Sandbox, Decentraland and Axie Infinity is now helping the Bored Apes Yacht Club launch its own P2E game</a>

Sachin Tendulkar invests in used car platform Spinny

New Delhi, Mar 2 () Online used car retailing platform Spinny on Monday said it has raised USD 43.7 million (about Rs 315 crore) funding led by Fundamentum Partnership (FP), a growth-capital fund backed by Nandan Nilekani and Sanjeev Aggarwal. The series-B round also saw participation from new investors, US-based General Catalyst Partners, Korea-based KB Financial Group and existing investors Accel, SAIF Partners and Alteria Capital as co-investors, a statement said. Ashish Kumar, Partner, FP will join the Spinny board, it added. The funds will be used to invest in technology, strengthen business teams, enhance customer experience and, expand to newer cities, it added. Spinny had raised its seed round from Blume Ventures and Simile Ventures, and most recently it had closed its Series A round of USD 13.2 million co-led by SAIF Partners and Accel in April last year. It is currently present across four cities in India and has sold close to 10,000 cars through its platform. "The FP team was impressed with Spinny team's ability to use technology to solve for operational friction in the business, and thereby build a sustainable advantage," Nandan Nilekani, co-founder and Chairman, FP said. This fits into FP'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 added. "With the closure of this round of funding, we are excited to have on-board new investors Fundamentum, General Catalyst and KB Financial Group in our journey and, look to leverage their vast experience across both venture and operating roles," Spinny co-founder and CEO Niraj Singh said. According to industry reports, for every new car sold in India, approximately 1.3 used cars are sold. Currently, the Indian pre-owned car market stands at about 4.3 million units sold annually, growing at about 14 per cent CAGR. However, only about 18 per cent of the market is organised. Founded in 2015 by Niraj Singh, Mohit Gupta and Ramanshu Mahuar, Spinny is a tech-enabled pre-owned car platform. Its online-to-offline (O2O) model allows customers to discover cars online on Spinny's website and make the final purchase offline at a Spinny Car Hub. SR ANSANS

Spinny raises USD 43.7 mn funding led by Fundamentum Partnership

<ul class="summary-list"><li>Recent research showed that <a target="_blank" href="https://www.businessinsider.com/boomers-gen-x-love-temu-chinese-shopping-app-2024-1">boomers and Gen Xers shopped more frequently on Temu </a>than younger people.</li><li>This surprised me — so I asked for older readers to write in and tell me why they <a target="_blank" href="https://www.businessinsider.com/temu-us-e-commerce-700-percent-growth-2024-1">like Temu so much</a>.</li></ul>This holiday season, I bought a bunch of gift items on <a target="_blank" href="https://www.businessinsider.com/what-is-temu-chinese-app-amazon-safe-legit-pinduoduo-2023-3">Temu</a>, the Chinese ecommerce app that has exploded in the last year.<ul><li>a set of minature pots, pans, and cooking utensils</li><li>stickers</li><li>a fanny pack that looks like a gel silica pack</li><li>pencil sharpeners that look like noses where you stick the pencil up the nostril</li><li>an unlicensed Elsa princess costume</li><li>a baseball hat that says, "women want me, fish fear me"</li><li>a pizza cutter wheel that looks like an axe</li></ul>All these items were under $10, most of them around $2 — and they were absolute hits as gifts. I assumed that many people <a target="_blank" href="https://www.businessinsider.com/temu-passes-shein-in-traffic-purchasing-visits-hasnt-surpassed-amazon-2023-9">shopped on Temu</a> the way I did: looking for weird, surprising, cheap delights that I never even knew existed.I was surprised when I read a research study recently that said that Gen X and <a target="_blank" href="https://www.businessinsider.com/boomers-not-enough-retirement-savings-gen-z-millennials-eldercare-2024-1">boomer</a> Temu shoppers tended to spend slightly more per order and placed orders more often than younger shoppers. My assumption was that Temu was targeted more at millennial and Gen Z shoppers.So I asked readers who were boomers or Gen Xers to write in and tell me: Why do they love Temu so much?Over 125 people sent me emails professing their love (ok, well, sometimes reluctant appreciation). Over and over, people gave the same reason: the prices.Another theme emerged, as well: that people were using Temu for purchases they would previously buy from <a target="_blank" href="https://www.businessinsider.com/category/amazon">Amazon</a>. This surprised me. I would have guessed different behaviors for Amazon (searching for specific items you need) vs. Temu (browsing for delights).On the other hand, some said they liked it because of that browsing whimsy — here's a gimzo you never knew existed! — element. In semi-recent history, these were the things you'd find wandering through Bed, Bath &amp; Beyond (now out of business) or late-night TV infomercials.The research study suggested that some of Temu's appeal to older shoppers was its gamified spinny wheels, which might trick less digitally savvy people. The Gen X and boomers denied this — most of them said they ignored the annoying roulette wheels.Here's what a few Gen Xers and boomers told me, starting with a shopper who said Temu triggers nostalgia:A boomer with a Temu "addiction:"A kindergarten teacher who doesn't mind the quality:<div type="image" title="a variety of items bought on temu" height="4096" width="4096" msid="107404231" hostid="261" sizebytes="718654"></div>A crafter who gets jewelry-making supplies:A DIY home improvement shopper:An engraving hobbyist who gets his tools from Temu:<div type="image" title="craft supplies" height="4080" width="3072" msid="107404233" hostid="261" sizebytes="1116012"></div>The boomer who doesn't mind off-brand items:

Gen X and boomers love Temu. I asked them why. 

<ul><li>Anand Rathi Wealth has received a decent response from investors in the IPO as it was subscribed 9.78 times in 3 days.</li><li>However, the grey market premium has been falling each day. Today, GMP stood at ₹25 per share falling from ₹125 earlier.</li><li>The allotment of the IPO is scheduled on December 9.</li></ul>Wealth management firm Anand Rathi Wealth has received good response from investors in its initial public offering (IPO) as the issue has been oversubscribed by 9.78 times. If you have subscribed to the IPO, remember the allotment of the IPO is scheduled for tomorrow, December 9. However, the grey market premium of the company's shares continue to fall since the last couple of days. Currently, the premium for Anand Rathi Wealth’s shares is at ₹25 per share from ₹125 earlier. The IPO is in the price range of ₹530-₹550 per share. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscription </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified institutional investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.50 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non-institutional investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25.42 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.76 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Overall </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9.78 times </td></tr></tbody></table> Anand Rathi has a dominant position in the distribution of financial products, with a focus on the growing HNI segment. Currently, Anand Rathi Wealth is present across 11 cities in India -- Mumbai, Bengaluru, Delhi, Gurugram, Hyderabad, Kolkata, Chennai, Pune, Chandigarh, Jodhpur and Noida with a representative office in Dubai. Further, the company aims to double its assets under management in the 3-5 years, said Amit Rathi, managing director at Anand Rathi in an <a href="https://www.businessinsider.in/business/corporates/news/anand-rathi-aims-to-double-its-assets-under-management-in-the-next-3-5-years/articleshow/88069928.cms">interview with Business Insider.</a> “Anand Rathi Wealth generates higher revenue yields compared to competition as the company has consciously avoided stock broking and stock advisory businesses and restricted its focus to the high yielding segments of distribution of structured products and mutual funds,” said Nirmal Bang while recommending ‘subscribe’ rating to the IPO. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/rategain-travel-shriram-properties-ce-info-systems-mapmyindia-and-metro-brands-these-ipos-opening-in-the-next-couple-of-days/articleshow/88140211.cms">RateGain, Shriram, MapmyIndia and more — Check out the important dates of these upcoming IPOs and their grey market premiums</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/spinny-is-the-latest-used-car-platform-to-join-cars24-droom-and-cardekho-in-unicorn-club/articleshow/88140551.cms">Spinny is the latest used car platform to join Cars24, Droom and CarDekho in unicorn club</a>

Grey market premium for Anand Rathi Wealth IPO is down to ₹25 from ₹125

<ul><li>The demand for pre-owned luxury cars rose on OLX Autos as new cars became costlier in 2022.</li><li>Pre-owned <keyword id="6355119" type="General" weightage="20" keywordseo="bmw" source="Orion">BMW</keyword> witnessed the highest demand on the used car platform, followed by <keyword id="6357420" type="General" weightage="20" keywordseo="mercedes" source="Orion">Mercedes</keyword> Benz and <keyword id="6363321" type="General" weightage="20" keywordseo="audi" source="Orion">Audi</keyword>.</li><li>However, even pre-owned luxury cars witnessed an increase in their prices as sellers now try to leverage the pent up demand.</li></ul>Customers are showing a growing preference for pre-owned BMW luxury cars as rising input costs and inflationary pressures make buying a new car an expensive proposition. A report by OLX Autos noted that the demand for pre-owned luxury cars witnessed a sharp increase in the first half of 2022, with BMW being the top favourite. It was followed by Mercedes Benz, Audi, <keyword id="42034" type="General" weightage="20" keywordseo="jaguar" source="Orion">Jaguar</keyword> and <keyword id="45673" type="General" weightage="20" keywordseo="porsche" source="Orion">Porsche</keyword> in that order. OLX Autos, in its report, said that the supply of luxury cars across Tier 1 cities recorded an annual growth of 40% on its used-car platform. The Tier II cities witnessed a growth of 45% in the same time frame. The company arrived at the conclusion after analysing over 50,000 luxury car listings made on the platform in the January to June period. “With discretionary spending back to pre-covid levels and an increase in disposable incomes, we are seeing a noticeable change in the aspirations of consumers to upgrade to luxury car brands. Pre-owned luxury car market has particularly benefited from this sentiment as well as from the long waiting period, and increase in prices of new vehicles,” Amit Kumar, CEO of OLX Group India, said in a statement. OLX is not alone in benefitting from this trend. Its competitor Spinny had also <a href="https://www.businessinsider.in/business/auto/news/hyundai-elite-i20-grand-i10-and-maruti-suzuki-baleno-are-the-most-popular-second-hand-cars/slidelist/92854152.cms">witnessed high demand for Mercedes C class</a>, BMW 3 series and Audi Q3 on its newly launched luxury car portal in the second quarter of 2022. However, just like brand new cars, pre-owned luxury cars also witnessed an increase in their prices from a year earlier. The average listing price of Mercedes Benz shot up by 25%, followed by Porsche that saw a 13% rise. Prices for BMW spiked 11% from a year ago, while Audi and Jaguar registered a 6% and 2.6 % rise respectively. In Tier 2 cities, on the other hand, the price of Jaguar and Porsche fell by 8% and 18%, respectively. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Brand </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Average listing price in Tier 1 in 2021 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Average listing price in Tier 1 in 2022 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Average listing price in Tier 2 in 2021 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Average listing price in Tier 2 in 2022 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Audi </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹18.6 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹19.7 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹17.8 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹20.1 Lakh </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">BMW </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹20.8 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹23 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹18.9 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹21.9 Lakh </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mercedes Benz </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹22.6 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹28.2 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹21.4 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹25.6 Lakh </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Jaguar </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹27.8 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹28.5 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹30.2 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹27.8 Lakh </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Porsche </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹41.5 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹47 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹55.7 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹45.6 Lakh </td></tr></tbody></table>Source: OLX Auto Despite the increase in price across brands, Kumar said that the demand pattern on the OLX platform suggested that owning a high-end car at a discounted rate was a “lucrative” alternative for customers who were willing to buy a vehicle in this highly inflated market. It is important to note that carmakers like Maruti Suzuki, BMW, Mercedes Benz, Audi India, Kia, Tata Motors, MG Motor, Hyundai and Toyota, to name a few, have already<a href="https://www.businesstoday.in/latest/economy/story/car-price-rise-heres-how-auto-firms-are-revising-prices-of-their-key-brands-328965-2022-04-07"> increased </a>the price of their cars in India due to limited supply of parts in the market. Also, the ongoing Russia-Ukraine war has also increased the procurement cost of car components. The price hikes for the new cars came into effect on April 1, 2022. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/business/news/gautam-singhania-md-of-the-raymond-group-people-are-ready-to-get-dressed-go/articleshow/93269593.cms"></a><a href="https://www.businessinsider.in/business/startups/news/physicswallah-purplle-leadsquared-and-open-were-the-only-for-unicorn-of-last-quarter-in-india/articleshow/93271392.cms">In the funding winter, only four companies turn unicorns in the June quarter</a> <a href="https://www.businessinsider.in/india/news/freebies-home-visits-campaigns-and-free-jabs-for-covid-booster-dose-from-many-states/articleshow/93269529.cms">Freebies, home visits, campaigns and free jabs — this is how states are encouraging people to get their booster dose</a> <a href="https://www.businessinsider.in/tech/enterprise/news/twitter-delete-millions-of-spam-accounts-a-day-to-control-trolls/articleshow/93203353.cms">We delete millions of spam accounts a day to control trolls, says Twitter</a>

As new cars get pricier, pre-owned BMWs, Audis and Porsches get more attractive

<ul class="summary-list"><li><keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword> minted four used-car unicorns between November 2020 and November 2021.</li><li>A growing middle class and the rise of the millennial generation is driving the sector's growth.</li></ul>Ram Goswami bought a five-year-old Nissan Terrano last year after getting rid of his sedan. He'd owned the sedan for over a decade, but increasing maintenance costs and repairs started to pinch Goswami's pockets. The marketing professional, who's based in Delhi, purchased the SUV for ₹350,000 ($4,662) — less than half its market price."I preferred a used car over a new car since I'm getting a good deal," Goswami, 37, told Insider."If someone has enough money and doesn't need a loan, then he can go for a new car. But <keyword id="11939507" type="UNKNOWN" weightage="60" keywordseo="used-cars" source="Orion">used cars</keyword> are a blessing for people like me," Goswami added.Niroop Rajan, a techie from Bangalore, picked up a 10-year-old BMW luxury sedan last year for ₹700,000 ($9,318). It's his first car, and for him, owning a car is a status symbol."The emotion I felt from driving my parents in my car for the first time was overwhelming. It doesn't matter if it's a used one. I was overjoyed," Rajan, 31, said.While the two millennials live two thousand kilometers apart, Goswami and Rajan are part of a massive churn in India's automobile industry. Both Goswami and Rajan purchased used cars – a rapidly growing segment in India powered by digital disruption, newfound love from millennials, a buffet of financial options, and pandemic travel restrictions.<h2>Four new used-car unicorns</h2>It's a good time to be a used-car startup in India.For every new car sold in the country last year, about 1.4 used cars were sold, up from <a href="http://www.indianbluebook.com/storage/app/media/Insights/India-Pre-Owned-Car-Market-Report-3rd-Edition-2019.pdf">1.2 before the pandemic.</a>Between November 2020 and November 2021, four India-based startups that exclusively sell used cars became unicorns (startups valued at $1 billion or more) and minted a record amount of investment. India is home to about 80 unicorns total.The four startups – Cars24, Droom, Spinny, and CarDekho – raised over $1.5 billion total from global marquee investors. That's more than what these platforms raised in the previous five years put together, figures from their valuation announcements show.Market leader Cars24 saw its valuation nearly double within three months late last year. In September, it was valued at $1.84 billion; the latest funding round in December put the valuation at $3.3 billion. The company is expanding its global footprint with new branches in Australia and the UAE, and it's <a href="https://www.exchange4media.com/marketing-news/cars24-announces-international-expansion-now-operational-in-uae-australia-113641.html">eyeing the Southeast Asian market.</a> Those pouring the money include New York-based investment firm <a href="https://www.spinny.com/about-us/">Tiger Global,</a> American giant <a href="https://india.sequoiacap.com/india/companies/cars24/">Sequoia Capital</a>, <a href="https://economictimes.indiatimes.com/tech/funding/cardekho-enters-unicorn-club-with-250-million-funding-led-by-leapfrog-investments/articleshow/86973768.cms">LeapFrog Investments</a>, Abu Dhabi-headquartered <a href="https://tracxn.com/d/companies/spinny.com">ADQ</a>, and China-based venture capital firm <a href="https://www.cars24.com/blog/cars24-raisesi-450-million-nearly-doubles-its-valuation-to-1-84-billion/">DST Global.</a> And in December, India's star sportsman Sachin Tendulkar <a href="https://auto.economictimes.indiatimes.com/news/aftermarket/sachin-tendulkar-invests-in-used-car-platform-spinny/88276324">invested an undisclosed amount </a>in Spinny.<h2>The pandemic and millennials are behind the change</h2>The pre-owned car market started to outpace the new car market during the pandemic. The poor economic situation dented the demand for new cars, and the global semiconductor shortage prolonged the waiting period. Public <keyword id="11894924" type="UNKNOWN" weightage="100" keywordseo="transportation" source="Orion">transportation</keyword>, too, has taken a hit. "What happened in the last year during the pandemic is that the way people commute has changed," said Kushal Bhatnagar, an engagement manager at consulting and research firm RedSeer. "During the pandemic era, the usage of [ride-hailing services] Ola and Uber dropped. Shared mobility as a concept declined in India."All these factors have had an unintended spillover on the used car market, providing a jumpstart for startups like Droom, an online-only marketplace that offers fair pricing assessments and digitized vehicle histories.<div type="image" title="Droom CEO Sandeep Aggarwal" height="2661" width="3547" msid="90288740" hostid="261"></div>Droom CEO Sandeep Aggarwal said the growth in India's used-car market is driven by the country's growing middle class and the rise of a young population armed with disposable income."We get about 16 million monthly user traffic and about 75% of them come from millennials," Aggarwal told Insider. Indeed, millennials make up 80% of the buyer base for used cars, one <a href="https://www.motownindia.com/Bureau/Auto-Industry/3192/Millennials-Gen-Z-appetite-for-used-cars-on-the-rise-Cars24-Ipsos-Report-Motown-India-Bureau">industry research</a> found.The CEO added that the demand for used cars in India is reflective of a change in generational mentality."'My father had a scooter. After working for 25 years, he bought his first car at the end of his career. I don't want that. I want a car now,' is what a millennial thinks," Aggarwal said. "This aspirational value has been embedded in the generation of Indian millennials."<div type="image" title="Motorbikes and scooters lined up in India." height="2448" width="3264" msid="90288741" hostid="261"></div>The type of demand in the market is also shifting, two industry insiders said."Often what we see is someone will prefer a four-year-old gently used BMW for 1.2 million rupees ($16,000) to a brand new Honda city for the same amount," Aggarwal said."A lot of people who owned two-wheelers now want a car for their family and their obvious choice is a used one. The age group driving this growth is between 30 and 35," echoed Anurag Jain, the cofounder of CarDekho.<h2>Moving towards a focus on the user</h2>With an estimated <a href="https://redseer.com/newsletters/indias-used-car-market-is-unstoppable-with-its-steady-and-tech-driven-growth/">30,000 brick-and-mortar dealers</a> across the country, India's used-car market is a highly fragmented area dominated by mom-and-pop operations. Until about five years ago, most used-car services were seller-centric listing services. The segment was riddled with untrustworthy agents and cumbersome paperwork.But this is slowly changing. The segment is moving towards user experience-focused systems and buyer-focused business models.Consider CarDekho, a 14-year-old company that hit unicorn status in October. The marketplace offers end-to-end services such as doorstep pickup, financing options, insurance, post-service warranty, and long-term maintenance packages."In India, it will not be a pure-play digital transaction where one book and get the car delivered to home. Most of India will be O-to-O (online-to-offline), a blend of the digital and offline marketplace," Jain told Insider.<div type="image" title="A used car lot in India" height="1908" width="2544" msid="90288743" hostid="261"></div><h2>The road ahead</h2>While the demand for pre-owned cars <a href="https://www.ft.com/content/6617dc19-6302-42b6-9c98-94faecb0dd8c">has soared across the world</a>, India is a hugely under-penetrated market. Only <a href="https://www.census2011.co.in/hhassets.php">about 4% of households</a> in the country own a car.Globally, China leads the used-car market with 21.4 million units sold in 2019, per <a href="https://redseer.com/newsletters/indias-used-car-market-is-unstoppable-with-its-steady-and-tech-driven-growth/">RedSeer</a>. The US follows in second place with 17.5 million used cars sold in 2019. India is in fifth, with 4.4 million units sold.The country's automotive industry is expected to be worth $300 billion by 2026, per an <a href="https://www.ibef.org/industry/automobiles-presentation">estimate</a> from government-backed think tank India Brand Equity Foundation. The business of pre-owned vehicles stands to play a key role in this growth. From the 4.4 million used cars purchased in 2021, numbers are expected to almost double in five years, per <a href="https://redseer.com/newsletters/indias-used-car-market-is-unstoppable-with-its-steady-and-tech-driven-growth/">RedSeer's forecast</a>.For now, India's used-car unicorns are aggressively adding more manpower and markets to capitalize on opportunities. Droom and CarDekho are eyeing a public listing in the coming months."If we look at the large economies like the US, Western Europe or Japan, we're talking about 70%+ adoption of cars," said Droom's Aggarwal. "In India, the motorization adoption is set to grow from 22 cars per 1000 people to 200 cars per 1000 people in three decades."

How millennials and the pandemic are powering India's used-car market, where 4 startups hit unicorn status in one year

<keyword id="2214311" type="General" weightage="100" keywordseo="mx-player" source="Orion">MX Player</keyword>’s latest original series is a hit with audiences – <keyword id="12555597" type="General" weightage="20" keywordseo="matsya-kaand" source="Orion">Matsya Kaand</keyword> has been winning hearts since its launch on 18th November, and there’s another reason for the cast to celebrate as this con thriller has now crossed 100 million views and counting on the platform. The show features stellar performances from <keyword id="12798251" type="General" weightage="20" keywordseo="ravii-dubey" source="Orion">Ravii Dubey</keyword>, who makes a debut as a con artist in this fast-paced web-series and Ravi Kishan as a cunning, ruthless cop who engages with this genius conman in a thrilling cat and mouse chase. The series, which holds a 9.4/10 rating on IMDb also stars Piyush Mishra, <keyword id="1273210" type="General" weightage="20" keywordseo="zoya-afroz" source="Orion">Zoya Afroz</keyword>, <keyword id="1164097" type="General" weightage="20" keywordseo="madhur-mittal" source="Orion">Madhur Mittal</keyword>, Rajesh Sharma and Naved Aslam amongst others in key roles and is directed by Ajay Bhuyan. Elaborating on the success of the series, Gautam Talwar, chief content officer at <a href="https://www.mxplayer.in/">MX Player</a> said, “At MX, we strive to bring to Indian audiences fresh, intriguing narratives that break away from the routine. The success of an unconventional con thriller like Matsya Kaand crossing 100 million views is testimony to the hard work and efforts of multiple teams – be it the writer/director/actors/production or our internal teams at MX Player. It's great to end the year on such a high and we look forward to continuing this streak in the New Year with many other compelling stories.” Celebrating his birthday and acknowledging the success of his webseries, Ravii Dubey said, “From trying a new genre, to exploring a new medium and donning so many avatars to perfect this one character has been a delightful journey; the response to Matsya as a character is just so overwhelming that I am humbled. With this MX Original Series crossing 100 million views – I truly couldn’t have asked for a better birthday gift and this has been the perfect end to this year. It feels great to know our piece of love and hard work has reached millions. It has been a wonderful experience working with the team and I am glad it has found a massive place in the hearts of the viewers.” Ravi Kishan further added saying, “As a team, we gave this project a 100 percent and I am so happy to see it win all this adulation from across the country. I’m glad we were able to strike a chord with the audiences. The 100 million views is not just a figure to me but a fruit of our hard work and the immense love that people have shown for our series.” Filled with action, comedy, thrill, and the glamour factor, the show is an entertainment potboiler. For those who have missed it, you can watch the show for FREE exclusively on<a href="https://www.mxplayer.in/show/watch-matsya-kaand/season-1/abhimanyu-online-4c9e751c38858add4663cb188585b835?utm_source=Fb_social&amp;utm_medium=SocialPlatforms&amp;utm_campaign=MatsyaKaand_ep1"> MX Player</a>. Disclaimer: This is a sponsored post in partnership with MXPlayer. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/used-car-selling-platform-spinny-to-hire-over-5000-people-by-the-end-of-2022/articleshow/88454003.cms">Used car selling platform Spinny to hire over 5,000 people by the end of 2022</a>

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Used car selling platform Spinny to hire over 5,000 people by the end of 2022

Vaamanaa Sethi

Indians are buying more pre-owned cars: Scorpio, Fortuner among the top picks

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Hyundai Elite i20, Grand i10 and Maruti Suzuki Baleno are the most popular second-hand cars, says Spinny

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Sachin Tendulkar invests in used car platform Spinny

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Spinny raises USD 43.7 mn funding led by Fundamentum Partnership

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Gen X and boomers love Temu. I asked them why.

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Grey market premium for Anand Rathi Wealth IPO is down to ₹25 from ₹125

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As new cars get pricier, pre-owned BMWs, Audis and Porsches get more attractive

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How millennials and the pandemic are powering India's used-car market, where 4 startups hit unicorn status in one year

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MX Player’s latest thriller Matsya Kaand is a big hit among the audience as it crosses 100 million views

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