Used Car Platform Spinny Raises Series D Funding Led by Tiger Global
Used car platform Spinny said on Monday it had raised $ 108 million (Rs 804 crore) in a Series D funding round led by Tiger Global Management with the only U.S. investment firm bringing together $ 75 million.
New York-based Avenir Growth has also joined as a new investor in this round with a $ 20 million investment, Spinny said in a statement. Existing investor General Catalyst and others also contributed to this funding, he added.
The total funding amount includes a primary capital injection of $ 105 million and a secondary sale of $ 3 million by selected angel investors and start-up investors.
Spinny, operated by Valuedrive Technologies Pvt Ltd, will use the new capital to improve technology and product capabilities, expand into existing markets and enter new geographies in the country, and hire.
“Having a customer-centric approach has been our differentiator, and we will continue to focus on improving our quality control and experience capabilities,” said Niraj Singh, Co-Founder and CEO of Spinny .
Spinny was founded in 2015 by Singh, Mohit Gupta and Ramanshu Mahuar. It has 15 automotive hubs that operate in eight cities – Delhi-NCR, Bangalore, Mumbai, Pune, Hyderabad, Chennai, Kolkata and Ahmedabad.
The Series D funding round comes just after General Catalyst led the $ 65 million Series C funding round in April. Arena Holdings and Feroz Dewan’s Think Investments had also joined as new investors as existing investors Elevation Capital (formerly SAIF Partners) and Fundamentum Partnership participated in this round.
The back-to-back Series C and D funding rounds come after Spinny acquired rival Truebil in a cash and equity deal in August of last year. It was just months after the used car platform raised $ 43.7 million in its Series B funding led by Fundamentum Partnership.
Prior to that, Spinny had raised around $ 13.2 million in a Series A round led by Elevation Capital and Accel in 2019.
The platform raised $ 1 million (around Rs 6.4 crore) in a funding round led by Blume Ventures in June 2017.
The used car segment in India has attracted significant investor interest even during the pandemic.
In November of last year, Cars24 raised $ 200 million (Rs. 1,480.9 crore) as part of its Series E funding round. This catapulted the company to the unicorn club with valued startups. at least $ 1 billion.
In June of last year, CarTrade.com raised Rs 321 crore ($ 42.5 million) from two existing investors.
This year, Tiger Global stormed second on the Most Active VC list, toppling Accel.
The US-based investment firm is issuing checks at a breakneck pace this year. In its second season of ongoing investment in the Indian startup market after a three-year hiatus until December 2018, Tiger Global has more or less stuck to its traditional strategy manual, according to a recent analysis by VCCircle.
Tiger Global’s new investments this year include bets such as group health insurance startup Plum, investment platform Groww, conversational messaging platform Gupshup Technology India Pvt Ltd, and Indian social network ShareChat.