Mumbai: Spinny, a used car retailing platform in India, announces the closure of a USD 108 Mn Series D funding round from new and existing investors. The round was led by Tiger Global – backers of multiple Indian unicorns such as Flipkart, Byju’s, MakeMyTrip, and Zomato. Another new investor in the round is New York-based Avenir Growth. In addition to these, the round saw participation from existing investor General Catalyst and others. The latest round includes a primary capital infusion of USD 105 Mn and a secondary sale of USD 3 Mn by select angels and early-stage investors. Tiger Global and Avenir Growth invested USD 75 Mn and USD 20 Mn, respectively in the round. The overall funds raised by Spinny to date are ~ USD 230 Mn.
The newly raised capital will be deployed towards further stepping up the customer experience, strengthening technology and product capabilities, deepening market penetration in existing markets, and building teams across functions. The company also aims to increase its geographic footprint in the country.
Commenting on this development, Niraj Singh, Founder & 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.”
Tiger Global’s investment in Spinny is being seen as a strong validation for the startup, as Tiger Global also has a significant investment in US market leader Carvana which operates with a similar model. Spinny’s previous round of USD 65 Mn was led by General Catalyst just two months ago in April’21. General Catalyst is also an investor in similar businesses Vroom and Cazoo in the US and UK, respectively.