Niraj also borrowed money from friends and family and eventually, in 2019, his perseverance bore fruit as Spinny raised $11 million at valuation of $26 million.
Behind every successful entrepreneur there’s a unique tale of hard-work, perseverance and toil. In today’s dose of inspiring stories, we present you the amazing journey of Niraj Singh, a man who almost went bankrupt after his first two ventures failed to take off and then went on to build a business currently worth a whopping Rs 14,470 crore.
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Who is Niraj Singh?
Born in Jharkhand’s Daltonganj, Niraj Singh was recognized as an academic genius since his early childhood and always emerged as the school topper during his schooling years. After completing his schooling, Niraj Singh successfully cleared the IIT exam in his very first attempt and joined IIT Roorkee to pursue architectural engineering.
Discontent with the course he took, Niraj again cracked the IIT entrance test and this time got selected in IIT Delhi to study electrical engineering. After earning his degree, Niraj kicked off his first start-up, Locus Education, in early 2014.However, the start-up failed to get to off the ground and soon folded, and so did his second venture in late 2014.
‘Spinny’
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Not one to be deterred by failures, Niraj used the experience gained from his earlier ventures and in 2016, launched Spinny—a market for refurbished and used cars. His detractors mocked his venture and thought it would be a failure like his two previous start-ups.
But Niraj did not feel discouraged even as the company continued to show slow growth and made Rs 4.6 crore in revenue in its second year. The industrious entrepreneur mortgaged his home and even sold his car and other assets to raise funding for his venture when he couldn’t find any financial backing from investors.
Niraj also borrowed money from friends and family and eventually, in 2019, his perseverance bore fruit as Spinny raised $11 million at valuation of $26 million. The growth curve continued to climb at a frantic pace and a few months later, the start-up managed to raise a whopping $38 million at a valuation of $138 million.
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Spinny raised another $280 million in the year 2021 and the company’s valuation mounted to a mammoth $1.75 billion (Rs 14,470 crore).
The company made Rs 180 Crore in revenue in the financial year 2022 which surged to a massive Rs 3,000 crore in FY 2023.
