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<ul><li><keyword id="366851" type="COMPANY" weightage="20" keywordseo="Spinny">Spinny</keyword>, a <keyword id="40524" type="PERSON" weightage="20" keywordseo="Used-Car">used car</keyword> platform, has announced a new round of funding worth $108 million. </li><li>The latest fundraise was led by Tiger Global, which has also backed unicorns like Flipkart, Zomato, MakeMyTrip, and Byju’s. </li><li>The company says it intends to use these funds to boost its growth and expand its footprint across India. </li></ul>Used car platform Spinny has raised $108 million (approx. ₹807 crore) in a new funding round led by US-based investment firm Tiger Global as it looks to fund its growth and boost its technology and product capabilities. In addition to Tiger Global, another US-based investment firm Avenir Growth has also participated in the round, said the company in a statement on Monday. “The newly raised capital will be deployed towards further stepping up the customer experience, strengthening technology and product capabilities, deepening market penetration in existing markets, and building teams across functions,” the company noted in its release. Till date, Spinny has raised $230 million (approx. ₹1720 crore) in funds. The latest Series D round saw Tiger Global lead with an investment of $75 million (approx. ₹560 crore), while Avenir Growth ploughed in $20 million (approx. ₹150 crore). It had raised $65 million (approx. ₹486 crore) in April this year, with General Catalyst leading that particular fundraise. <cmsannotation type="cmsannotation" annotationid="Understanding Spinny and its business" comment="subhead" text="Understanding Spinny and its business">Understanding Spinny and its business</cmsannotation> Spinny is a dedicated used car platform – it allows users to buy and sell pre-owned cars and promises quality as it uses a 200-point checklist and verification process. The company currently operates in 11 cities in India, including Bengaluru, Hyderabad, Pune, Gurugram, Noida, apart from the 4 metros. In addition to facilitating purchase and sale of cars, the company also handles the paperwork and offers financing options, too. The COVID-19 pandemic has put the brakes on auto sales across segments, but the used car industry has only seen a marginal decline, says a recent <a href="https://www.moneycontrol.com/news/technology/auto/covid-19-fails-to-deflate-used-car-market-6749491.html">report</a>. And with the second wave unlocking almost done, the used car market is all set to recover faster than new sales, says a GlobalData <a href="https://www.globaldata.com/used-car-market-recover-faster-new-sales-post-covid-19-second-wave-unlock-india-says-globaldata/">report</a>. A recent <a href="https://auto.economictimes.indiatimes.com/news/aftermarket/indian-used-car-market-to-touch-usd-70-8-billion-by-2030-report/82732254">report</a> by P&amp;S Intelligence suggests that the used car market in India will cross the $70 billion mark by 2030. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-multi-device-beta-how-to-download/articleshow/84542073.cms">WhatsApp multi-device beta – here’s how it works and how you can get it</a> <a href="https://www.businessinsider.in/careers/news/it-engineers-web-developers-students-can-take-benefits-of-state-government-internships/slidelist/84519217.cms">IT engineers, web developers and more — State governments are inviting applications for paid internships</a> <a href="https://www.businessinsider.in/tech/news/allegations-of-surveillance-on-specific-people-has-no-concrete-basis-or-truth-says-indian-government/articleshow/84540541.cms">Allegations of surveillance on specific people has no concrete basis or truth, says Indian government</a>

Used car platform Spinny raises $108 million to fund growth and expand its presence across India

The curious case of companies which command high valuations with low revenues

<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 development comes a week after <keyword id="58448" type="COMPANY" weightage="20" keywordseo="Reliance-Retail">Reliance Retail</keyword> acquired Just Dial. </li><li>Magicpin was founded in 2015 by Anshoo Sharma and Brij Bhushan. </li><li>It claims to be making $1 billion in annual sales for its clientele of 15 lakh merchants.</li></ul>Gurugram-based hyperlocal discovery platform Magicpin has appointed Zomato’s chief executive officer (CEO) and cofounder Deepinder Goyal as an independent director. Goyal will be joining the hyperlocal discovery platform’s existing board of directors and advisors Lightspeed Venture’s Bejul Somaia, BoAt Lifestyle’s Vivek Gambhir and Waterbridge’s Manish Kheterpal. Commenting on the same, Zomato’s Goyal said, “I am delighted to join the magicpin board. They are a high-quality team, and I am excited about how they are being a driver of growth for local merchants across categories. I am looking forward to contributing to the company's success.” Founded in 2015 by Anshoo Sharma and Brij Bhushan, Magicpin provides a discovery platform that allows merchants and consumers to interact and transact. The company helps drive businesses of local retailers across several categories, including restaurants, fashion, beauty, grocery and others. Magicpin has also launched a OrderHere platform that enables local merchants to set up their online stores and serve customers. The company simplifies catalog creation and management for local businesses. It also offers integrated payments and logistics from top logistics providers such as Shadofax, Dunzo, Rapidoa and Loadshare. It has over 1.5 lakh merchants on the platform, serving more than 50 lakh consumers across 50 cities. The company claims to be driving over $1 billion in annual revenue for its existing partners. It’s clientele includes <keyword id="11672142" type="UNKNOWN" weightage="20" keywordseo="pantaloons-lifestyle-westside">Pantaloons, Lifestyle, Westside</keyword>, <keyword id="131257" type="COMPANY" weightage="20" keywordseo="Taco-Bell">Taco Bell</keyword>, Amazon, <keyword id="10591" type="CITY" weightage="20" keywordseo="Samsung">Samsung</keyword>, KFC, CCD and others. Magicpin has raised close to $41.9 million to date from marquee investors like Google Launchpad Accelerator, <keyword id="11672141" type="UNKNOWN" weightage="20" keywordseo="samsung-venture-investments">Samsung Venture Investments</keyword> and others. The company competes with Just Dial, which was <a href="https://www.businessinsider.in/stock-market/news/mukesh-ambanis-reliance-retail-to-buy-majority-stake-in-justdial-vss-mani-to-continue-as-md-and-ceo/articleshow/84477000.cms">acquired by Reliance Retail</a> only last week. Just Dial has over 30.4 million listings, catering to consumer traffic of 129.1 million quarterly unique users (as on March 31, 2021). Goyal can be a value add to Magicpin’s board, given his experience of building and scaling Zomato. The food aggregator business’s issue was<a href="https://www.businessinsider.in/business/news/zomato-ipo-subscription-status/articleshow/84409991.cms"> oversubscribed by 38 times</a>, as it attracted bids for 2,751 crore compared to the issue size of 71.9 crore shares. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/used-car-platform-spinny-raises-108-million-to-fund-growth/articleshow/84545148.cms">Used car platform Spinny raises $108 million to fund growth and expand its presence across India</a> <a href="https://www.businessinsider.in/business/startups/news/from-zomatos-ipo-to-delhiverys-fundraise-to-paytms-drhp-these-were-the-biggest-developments-this-week/slidelist/84496707.cms">From Zomato’s IPO to Delhivery’s fundraise to Paytm’s DRHP — These were the biggest developments this week </a><a href="https://www.businessinsider.in/business/startups/news/100-million-investment-in-delhivery-will-help-fedex-gain-prominence-in-india/articleshow/84471579.cms">FedEx makes its first strategic investment in India, puts $100 million in Delhivery’s kitty</a>

Zomato co-founder Deepinder Goyal has joined Magicpin as an independent director

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>

You Searched For "spinny revenue" and got 6 results

Used car platform Spinny raises $108 million to fund growth and expand its presence across India

Rounak Jain

The curious case of companies which command high valuations with low revenues

Rounak

Bhakti

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

Bhakti Makwana

Zomato co-founder Deepinder Goyal has joined Magicpin as an independent director

Kritti Bhalla

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

Bhakti Makwana

I flew to one of Thailand's biggest party streets 2 years after it went dark during the pandemic. What I found was an island on the brink of rebirth.

Lina Batarags

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