Pre-owned car retailing platform, Spinny, has acquired a 100% stake in AI-powered Connected Car startup, Scouto. The deal will mark one of the first consolidations in the AI-powered used car solutions segment where Spinny is gunning big to emerge as the market leader.
Founded by ex-race car driver Akshay Gupta (CEO) & Shubham Sharma (CTO), Scouto has built an end-to-end Connected Car technology suite that provides detailed intelligence on car's health & performance, connects the vehicle owner to automotive service providers (e.g., insurers, FastTag players, etc.). and improves the overall car ownership experience significantly. The company is focused on the consumer car industry and caters to the various start-ups in the Automotive Aftermarket & used car space in India. In FY22, Scouto clocked approx INR 5 crores in revenue.
The Ahmedabad based startup was backed by DevX Venture Fund, iCreate & Bhuva Family Office before being acquired by Accel, Tiger Global & Elevation Capital-backed Spinny.
Scouto has built the entire technology-stack in-house and boasts of industry-beating hardware & software capabilities. The company believes that by building the entire technology ground-up with an integrated, Make-in-India approach, every vehicle in India can be transformed into a smart and connected vehicle.