Spinny, a used car retailing platform in India, has closed its Series D Funding round with $108 million (R.s 800 crore) from new and existing investors.
The top investors included Tiger Global, which has also backed a number of other Indian enterprises like Flipkart, Byju’s, MakeMyTrip, and Zomato. New York-based Avenir Growth is amongst the new investors in this round.
Spinny says the latest round includes a primary capital infusion of $105 million (Rs. 777 crore) and a secondary sale of $3 million (Rs. 22 crore) by select angel and early-stage investors. Tiger Global and Avenir Growth invested $75 million (Rs 555 crore) and $20 million (Rs. 148 crore), respectively in the round. Till date, Spinny has raised around $230 million (Rs. 1,702 crore).
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 the funds raised, 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 unorganised market. Having a customer-first approach has been our differentiator and we will continue to focus on improving our quality and experience control capabilities.”
Tiger Global’s investment in Spinny is being seen as a strong validation for the start-up, as Tiger Global also has a significant investment in US market leader Carvana, which operates with a similar model.
- Every car on the Spinny platform comes with a 200-point inspection checklist, a 5-day no questions asked money-back guarantee and a one-year aftersales warranty. Currently, Spinny has 15 car hubs that operate across 8 cities (Delhi-NCR, Bangalore, Mumbai, Pune, Hyderabad, Chennai, Kolkata, and Ahmedabad).
Around end-2020, Spinny acquired its rival Truebil and now operates it as an independent brand that focuses on providing affordable pre-owned vehicle options in lower-budget categories.