Used Car Retailing Platform Spinny Raises USD 108 Mn In Series D Round Led Bb Tiger Global

Spinny, a used car retailing platform in India, announces the closure of a USD 108 Mn Series D funding round from new and existing investors. The round was led by Tiger Global - backers of multiple Indian unicorns such as Flipkart, Byju’s, MakeMyTrip, and Zomato. Another new investor in the round is New York-based Avenir Growth. In addition to these, the round saw participation from existing investor General Catalyst and others. The latest round includes a primary capital infusion of USD 105 Mn and a secondary sale of USD 3 Mn by select angels and early-stage investors. Tiger Global and Avenir Growth invested USD 75 Mn and USD 20 Mn, respectively in the round. The overall funds raised by Spinny to date are ~ USD 230 Mn.

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 also aims to increase its geographic footprint in the country.

Commenting on this development, Niraj Singh, Founder & CEO, Spinny said “We are on a mission to build the most trusted and customer loving brand - in a highly fragmented and unorganized market, known for its notoriety. Having a customer-first approach has been our differentiator, and we will continue to focus on improving our quality and experience control capabilities. We are delighted to have new partners on board our rocketship, in Tiger Global and Avenir Growth, and are thankful to our existing investors Accel Partners, Elevation Capital, General Catalyst, the Fundamentum Partnership, and others for their belief in our vision and tremendous support in building the platform.”

Tiger Global’s investment in Spinny is being seen as a strong validation for the startup, as Tiger Global also has a significant investment in US market leader Carvana which operates with a similar model. Spinny’s previous round of USD 65 Mn was led by General Catalyst just two months ago in April’21. General Catalyst is also an investor in similar businesses Vroom and Cazoo in the US and UK, respectively.

About Spinny:

Founded in 2015, Spinny is a used car retailing platform that aims to bring about transparency and convenience in the car buying and selling process in India. Spinny operates across the entire value chain of pre-owned cars, embedding superior technology and processes to deliver a premium experience to customers. As a testimony of Spinny's commitment to transparency and quality, every car on the Spinny platform comes with a 200-point inspection checklist, 5-day no questions asked money-back guarantee, and 1-year after-sales warranty. Currently, Spinny has 15 car hubs that operate across 8 cities - Delhi-NCR, Bangalore, Mumbai, Pune, Hyderabad, Chennai, Kolkata, and Ahmedabad.

Additionally, Spinny had acquired its rival Truebil late last year and now operates it (www.truebil.com) as an independent brand that focuses on providing affordable pre-owned vehicle options in lower-budget categories.

About the team:

Spinny is founded by Niraj Singh (IIT Delhi Alumni), Mohit Gupta (Ex-Director, Flipkart), and Ramanshu Mahaur (IIT Delhi Alumni, Ex-Adobe). Niraj has had 2 successful entrepreneurial exits before he started Spinny and he was also a seed/early-stage investor in start-ups like Tripoto, JustRide (Now Drivezy), Little Black Book, Rapido Bike Taxi, MyHQ, Fango (Now SellTM), ShaadiSaga, etc. The core team consists of many ex-founders and IIT/IIM/INSEAD graduates with experience in Management Consulting, E-commerce, marketplaces, and supply chain industries.

Cdr (Dr) Anil Rana Takes Over As The 11th Director Of Manipal Institute Of Technology

* Felicitating the Outgoing Director & Welcoming the New Director

Cdr (Dr) Anil Rana took charge as the new Director of Manipal Institute of Technology (MIT) on 16 July 2021. Dr. Rana succeeds Dr. D Srikanth Rao who completed his tenure as Director of MIT, Manipal.

Dr. Rana is an ex Indian Navy Commander from the engineering branch who has a record of distinguished service both in the navy and the field of education. He graduated from Naval College of Engineering, Lonavala in 1992. He then obtained his Masters from IIT Delhi in 1999 and PhD from IIT Mumbai. Post his naval service, Dr. Rana served as Professor (Mechanical Engineering) JECRC University, Jaipur from 2012 to 2013. He then served as Associate Dean (Higher Education and Research) and Professor of Mechanical Engineering in the prestigious Fiji National University, Fiji Islands from 2013 -2018. Dr. Rana served as Dean (Academics) and Professor in Symbiosis Skills and Professional University, Pune from 2018 to 2019. He then served as Dean and Professor, Faculty of Manufacturing Bhartiya Skill Development University (BSDU), Jaipur from April 2019 to February 2021.

The handing over ceremony was held at Board Room, MIT, Manipal on 16 July 2021 in the presence of Vice Chancellor, MAHE Lt. Gen. (Dr.) M. D. Venkatesh, Dr Narayana Sabhahit, Registrar, MAHE, Dr. Somashekar Bhat, Joint Director, MIT and the members of Team MIT. Speaking on the occasion, the Vice Chancellor, MAHE Lt. Gen. (Dr.) M. D. Venkatesh, welcomed Dr. Rana to the fold of MAHE family and wished him all the success. He expressed the view that the institute would achieve greater things under his leadership. After the signatures were affixed, a sandalwood sapling was handed over to Dr Rana, as a symbol of handing over the reins of MIT.

A special felicitation was made to the outgoing Director – Dr. D Srikanth Rao. The Vice- Chancellor showered praise on the exceptional leadership put in by Dr Srikanth Rao. The Vice Chancellor appreciated the way in which Dr Rao held all the jobs entrusted to him with utmost commitment and professionalism. Lt. Gen. (Dr.) M. D. Venkatesh highlighted how Dr Rao steered the course of the institute with enlightened leadership during the challenging times. The Vice chancellor mentioned that MAHE was grateful to Dr Rao and wished him the very best in his future endeavors. 

Dr Narayana Sabhahit, Registrar, MAHE, recalled the journey of Dr. Rao who spent most of his life in Manipal as a student, faculty and finally administrator. He reminisced how Dr. Rao was an integral part of the institute in his journey of 32 years and made meaningful contribution throughout. Dr. Sabhahit welcomed Dr. Anil Rana, the new Director of MIT and assured him all the support from the administration. 

Dr. Srikanth Rao welcomed Dr. Anil Rana as the next Director and expressed the view that he is convinced of Dr. Rana taking MIT to further success. He highlighted the academic achievements and the administrative credentials of Dr. Anil Rana.  He assured that dedicated faculty and staff of MIT would provide support to the new Director.  Dr. Rao expressed his gratitude to the Chancellor and his family along with the senior leadership at MAHE. Dr. Rao showered praise on all the faculty and staff of MIT. 

Dr. Anil Rana, the new Director MIT thanked MAHE leadership for their faith in him and Dr. D Srikanth Rao for creating a wonderful working culture at MIT which would help him settle down in the new role quickly. He mentioned that he was a team player and that he likes to work on the ground with his team. He wished Dr. Rao the very best and hoped they would be able to work together in the future.

Dr. M. Vijaya Kini, Associate Director, (Alumni, Public and International Relations) was the Master of ceremonies.

Online And Hyperlocal Services, E-learning Related Searches See Massive Growth Due To Pandemic: InMobi Report

* The increasing penetration of the internet also led to an increase in queries for content translation to local languages 

The past year has been pivotal for digital marketing with digital growth leapfrogging across industries. According to the InMobi Report: Search in India – 2021 Trends Report, leveraging insights from the Microsoft Advertising team, search has been steadily growing as a digital medium as the demand for online services has significantly spiked in the last year. The report showcases insights on the shift in netizens’ online behaviour and their search preferences from the data analysed between April 2020 and June 2021. 

Commenting on the search trends in India, Rohit Dosi, Director, Microsoft Advertising at InMobi, “In the last few years, digital content consumption has increased manifold. The pandemic has further accelerated digital adoption with people spending significant time on their PC, phones, and tablet screens. These behavioural changes have opened up newer avenues for search advertising and it will perhaps be one of the most effective mediums for brands to reach out to the right audience.” 

Physical Fitness and Financial Investments gain more focus amongst users 

With people starting to spend more time indoors and restrictions on movement for the better part of the year, people increasingly opted for online consultations and nutritional guidance. During this period, there was a 125% increase in immunity related searches, while home-fitness related searches like online dance and home gym saw 28x and 14x increase respectively.  

There has been a shift in investment preference from physical assets to financial instruments in the past year and an increased preference for using digital channels. Asset management-related searches increased by 13x while those related to digital payments continued to grow at 12%. 

Hyperlocal, Entertainment, and E-learning searches witness significant increase  

Staying at home also provided a significant boost to e-commerce platforms. As people continue to prefer staying indoors, the focus has shifted from supermarkets to local and online grocery stores, and there has been a spike in the demand for hyperlocal delivery services. For instance, a 15x increase was observed for searches related to cake delivery with people now celebrating more at home. 

With theatres shut, concerts suspended, and people working remotely from their homes, there has been a massive increase in search volume for entertainment and music content. Branded searches in OTT & music shot up as people opted for online content streaming services at home. A 28x increase was observed for the keyword ‘most popular Netflix series’ and 381x for ‘cricket live score’. There has also been a significant increase in online gaming which is reflected in the 52% increase in online games related searches. Additionally, searches for education and e-learning related content also saw a massive spike. People have been investing a lot of effort in future-proofing their careers by learning skills that would either help them transition to a new career or progress in the existing one. ​There has been a 367% increase in searches related to ‘learning online’, while a 103% increase in those related to ‘training’. 

“The massive shift in an individual’s online browsing and searching pattern has paved the way for brands looking to invest in search advertising. There has been a steady growth of search as a digital medium across PC and Mobile in India with approximately 25% of digital media spends accounting for search advertising. While some brands have already started leveraging this medium to achieve their larger business goals, others can leverage search advertising to create a smarter customer journey to reach the right audience, with the right message,” concluded Dosi.  

magicpin: Zomato’s CEO Deepinder Goyal Joins The Board Of India’s #1 Savings App

IPO-bound Zomato’s co-founder and CEO Deepinder Goyal has joined the board of magicpin, as an independent director. Founded by Anshoo Sharma & Brij Bhushan, and backed by Lightspeed Venture Partners, Waterbridge and Samsung, magicpin is India’s #1 savings app that connects hyperlocal merchants and brands with consumers.

Deepinder Goyal joins the existing board and advisors that consist of Bejul Somaia, MD, Lightspeed Venture Partners; Vivek Gambhir, CEO boAt Lifestyle; and Manish Kheterpal, MD, Waterbridge. Since launching in 2016, magicpin today has over 1.5 lakh merchants on the platform, serving 50 lakh consumers across fifty cities. It has also launched the OrderHere platform that enables local merchants to set up their online store within minutes, and serve online customers. magicpin simplifies catalog creation and management for local merchants/brands and offers seamlessly integrated payments and logistics from top logistics providers in India including Shadowfax, Dunzo, Rapido and Loadshare. 

Speaking on joining the board, Deepinder 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.”

Anshoo Sharma, co-founder and CEO of magicpin, said, “We are excited about Deepinder joining our board. He brings a wealth of experience from scaling up Zomato into the tech giant it is today. We are looking forward to his guidance and mentorship as we step into our next phase of growth.”

As lockdown measures ease across the country, magicpin is poised to scale up merchants and brands on its platform for online and in-store demand. It is already driving over USD 1 billion in annual revenues for its existing partners and continues to grow at a rapid pace.

About magicpin: 

magicpin is India’s #1 savings app that spans from local merchants to large brands, online and offline. We bring the local market alive on our user’s phone and let people discover and save through our magicpin rewards programme, powered by over 150K partner stores. 

magicpin drives over $1B of annual business that covers local merchants and brands like Pantaloons, Lifestyle, Westside, Levis, Jockey, Titan, Fastrack, McDonald’s, CCD, KFC, Pizza Hut, Taco Bell, Flipkart, Boat, Amazon, Samsung, Biba, ITC, Zandu, P&G and many more. 

Lenskart Strengthens Presence In Southeast Asia & Middle East With Backing From Temasek And Falcon Edge

* Lenskart concludes a total of $315mn transaction from global growth tech investors

Lenskart, a leading omni-channel eyewear retailer in India, has completed a US$220 million transaction led by Temasek and Falcon Edge Capital. This round of funding comes a month after it raised US$95 million from global investment fund KKR taking the total transaction size to US$315 million. The current round also saw participation from Bay Capital and Chiratae.

With this, the vision of Lenskart is to grow exponentially in the coming 3-4 years, expanding its presence in India as well as scaling its growing operations in Southeast Asia and Middle East.  The company aims to leverage the deep expertise and network of Temasek and Falcon Edge in these respective geographies.

Avendus Capital was the exclusive financial advisor to Lenskart & its shareholders on the transaction.

The funding comes as the brand is rapidly scaling its operations overseas, maintaining the core proposition of omni-channel experience online and offline. The market opportunity for Lenskart in these target geographies is expected to be over US$15 Billion by 2025. Along with the expansion, Lenskart is also planning to use the capital to deepen its investments in technology and AI-driven innovations to create a highly personalized experience for its customers. The company also recently set up ‘Lenskart Vision Fund’, through which its looking to invest in startups that are synergistic to eyewear, eye-care, and omnichannel retail to create a deep ecosystem around the eyewear segment.

Speaking on the transaction, Peyush Bansal, Founder and CEO of Lenskart said, “At Lenskart, our vision is to revolutionise the global eye-wear industry and evolve into one of the biggest and most admired consumer internet brands globally with our customers being testimonial to our journey of innovation and disruption. We’re already the largest eyewear player in India and in the top 3 in Singapore. Lenskart envisions to have 50% of India wearing its specs over the next 5 years and become the #1 eyewear platform in Southeast Asia and Middle East over the next 18 to 24 months through organic and inorganic expansion. We’re thrilled to have Temasek and Falcon Edge as partners and catalysts in this journey of elevating Lenskart to the next growth level.”

“We have been admirers of Lenskart for many years. Lenskart has built a world-class fully backward-integrated omnichannel eyewear retail experience with extreme customer centricity. This customer obsession results in Lenskart’s distinctive NPS (net promoter scores), best-in-class customer repeats/retention and store productivity. We are thrilled to join Peyush and his team in this journey and look forward to working closely with Lenskart’s team in helping them scale their business internationally, especially in the MENA region” said Navroz Udwadia - Co-founder and Partner, Falcon Edge Capital.

Neeraj Shrimali - Executive Director, Avendus Capital added “Peyush & team are leading the charge in digital disruption of the global eyewear ecosystem. The team has demonstrated exceptional execution, backed by a unique omni-channel model, deep understanding of supply chain, and ability to leverage technology at every touchpoint to provide unparalleled customer experience. The backing by some of the largest global growth & tech investors is a big validation of the huge global opportunity that lies in front of Lenskart given its enviable leadership position & scale.”

Lenskart was launched with a vision to revolutionize eyewear in India and now globally. Lenskart today is the largest service provider for eyewear in India, serving over 7 million customers annually through its omni-channel shopping experience, which spans online, mobile application, and 750+ omni-channel stores in 175 cities across the country. In 2019, Lenskart also expanded to Singapore – marking its foray into Southeast Asia – where it is now a key optical service provider. Lenskart integrates technology into all aspects of its operations to enhance customers’ browsing, shopping and purchasing experience, in addition to manufacturing and supply chain optimization. Among Lenskart’s digital offerings is a virtual 3D try-on tool; AI-powered facial mapping and frame recommendation features; smart physical stores with seamless omni-channel experience; and footfall tracking beacons, heat maps and demographic analytics; and intelligent supply-chain and inventory-management solutions.

About Lenskart

Founded in 2010, Lenskart is India’s largest omni channel retailer and manufacturer of premium quality and stylish eyewear. With a unique click and mortar business, Lenskart is revolutionizing the eyewear industry by offering disruptive services like home eye check-up, 3D try-on, home trial and prioritising the consumer needs above all else. The company aims to provide every consumer access to high-quality glasses by eliminating middlepersons, using hi-tech robotic technology, and incorporating world-class designs into its products.

PPS Skoda Delivers 50 ŠKODA’s In A Single Day In The City

* ŠKODA KUSHAQ receives an overwhelming response with over 3000 bookings

KUSHAQ was launched on 28 June 2021 with a starting price of 10.49 Lakh (ex-showroom). It is powered by the globally acclaimed TSI technology with 2 engine options - 1.0L and 1.5L TSI, delivering 115 PS and 150 PS, respectively. PPS Skoda, Bengaluru delivered 50 Skoda’s in a single day at a gala event held at Bengaluru.

The KUSHAQ features a 10-inch touchscreen infotainment system with wireless Android Auto and Apple CarPlay, ventilated front seats, LED lighting, cruise control, and a sunroof too. It covers safety with up to six airbags, a rear parking camera, and a tyre pressure monitor while electronic stability control is offered as standard a segment first.

Commenting on the occasion, Mr. Zac Hollis, Brand Director, ŠKODA AUTO India said, “We are extremely thrilled to commence the deliveries of the KUSHAQ to the customers in Bnagalore. The KUSHAQ is specially designed with Indian customers in mind. The feedback from the customers after the launch has been overwhelming and we already have more than 3000 bookings across India. Initial response from Bengaluru is also amazing and I urge more and more customers to visit our showroom and experience the KUSHAQ.’’

Rajiv Sanghvi, Managing Director, PPS Motors said “The Skoda Kushaq has been the most awaited car from Skoda and we are delighted with the response that we have received for the all new Kushaq and would like to thank all our customers for their overwhelming response. We would also like to congratulate all the Skoda customers and thank them for their support”

“We are delighted to offer the all new KUSHAQ to our customers in Bengaluru.   Every KUSHAQ Comes with complete “Peace of Mind” with 4 Years / 1,00,000 km warranty, extendable up to 6 years / 1,50,000 km. Additionally, ŠKODA offers 2 years parts warranty, 2 years battery warranty, 3 years paint warranty, 6 years corrosion warranty and extended roadside assistance programs up to 9 years.”

Priced between ₹ 10.49 lakh - ₹ 17.59 lakh, the KUSHAQ is offered in 3 trims - Active, Ambition and Style and 5 colour options - Honey Orange, Tornado Red, Candy White, Reflex Silver and Carbon Steel. The KUSHAQ is available in 3 transmission options - 6-speed manual, 6-speed automatic and 7-speed DSG.

MaxiVision Eye hospital Launches Covid19 Vaccine Drive In India

Hyderabad based MaxiVision Eye hospital launched Covid19 Vaccine drive at its Somajiguda Hospital today. At present only COVAXIN vaccine is available in the hospital said Mr.Sudheer – CEO MaxiVision Eye hospital. People those who are looking for 1st and 2nd dose of COVAXIN vaccine inoculation can reach out to hospital and avail the slot for the dose. People of 18 years of age and above can visit the hospital with Aadhar Card to get themselves registered to avail the vaccine. Vaccine needy people can contact Siddhrath Reddy – Ph.No.9390035926 for more details

About Maxi Vision Eye Hospitals

Maxi vision Super Specialty Eye Hospitals are renowned for blending traditional hospitality with state-of-the-art ophthalmic care. Offering specialized treatment, we are the first choice of local & international patients and important celebrities alike. Maxi Vision has been swiftly moving towards its goal of achieving excellence by providing equitable and efficient eye care for everyone.

WHO WE ARE

State of the art specialized ophthalmic care - Diagnostics, Treatment & Surgery

At the forefront of the vision care technology revolution

US-FDA, CE approved technologies

One-stop shop for Optical and Contact Lens

14 super specialty eye hospitals in 6 cities 

More than 2.4 million patients treated

More than 0.3 million eye surgeries

WHAT WE OFFER

Best Surgeons: Each of the doctors at Maxivision has years of experience and is perfectly qualified to handle the most critical of the issues related to eyes

World-Class Technology: The best, latest & world-class highly the sophisticated technology in eye care is available here

Customized Solutions: We understand your need and offer tailored eye care solutions to meet your needs. We’ve till now served more than 2.4 million patients from all over the globe.