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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

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

New Delhi, Feb 19 () Homegrown early-stage venture capital firm, Blume Ventures on Wednesday announced the final close of Blume Ventures Fund III at USD 102 million (about Rs 730 crore). After a first close in late 2018, the final close was completed in December 2019, a statement said. Blume started in 2011 raising an entirely domestic Rs 100 crore fund from HNIs (high net-worth individuals) and subsequently raised a USD 60 million fund (Rs 400 crore) in 2016. It claimed that its the first entirely homegrown fund to raise a third fund and raise over USD 100 million in a single fund. "Blume's newest fund will continue to back early stage startups focusing on the two distinct opportunity sets that India offers, opportunities that leverage the mobile-led explosion of the Indian digital-first economy and Indian engineering and science translated to global market opportunities," it added. The fund III portfolio already includes more than 10 investments including HealthAssure (healthcare), Taaraka, Stage3 (consumer), Jai Kisan, TartanSense, Procol (agri), Classplus, Tapchief and LeverageEdu (edu-tech). Through Fund I and II, Blume had invested in companies like Unacademy, Grey Orange, Spinny, Turtlemint, Dunzo, Healthifyme, Purplle, Railyatri (IntrCity) and others. "We are very proud of our founders and team who have delivered outstanding performance over the last three years, thereby strengthening the Blume brand and track record immensely," Karthik Reddy, co-founder and managing partner at Blume Ventures said. SR SHWSHW

Blume Ventures announces final close of Fund III at $102 mn

<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

RateGain, Shriram, MapmyIndia and more — Check out the important dates of these upcoming IPOs and their grey market premiums

If you want to write a story about a party town, Sunday is not the night to plan your visit. Even so, this story begins exactly there, at around 9 p.m. in late March, two years after the pandemic started.Such was the hour at which I found myself standing at the entrance to Bangla Road in <keyword id="13567218" type="UNKNOWN" weightage="60" keywordseo="phuket" source="Orion">Phuket</keyword>, the biggest party street on the biggest island in <keyword id="11906678" type="UNKNOWN" weightage="60" keywordseo="thailand" source="Orion">Thailand</keyword>. The #Banglaroad hashtag on Instagram offers a pretty good sense of what you can expect from the area: bright lights, small outfits, and a general Vegas-meets-Jersey-shore vibe. I had booked a reporting trip to Phuket to write about hotels, <a href="https://www.businessinsider.com/phuket-luxury-real-estate-market-post-pandemic-booming-2022-4">real estate</a>, and <a href="https://www.businessinsider.com/phuket-missing-russian-tourists-not-that-badly-war-impact-thailand-2022-4">Russian money</a>. Where better, I figured, to write about how tourism has changed than in the heart — or is it the underbelly? — of Thailand tourism itself?I had arrived on the island nine hours earlier, gotten a PCR swab in the airport, and posted up in my hotel room until my test results came back negative, as required under Thailand's entry <a href="https://www.thaiembassy.com/travel-to-thailand/thailand-travel-restrictions">restrictions</a>. When I finally stepped out at night, I was struck by the smell of booze and salt. In calf-length leggings, running shoes, sans sunburn, and stone-cold sober, it's hard to say exactly which part of me was most out of place on the party scene of Bangla Road. But I pulled on my mask and flashed my wrist for a temperature screening (both required to enter the street) and stepped into the fray.To stand at the corner of any intersection in Bangla Road is to be hit by a cacophony of sounds.One bar had projected Lady Gaga's disco-themed music video onto its walls. At a club called New York Live Music, a female singer was scream-singing "Edge of Glory." (It was a big night for Lady Gaga.) Down the road, yet another song blared from a multi-floor bar called the Tiger Club, which featured enormous, plastic statues of tigers in various stages of mid-pounce.From a dark corner between buildings, the glow of a cigarette caught my eye. Two police officers were surveying the scene.Women, some young and some not so young, were lined up on the sides of the road. Some were waving to passersby and others standing more vacantly, swaying along placidly to the tune of something.The city was ready to entertain its guests. The only thing missing was those guests, or the critical mass thereof. The street was no longer deserted, as <a href="https://www.scmp.com/news/asia/southeast-asia/article/3104838/phukets-bars-and-beaches-deserted-coronavirus-batters?module=perpetual_scroll_0&amp;pgtype=article&amp;campaign=3104838">eerie photos</a> throughout the lockdowns and closed borders of 2020 and 2021 had captured, but the flickering strobe lights couldn't hide how many empty seats most of the bars had.<div type="image" title="Women in red dresses lined up on the side of a dark street" height="2580" width="3439" msid="90841835" hostid="261"></div>I walked up and down the street twice. It was full of hawkers selling their wares — glow-in-the-dark spinny things that fly, individually wrapped roses, menus touting Pad Thai and cheeseburgers.Turning right off the main drag onto a quieter alleyway, I found an open-air bar advertising beer pong and pool. Inside was a guy in a white shirt drinking a light beer. As I snapped a couple photos, I saw another man approaching from the direction of the party.<div type="image" title="An empty bar on a dark street in Phuket, Thailand" height="3024" width="4032" msid="90841837" hostid="261"></div>He greeted me, and I eyed him warily. When I didn't respond, he asked me what language I spoke. "English," I finally told him, and his face lit up. "Perfect," he said.His name, he told me, was Aris, and he was a club promoter from Greece. Or, rather, he had been a club promoter until the pandemic struck and all the clubs closed. I asked him what he thought of tonight's scene."Not bad," he told me, "But last night's was better." He gestured towards the pool and pong bar behind us. "That place, last night," he started, pulling out his phone and flipped through some photos, finally tilting the screen towards me: It was the same bar, and it was in fact full of people."It's the only place in town with beer pong," Aris added after a moment. "You know this game?" When I nodded, he smiled. "Of course, you know this game. You are American."We had approached Bangla Road again. Surrounded by flashing lights and waving women, I asked him if he was nervous about finding a job in the club industry."No," he told me, quietly but surely. "In this town, as long as you know people — I'm not worried."Like in any self-respecting party town, mornings in Patong Beach start slow.At 8 a.m. on Monday, I posted up at a beachfront Starbucks with my laptop. First came the wave of joggers, albeit not many of them. Around 9 a.m., a group of Americans sat next to me and loudly began extolling the virtues of bitcoin to each other. By 10:30 a.m., a steady stream of motorcycles and pickup trucks was sputtering by. And then, a tan, be-Speedoed man well into middle age barreled across the walkway, bellowed at an oncoming car, and marched into a 7-11.It was 11 a.m., and Patong Beach was awake.The next morning, I stopped by a little standalone booth on Beach Road. A woman with coral lipstick was sitting behind the counter, and laid forth in front of her were shiny brochures advertising day trips to other islands.Her name was Pu. She'd been living in Phuket for 35 years, and before the pandemic, she had worked in hotels. She'd been working the tourism booth since July and had plans to run her own booth one day. She said she's currently pacing at around 75% of her sales goals. "Some days," she said, "I have two or three customers who buy, but I have many checking for prices."When I asked her what tour she'd recommend booking, she said Phi Phi island: "Go now, it's beautiful, because it's empty."The island relies heavily on tourism: Before the pandemic, <keyword id="11896628" type="UNKNOWN" weightage="100" keywordseo="travel" source="Orion">travel</keyword> <a href="https://asia.nikkei.com/Life-Arts/Life/Phuket-goes-local-amid-COVID-19-tourism-slump">accounted for</a> 80% of Phuket's economy and more than 300,000 jobs. In 2019, Phuket's international airport recorded 5.3 million arrivals. But in 2020, that decreased to 1.1 million arrivals. From January to July 2021, the island clocked 600,000 arrivals, data from Airports of Thailand shows. Tourism revenue cratered. Nightly hotel-room demand fell to sub-20% in early 2020 and stayed there through the middle of 2021, per data from Thailand's ministry of tourism and sports.Throughout the course of 2021, Thailand made attempts at reopening. In July, it launched a plan called <a href="https://www.insider.com/thailand-phuket-sandbox-tourism-vaccinated-travelers-2021-6">Phuket Sandbox</a>, under which tourists could travel around Thailand if they quarantined in Phuket; <a href="https://www.tatnews.org/2021/08/first-month-of-phuket-sandbox-sees-14000-arrivals-829-m-baht-revenue/">14,000</a> international tourists arrived on the island that month. It was a big step up from its pandemic low, and still a giant step down from its pre-pandemic standard.The pandemic's effects on Thailand's economy have been dire. More than 70% of the country's households saw their incomes fall during the pandemic, a Gallup Poll, funded by the <a href="https://www.worldbank.org/en/country/thailand/publication/monitoring-the-impact-of-covid-19-in-thailand">World Bank</a>, found in a survey of 2,000 Thai families; 60% of low-income families reported running out of food. Sangchai Theerakulwanich, the chairman of the Federation of Thai SME, told <a href="https://www.bloomberg.com/news/articles/2021-07-05/pandemic-pushes-millions-of-small-thai-businesses-into-crisis">Bloomberg</a> in July that 80% of the country's small- and medium-sized enterprises could be out of business by the end of the year. Despite warnings of this nature, if you don't leave Patong Beach's main drag, you can almost convince yourself the town will emerge from the pandemic looking like itself. But then you do leave the main drag, and what you see immediately is not a case of complete abandonment, but rather a study in closely placed extremes.These two bars, for example, are separated by a wall and nothing else. (I took these photos seconds apart.) The one that's not abandoned is one wall closer to the beach.<div type="image" title="Empty chairs at a beach bar in Phuket, Thailand that's lit up with neon lights" height="3024" width="4032" msid="90841838" hostid="261"></div><div type="image" title="A dark, empty bar on a dark street in Phuket, Thailand" height="3024" width="4032" msid="90841840" hostid="261"></div>Further out from the city center, things got worse.On my final night, I hiked up a steep, paved hill that wound away from Patong Beach and towards Paradise Beach. Stray dogs surveyed me from sidewalk perches, panting calmly. Couples on scooters roared by and utility trucks tooted their horns every time they passed something living, myself and strays alike.I had been here almost exactly two years earlier, when the world was very different. At that time, lining one side of the narrow highway to Paradise Beach, I had walked by a lively, if impoverished, strip of homes and small businesses.Today, it was deserted.<div type="image" title="Abandoned homes and storefronts on the side of a small highway in Phuket, Thailand" height="3024" width="4032" msid="90841841" hostid="261"></div>The sidewalk was full of wood and garbage. On one robins-egg-blue shack, the paint had peeled off the wall in the shape of a cross. The door gaped dark and empty like a missing tooth.A couple doors down was a small shop with windows on two sides, "Thai oil massage" decals still intact. Inside, the floor was littered with small, dead leaves.<div type="image" title="An abandoned massage parlor outside of Patong Beach, Phuket" height="3024" width="4032" msid="90841842" hostid="261"></div>The sun was setting purple around me as I began my hike back up the steep hill to my hotel. On the way, I peered into a dark-timbered resort where three guests were sitting at two tables. The waitress seated me outside among a sea of empty tables and I ordered a gin and tonic as the sound of fireworks lit up the night.For all the empty seats at all the empty restaurants I'd seen so far, I kept coming back to the signs of recovery I was seeing. A couple days after I left Phuket, I asked Bill Barnett, the founder and CEO of Phuket-based hospitality consultancy C9 Hotelworks, if he thought the pandemic was the end of Phuket. He said it wasn't — but that it was a tipping point in the island's hospitality cycle."You need disruption," Barnett said. "It starts a new cycle, and you see who comes back, who's still standing.""We're still standing," Barnett said of the island. "The early markets back were through Sandbox. We saw friends and family coming back, lots of people who have vacation homes and second homes, Europeans." Then, he said, it was businesspeople, and eventually, also, tourists.Over the next few days of my trip, business owners across the island — in Patong Beach, Cherngtalay, Phuket Town — would all tell me that the pandemic had wrought various levels of destruction on their businesses. But even within those stories there were the upsides: The Turkish restaurant owner who managed to open a new spot in Phuket Town because rents were 50% lower; the French-Thai pastry chef who bought a three-floor building on Patong's Beach Road and was now transforming it into a coworking-space-cum-restaurant; Pu, selling brochures on the street and already planning to open her own tourism stand one day.After two years at a standstill, it's not what I expected to find, but Phuket struck me as less an island in crisis and more an island on the brink of rebirth — bruised and battered, yes, but with a resigned sense that even this would pass.<div type="image" title="An empty street full of abandoned storefronts in Phuket, Thailand" height="3024" width="4032" msid="90841844" hostid="261"></div>

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