Ek waqt tha jab second-hand car lena ek bada risk mana jaata tha - fraud, odometer ka chakkar aur engine ke hidden problems ka dar! Phir Niraj Singh aaye aur Spinny se is market mein revolution le aaye! 🎉 Kaise kiya Niraj ne impossible ko possible? Jaaniye is inspiring success story ke secrets ko, aur dekhiye Niraj ke 'slow and steady' mantra ka magic on Nazar Ya YouTube Channel! 🏆
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LifestyleTranscript
00:00There was a time when buying a second-hand car in India meant putting yourself at a great
00:15risk.
00:16You never knew which fraud was waiting for you.
00:24The odometer, fake ownership papers, or the engine's hidden problem.
00:29Everything was so unreliable that buyers were always in doubt.
00:33In the same situation, Neeraj Singh also bought a second-hand car one day.
00:38And he realized that this was a national-level problem.
00:41Then he decided that he would solve this problem with a spinny.
00:45Why do you want to commit suicide?
00:47A venture capitalist asked him and warned him to start this third venture.
00:52Saying that even stupids won't do it.
00:55To some extent, he was right.
00:57The pre-owned car market was already quite crowded and over-funded.
01:01Big players like Cast 24, Cast Dekho, Droon, Cartrade were dominant.
01:05Despite all this skepticism, Neeraj started his business with his personal investment.
01:11Today, spinny is a unicorn.
01:13How did spinny succeed even after two failed startups?
01:17Today, in our startup spotlight, we will understand Neeraj's blind approach.
01:21Which is the reason for this success.
01:23Neeraj was born in Daltonganj, Jharkhand.
01:25He was an academic genius since childhood.
01:28He was always at the top in school.
01:30He joined architectural engineering in IIT, Roorkee.
01:33But he didn't like the course.
01:35So, he pursued electrical engineering from IIT, Delhi.
01:39After completing his degree, he entered the startup world.
01:42His first startup, Locus Education, which was ahead of its time, closed in February 2011.
01:49His second startup, Tech Monkey, closed in December 2014.
01:53Finally, he launched Spinny to solve the car ownership struggles of young Indians.
01:59Neeraj knew that this would be his last chance.
02:02Singh's vision was to make a full-stack used car retail platform.
02:06Which would solve the trust issues of new generation buyers.
02:09And make a smooth buying experience.
02:11His co-founders were Ramanshu from IIT, Delhi.
02:14And Mohit from IMT, Ghaziabad.
02:16Spinny was a certified listing C2C marketplace.
02:20But later shifted to B2C model.
02:22Singh knew that consumer trust and experience is the biggest problem.
02:26And quality and trust control is not possible with listing models.
02:30Spinny's first two years were full of struggles.
02:33His revenue was only 4-5 crores.
02:35Whereas, Cast 24's 417 crores.
02:38Spinny was behind in terms of funding.
02:41Cast Dekho raised $15 million from Series A funding.
02:44And $65 million from Series B funding.
02:47Whereas, Spinny raised only $1 million.
02:50Which ended in 2017.
02:52Losses increased to $6 million.
02:55And Neeraj pitched in front of more than 100 VCs.
02:59But they mostly got rejections.
03:01Difficulties increased when his rival Cozomo.
03:05Which was a used car marketplace startup of 3 IITians.
03:08Got shut down.
03:09Despite so many setbacks, he mortgaged his house.
03:13Took personal loans and sold his Toyota Fortuner.
03:16Every month, he had to take money from family and friends for salary and operating expenses.
03:21In 2019, rivals were growing at a high speed.
03:25Cast 24 touched a revenue of $1600 crores.
03:28And took funding of $100 million.
03:30Slowly but steadily, Spinny also sold around 900 cars.
03:34And made $16 crores.
03:36Because of this, Spinny raised $11 million from Series A funding.
03:41Which was backed by Elevation and Acel.
03:43After 8 months, he raised $38 million more.
03:47Which led to his valuation of $138 million.
03:50By 2020, Cast 24 had become a unicorn.
03:53But Spinny operated in only 4 cities.
03:56During the pandemic, Spinny made another pivot.
03:59Now, he used to buy cars directly.
04:01And refurbish and sell them.
04:03Earlier, Spinny used to charge service fee from his partners.
04:06Who used to own inventory.
04:08Now, he started buying cars directly.
04:11Made his inventory, refurbished it and then sold it to his partners.
04:15With this, his revenue reached from $180 crores to $3000 crores.
04:19Cars sold increased from $30,000 to $65,000.
04:23In India, car penetration is still low.
04:26Only 24 cars per 1000 people.
04:28While in China, it's 116 and in UK, it's 470.
04:33With these 4.6 million used cars,
04:35the market is expected to grow to 8 million units by 2027.
04:39And Spinny is ready to catch this opportunity.
04:43First thing,
04:44Spinny's shift to full-stack model helped him build his brand.
04:49While other players were focusing on supply.
04:52By offering the best price, they were attracting consumers.
04:55Spinny took the opposite approach.
04:57He focused on demand.
04:59This meant that the best consumer experience will win the user's love.
05:05The biggest plus of Spinny is that
05:07he has a co-founder who is obsessed with consumers.
05:11Marketing and branding experts say that
05:13the biggest differentiator of Spinny is
05:15that he didn't develop his brand by talking about the product.
05:20Sachin Tendulkar, who is Spinny's brand ambassador,
05:23has helped the company build a narrative that focuses on the customer journey instead of the car.
05:29The company has gained a lot of visibility from IPL's aggressive marketing.
05:33But even after this fairytale turnaround,
05:36Spinny should remember that
05:38over-speeding thrills, but it also kills.
05:40Do you have a second-hand car?
05:42Let us know in the comments.
05:44Like the video and subscribe to the channel.
05:46I'll see you next time.
05:53Transcribed by ESO, translated by —