Spinny, online platform for selling pre-owned cars, raises $65 million
Third round of funding saw participation from new investors including Feroz Dewan's Arena Holdings, and Think Investments
Mumbai: Spinny, an online platform for selling pre-owned cars, has raised $65 million in a funding round, led by Silicon Valley-based venture capital firm General Catalyst. The Series C funding round saw participation from new investors including Feroz Dewan’s Arena Holdings, and Think Investments.
In addition, existing investors Elevation Partners (previously SAIF Partners) and the Fundamentum Partnership, among others, also participated in the funding round, Spinny said in a release.
The fresh capital raised will be used for expanding into new markets, strengthening technology, product capabilities, launching new business categories, and building teams across functions, among others, it said.
A portion of the proceeds from the round will also be utilised to provide exits to few seed and pre-seed stage investors of the company, Spinny said.
“Spinny announces the closure of $65 million Series C funding round from new and existing investors,” the platform said, adding that the additional capital infusion takes the overall funds raised by Spinny till date to more than $120 million.
In March last year, the company had raised $43.7 million in a Series B financing round from a host of investors led by Fundamentum Partnership, a growth capital fund backed by Nandan Nilekani and Sanjeev Aggarwal.
Backed by Elevation Partners and Accel Partners, the Gurugram-based platform is currently present across eight cities in the country with four of them — Mumbai, Chennai, Kolkata and Ahmedabad — coming up this January only. “The proceeds from the new round of funding will enable us to further strengthen our quality and experience control capabilities and to experiment and build new product categories,” said Niraj Singh, Founder and Chief Executive Officer, Spinny.
Founded by IIT-Delhi alumni Niraj Singh, former Flipkart director Mohit Gupta and Ramanshu Mahaur (IIT-Delhi alumni and formerly from -Adobe), Spinny has currently 16 car hubs that operate across eight cities.
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