Used car retailing platform Spinny on Monday (July 19) announced to have raised $108 Mn in its Series D round led by Tiger Global which has been doling out cheques. The round saw participation from new investors – New York-based Avenir Growth along with existing investors such as General Catalysts, among others
The latest round includes a primary capital infusion of $105 Mn and a secondary sale of $3 Mn by select angels and early-stage investors. Tiger Global invested $75 Mn and $20 Mn was infused by Avenir Growth.
With the latest round, the startup has raised around $230 Mn. The startup said it will utilise the investment to enhance customer experience, strengthen technology and further make inroads in existing markets. The company also aims to increase its geographic footprint in the country.
Founded in 2015 by Niraj Singh, Mohit Gupta and Ramanshu Mahuar Spinny is a used car retailing platform. Spinny operates across the entire value chain of pre-owned cars, embedding superior technology and processes to deliver a premium experience to customers. The company at present has 15 car hubs that operate across eight cities such as – Delhi-NCR, Bangalore, Mumbai, Pune, Hyderabad, Chennai, Kolkata, and Ahmedabad.
Commenting on this development, Niraj Singh, founder and CEO, Spinny said “We are on a mission to build the most trusted and customer loving brand – in a highly fragmented and unorganized market, known for its notoriety. Having a customer-first approach has been our differentiator, and we will continue to focus on improving our quality and experience control capabilities. We are delighted to have new partners on board our rocketship, in Tiger Global and Avenir Growth, and are thankful to our existing investors Accel Partners, Elevation Capital, General Catalyst, the Fundamentum Partnership, and others for their belief in our vision and tremendous support in building the platform.”
The investment comes days after Spinny raised $65 Mn in its Series C round led by General Catalyst. The company last year also acquired Truebil in a bid to increase its market presence.
The company locks its horns with used cars selling unicorn Cars24. The company also competes against the likes of Cardekho, OLX, Quikr, among others. Today’s investment further establishes American investment firm Tiger Global’s bullishness towards Indian startup ecosystem. Tiger Global this year itself has handed over cheques in over 15 deals worth over $1.5 Bn which is more than last year’s total number of deals made by Tiger Global both in terms of deals and capital.