Sachin Tendulkar invests in used car platform Spinny
The cricketing legend makes strategic investment in the end-to-end used car platform.
Spinny, the online-to-offline used car retail platform, has partnered with Indian cricketing legend Sachin Tendulkar, who is a strategic investor in the company as well as lead brand endorser. Earlier this year, Spinny had announced its association with ace shuttler PV Sindhu.
Speaking about the association with Spinny, Sachin said, “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. I am now a part of this family, and together we hope to keep getting better every day in everything we do”.
Welcoming Sachin Tendulkar as an investor, Niraj Singh, founder and CEO of Spinny, said, “His life and journey stand as a beacon for the values of tenacity and determination in the face of challenges. We strive to instill 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.’’
Used car market headed for 7 million units by FY2026
The used car industry in India is currently on a roll. As per the findings of a new study of the pre-owned car market, this industry is set to cross the 7-million sales milestone by FY2026.
A recent CRISIL study estimates the size of the pre-owned car market in India and examines key trends and attitudes towards the sector.
While the new car industry has been feeling the heat of Covid-induced loss of sales over the past 18 months and sales in the festive season are also down, the used car industry is expected to clock a healthy growth rate of 15% in FY2022. As per the study, the prospects continue to be bright on the longer horizon, with a 12-14% CAGR expected over the next few years, taking the size of the market to more than 7 million vehicles by FY2026, from 3.8 million units in FY23021. In contrast, the new car market is expected to grow at a tepid 10% CAGR.
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