Niraj Singh has had a life narrative that is similar to a start-up in Bollywood. After failing to turn around two enterprises, he was hoping for luck the third time in January 2014. He questioned himself. He planned to try one more time after the third. Nevertheless, he persisted. An enormously successful startup was the end outcome.
Singh is from Daltonganj in Jharkhand. He excelled in school every time. He was successful on his first try at IIT. At IIT Roorkee, he first enrolled to study architectural engineering. He retook the test and enrolled in the electrical engineering programme at IIT Delhi. His first business, Locus Education, failed because it was too innovative for its time. His second business endeavour failed in December 2014.
He launched Spinny, a used-car marketplace, in 2016. The concept was deemed absurd by many. He established a website where used automobiles are sold.
The business made Rs. 4.6 crore in sales in the second year. Niraj Singh borrowed money and mortgaged his home. Investors rejected him a hundred times.
His Fortuner and other possessions were auctioned. He also embezzled funds from friends and relatives.
Things changed in 2019. At a value of $26 million, it raised $11 million. They raised 38 million dollars at a 138 million dollar value a few months later.
In FY 2022, their revenue was Rs 180 crore. In FY 2023, their revenue was Rs 3000 crore.
In 2021, they raised 280 million dollars. The valuation of the company was over 1.75 billion dollars or Rs 14470 crore.