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Business Wire India - Multimedia: Digest for May 13, 2023

Business Wire India - Multimedia

Multimedia By Business Wire India
Business Wire India

Niraj Singh, CEO and Founder of Spinny, talks about how Spinny is differentiating itself in the used car space, the scope of the segment and creating a value chain.
 
The used car buying space has been on an upward spiral year-on-year, especially after the pandemic where it has been witnessing a 14-15 percent growth. There are two things primarily driving this growth – one is the ever-increasing prices of new cars and the second is the growing demand for personal mobility itself, where cars are about more than just transportation, and are an extension of safety and well-being for the family.
 
Spinny, of course, has emerged as one of the major players in the used car buying space and speaking to Autocar India, Niraj Singh, Founder and CEO of Spinny said, "When we started to operate in this category, we saw that there were many players, but we realised that not all players are respecting the kind of emotions you have while buying your new car wholeheartedly. So, we realised there is a clear room; our reason to operate in this category is to respect that emotion and try our best to solve that."
 
Owning To Maintain Quality
 
What sets Spinny apart from other aggregators of pre-owned cars is that the company owns its own inventory, which they claim gives them greater control over quality, transparency and accountability. "If you're not owning the value chain, you cannot control the quality, you cannot take accountability of what you're delivering to your customers," said Singh.
 
The company resorted to a full-stack model from the beginning of 2017, prior to which they were operating on a managed marketplace model since their inception in mid-2015. A full-stack model essentially means that the company buys vehicles from sellers, manages its own inventory and sells directly to the end customer, thereby owning the entire value chain.
 
"If the demand is strong and if it is going to remain that strong, then having a full-stack model is not risky. But at the same time, we have insanely strong integration of tech, data science and analytics in everything we do. So, every decision making is powered by our tech. This, in a way, ensures that we are scaling the business without taking unnecessary risks," said Singh.
 
Showroom Experience Important For Used Car Buyers
 
An interesting trend that has been observed in the used car market is the blurring lines between a potential new car buyer and a used car buyer. "A car buyer is a car buyer," said Singh, where a customer is essentially looking at the best product available within their budget and one that suits their requirements. However, the aspirational value of a car in India still remains the same, and customers are also looking forward to a better buying experience.
 
This is yet another area where Spinny is trying to create a niche with a showroom-like experience by offering customers the convenience of walking in and making a purchase from the expansive line-up of cars on display.
 
Singh elaborated on this saying, "If they're buying a car, it's a very aspirational and special purchase for anyone. We built this platform for people to buy second hand cars with the same confidence with which they would have purchased a new car. At the same time, the end-to-end buying experience can be far better."
 
Supply: A Greater Challenge than Demand
 
Singh also highlighted the fact that there exists a huge gap between the demand and supply. The sellers are always looking to maximise the price they will get and will, therefore, look at multiple prospective buyers. Meanwhile, on the demand side, it's not about just getting the best possible deal, but also the right car, which means customers will also look into factors such as quality, safety and accountability.
 
Sourcing a seller, therefore, becomes more difficult than getting a buyer. Singh says there are three things that need to be catered to for a seller. "One is the pricing, which needs to be most competitive. Then comes speed and convenience. Because of our model, we are able to offer a very competitive price. Second, in our system, for sellers, everything is a door-step service. So, it is as convenient as it can be and it is very quick; if you want, you can sell your car the very same day."
 
For a seller, one needs to submit a few basic details of the car on Spinny's online platform, after which they will be given a ballpark car valuation figure. If the seller is comfortable with that range, Spinny will carry out an inspection of the car on the same day at the seller's doorstep. This will be followed by a final quote. If accepted, Spinny will make the payment and collect the car then and there. In this way, sellers can sell car online from the comfort of their homes.
 
Spinny's Expansion Plans
 
Spinny currently operates in 15 cities, and in the short term, the company is looking to go deeper into its existing markets than adding new markets. The company started with four cities – Delhi NCR, Bengaluru, Hyderabad and Pune – and in each of these four cities, it currently has a market share of 5-10 percent. Four more cities were added in 2021 – Mumbai, Chennai, Ahmedabad and Kolkata – where they are currently operating with about 3.5-4 percent market share. The company also expanded in seven more smaller cities in 2022.
 
"At the moment, we just want to keep going deeper in our existing 15 cities and the idea is to have a minimum market share of 8-9 percent in each of these cities first, and then we will start thinking about other markets," said Singh.
 
Speaking of the used car market itself, with a growth rate of 14-15 percent a year, it's expected that the used car market will double in the next 4-5 years' time. At the same time, the organised sector, which currently stands at 20 percent, is also expected to double to about 40 percent in the same time period. Singh believes that the future of the used car market is very bright as it will continue on a growth trajectory together with the new car market. "If you are a believer of the Indian economy, the new car market and used car market, both will grow like anything," added Singh.
 
To further increase the car buying experience in India, Spinny provides information about popular cars in detail. Whether one wants to buy an SUV such as the Mahindra XUV700, or a sedan like the New Maruti Dzire, the platform provides an overview of the latest models in the market, including the latest prices, variants, features, and reviews. So, for instance, if one wants to research about the recently launched Hyundai Creta, Spinny has all the information covered. This helps buyers understand the features, specifications, and prices of different cars and make informed decisions based on their needs and preferences.
 
For more information visit our website: https://www.spinny.com/ or click here to download the app.
Business Wire India

 
  • Next phase of expansion: Second plant in Gujarat to boost the combined production capacity to 3,00,000 units annually
  • 4-5 new cars to be launched, mostly EVs
  • EV Portfolio to contribute up to 65-75% of total sales in India
  • Investment outlay upwards of Rs 5,000 cr
  • A total of 20,000 workforce by 2028
  • Battery assembly unit in Gujarat plant
  • Explore cell manufacturing and hydrogen fuel-cell technology through JVs or third-party manufacturing

MG Motor India, an iconic British automobile brand with a rich 99-year heritage, today announced its strategic 5-year business roadmap to Indianize the business operations for sustainable growth and meaningful impact on the society. The key initiatives that would constitute this are localization and bringing in the latest technology and indigenising it as well; increasing Indian shareholding over the next 2-4 years; enhancing local sourcing and manufacturing across its operations by 2028 through an extensive series of programs including exploring cell manufacturing and clean hydrogen-cell technology through owned or third-party facilities; expanding production capacity with a second plant in Gujarat; introducing a broader range of electric vehicles (EVs); and unveiling new product offerings. MG Motor India also aims to invest more than Rs. 5,000 cr and have a total of 20,000 workforce—both direct as well as indirect—by 2028.
 
As part of its growth plan, MG Motor India plans to establish a second manufacturing facility in Gujarat, significantly increasing the combined production output from the current 1,20,000 to 3,00,000 vehicles (including both plants' capacity). The company intends to launch 4-5 new cars, mostly EV models, and achieve 65-75% of its sales from the EV portfolio by 2028. To support the widespread adoption of electric vehicles, MG Motor India will strengthen local manufacturing of EV components and establish a battery assembly unit in Gujarat.
 
Emphasizing its commitment and contribution to India's mission to become a major manufacturing hub, MG Motor India will invest in advanced clean technologies, including hydrogen fuel cells and cell manufacturing, as well as bolster local manufacturing of EV parts through JVs or third-party manufacturing.
 
Rajeev Chaba, the CEO Emeritus of MG Motor India, further underscored the India roadmap and said, "MG India's unwavering dedication to India is deeply ingrained in our ethos. As we pave the way for our next phase of sustainable growth, we have outlined a clear roadmap and vision for 2028. Our growth strategy is centred around strengthening localization, aligning more closely with the government's 'Make in India' initiative while innovatively augmenting our promise consistently, and diligently meeting the evolving needs of the market."
 
Chaba further emphasized the company's commitment to making a positive impact on society, saying, "At MG Motor India, we are resolute in our commitment to fostering meaningful change. We are dedicated to investing in our talented workforce and nurturing the young talent of India through initiatives like the MG Nurture program. Under this, we envision collaborating with 50 institutes to train 1,00,000 students on the latest technologies such as EV, connected cars and ADAS systems."
 
In addition, Chaba highlighted the company's focus on promoting gender diversity, stating, "We recognize the immense value of diversity. We have achieved a 37% gender diversity within our workforce, and we are aiming for a 50% diversity across various roles within our organization."
 
The company aims to develop 1,00,000 students under its MG Nurture program who shall be trained in EV, ADAS, and Connected Car technologies. The trained and skilled talent will be future-ready in order to cater to the increased demands of manufacturing next-generation cars.
Business Wire India

Giving Collab, a decade-old youth-focused NGO that promulgates a community-based approach to giving has appointed Shanky Singh, the content creator who embodies kindness and positivity, to serve on its Board as Chief Giving Officer.

The idea is to inspire giving again - a social activity that uses the power of storytelling to help inspire.

Azaan Sait, the Founder of Giving Collab also runs one of the most successful digital youth communities, The Hub Bengaluru says, "Today's India runs on social currency. I don't understand why the amazing people running NGOs and NPOs are not using the smaller tricks and growth hacks that digital-first communities are using to create and impact. We want to use everything we have learned in building a Media House and Agency to help empower children by helping them go viral. We're also beyond excited to partner with Shanky. He's one of the kindest souls we know, and he's exactly the kind of change-maker we want to collaborate with. We believe this campaign can act as a case study for both creators and non-profits across India, showing that we can work together to make a positive impact and do good!"

So what's on the social media agenda? Expect some heartwarming stories, hilarious memes, and inspiring content that'll leave everyone feeling happy and fulfilled. There will also be one offline activation to raise awareness, a donation drive, and a #SpreadKindness Campaign. The latter will invite other creators each month to collaborate with Giving Collab and #CreateForACause, amplifying their impact and inspiring even more people to give back.

Angels Orphanage is one of the many shelters which Giving Collab has partnered with. Sabina Solomon, the Founding Member said, "At Angels Orphanage, our children are our family. We are touched by the kindness of Giving Collab and Shanky Singh, who are joining hands with us to make a positive impact in their lives. With their support, we can continue to provide a nurturing and caring environment where our children can grow, learn and thrive. We are truly grateful for this partnership and look forward to the beautiful journey ahead."

In less than a month, this partnership has 10x the reach on Giving Collab's Instagram with over 111K reach. The goal is to drive millions. Giving Collab wants to make giving as simple as sharing a positive story. 

Join the movement and follow Giving Collab and Shanky Singh on Instagram to see the magic happen. 

Find them here on Instagram:
@giving collab: https://www.instagram.com/givingcollab/
Business Wire India

GBS Technology Services, a global visa outsourcing company has partnered with Global Visa Centre World, the exclusive External Service Provider (ESP) to the Greek Consular and Diplomatic Authorities to roll out new and spacious visa application centres for travellers to Greece from India.
 
Launch of the first centre took place in Delhi on May 11, 2023, in the presence of eminent dignitaries from the diplomatic community and tourism services. GBS would roll new Visa Application Centres (VACs) in Bangalore, Kolkata, and Mumbai with assistance from VFS Global, the world's largest outsourcing and technology services specialist for governments and diplomatic missions. These state-of-the-art new VACs feature bigger premium lounges, large seating capacity and increased submission counters for visa applicants travelling to Greece.
 
"The new Greek Visa Application Centre will provide travellers from India with an easier application process, increased accessibility, better information and improved support PAN India with an aim to promote Greece as first choice destination and making travel between the countries seamless and efficient," said Kaviraj Bhandari- CEO, GBS Technology Services India Pvt Ltd.
 
Greece attracts approximately 50,000 tourists from India annually.
 
"Relations between India & Greece are a very old story - Thousands of years old story... I have always believed in making the Indian people to get to know more about modern Greece and to travel there. It is in this process that together with GBS we are inaugurating our new Visa Centre in New Delhi and we hope we will be able to provide excellent conditions and services to all those who would like to visit Greece," said Ambassador Y.A. Zepos, Vice Chairman of GVCW.
Business Wire India

 
  • Seven women officers underwent 14 days of hard-core training to tackle Emergency Scenarios in mining operations.
  • The team was trained in first aid, firefighting, fire types and its extinguishing method, mine gases and emergency response.
 
As part of its core philosophy Safety First, Hindustan Zinc trains India's 1st ever all women mining rescue team to ensure utmost safety maintenance in mining operations. This initiative is one-of-its kind, aligning with the company's Sustainability Development Goals aimed at ensuring Zero Harm in operations. The rescue team comprising of seven women officers were given base training at company's RRRT centre at Rajpura Dariba Complex and were then sent for rigorous training at Mine Rescue Station, Nagpur.

The rescue team went through preliminary tests that required members to compete in basic Mine Emergency situations. Techniques to tackle or deal in the case of surface/underground mine emergency scenarios, first aid, technician test, theory exam, self-rescuers, fire types and its extinguishing methods, mine gases and emergency response were some of the key areas covered in the training session.

Speaking on the development, Mr. Arun Misra, CEO, Hindustan Zinc, said, "Our topmost priority at Hindustan Zinc is on developing a safety-first culture amongst all of our employees. With this initiative we have created next-gen safety leaders and also set on a path of #TransformingTheWorkplace by nurturing a pool of talented women in self-development with our firm belief of providing equal opportunities. This is not just a proud moment for us, but also for the nation as the first line of defence in mining industry is now even stronger and with such initiatives we are all set to make a significant mark in the global mining industry."

After the rigorous selection training, seven women; four from Sindesar Khurd Mine, one from Rajpura Dariba Mine and two from Zawar Group of Mines were qualified for the initial mine rescue training. After selection, the rescue team underwent 14 days of specialized training at Mine Rescue Station, Nagpur.
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