Fresh Funding Fuels Spinny’s Growth in the Thriving Pre-Owned Car Sector

Used-car marketplace Spinny has raised 1 million in a funding round led by Accel Leaders Fund, according to news reports. This fundraising comes at a time when the used-car market, which recorded 4.6 million sales in 2023, is projected to reach 10.8 million by 2030, growing at a compound annual rate of 13 per cent, according to a CARS24 report.

The expansion is driven by rising demand across both urban centres and smaller townsThe fundraising comes amid increased activity in the used-car marketplace, following Droom’s recent million funding round, which, according to reports, was co-led by India Accelerator and Finvolve, as the company prepares for an IPO.

Founded in 2015, the online used-marketplace, the company previously raised 8 million in its Series D funding round in 2021 from new and existing investors, led by Tiger Global. Another new investor in the round is New York-based Avenir Growth.

Cognizant CEO Ravi Kumar S stressed the company’s human capital strength while addressing investors and analysts at Investor Day 2025 in New York on Tuesday. “So we hired 20,000 school graduates. We have huge usually invested into learning infrastructure.

We think when the next wave comes, we have more people inside even before we can start to hire,” he said. Nearly 14,000 associates have returned to the company, he told analysts. The next wave of enterprise transformation is in the areas of embedded engineering; “Physicality” product engineering; smart manufacturing; autonomous systems; AI; enabling hyper-productivity; Industrializing AI and ‘identifying’ the enterprise, he said.

Every time there was a new wave, everybody went and hired people. However, Cognizant first used a reskilling infrastructure to get ready at scale in economics, he noted.Kathy Diaz, Chief People Officer, Cognizant, said, there is an increasing returner rate with over 50 per cent increase in two years, and 20,000 more in pipeline.The company said that in 2023-2024, it had three imperatives. The first was to become an employer of choice.

The second was to optimize delivery and operations by improving margin execution on large deals, restructure and streamline the organization with NextGen program.

The third was to accelerate growth by reinvigorating financial services, extend growth beyond healthcare into products and resources and CMT. The strength of Cognizant’s culture comes from entrepreneurial spirit, he added, sharing that the company’s Bluebolt innovation initiative has given rise to 2,50,000 ideas from the company’s associates with 50 per cent of them in AI.

“We are a hiring magnet. Right now, I have the ability to hire 20,000 laterals per quarter. I am not only preparing for a slow velocity market, but preparing for a high velocity market if it happens at any point of time,” he added.

“We are a human capital company. The first thing I did when I came on board was to have employees on my side. And then I had clients on my side and now I’m hoping investors are on my side. There are 70,000 people who have 10 plus years in Cognizant. That was the essence of who we were,” he said.