Spinny, the used car startup platform, has closed a series D funding round of $108 million led by Tiger Global. In the current financing event, the company also saw participation from new investors and existing investors both.
Details about Series D Funding Round
Used car retailing firm Spinny has revealed on Monday that it has concluded a series D round of $108 million. In the current event, Spinny welcomed New York-based investment firm Avenir Growth as a new investor, while existing investors including General Catalysts and others also participated in the current funding raise.
Tiger Global invested $75 million, while Avenir Growth did an investment of $20 million in a total funding raise of $108 million.
Startup plans to utilize the current funding in making users experience better, technology advancement and establishing itself in the existing used car ecosystem. Spinny is looking to extend its geographical presence in India by the current funding.
Spinny has raised $230 million in different rounds to date.
Niraj Singh, Mohit Gupta, and Ramanshu Mahuar co-founded the used car startup Spinny in 2015. The startup aims to provide the right product to the customer by embedding the technology in its operations. Better user experience is the main goal of the startup.
Currently, the startup has a strong presence in eight major cities including Delhi-NCR, Mumbai, Hyderabad, Pune, Bangalore, Chennai, Kolkata, and Ahmedabad. It has fifteen car hubs in these cities.
Niraj Singh, the founder and CEO of Spinny, said that the firm is on a mission to build a most trusted and customer loving brand. He also added that the used car sector is very notorious and unorganized at the current time. Spinny plans to change that image of the used car system in the eyes of the customers.
Talking about the latest investment by new investors Tiger Global and Avenir Growth, Singh further stated that the startup is delighted to have them as new investors. The firm is also thankful to the existing investors including Accel Partners, General Catalysts, Elevation Capital and others for actively participating in the current round.
A few days back, Spinny raised $65 million in the Series C round led by General Catalyst. In 2020, the startup also acquired Truebil to strengthen its operation further in India.
Cars24 is the main competitor of Spinny. Cardekho, OLX, Quikr, and others are the other major competitors of the startup.