Indian Used Car Retailing Startup Spinny Snags $65M Led By General Catalyst

Gurugram-based used car retailing platform Spinny on Thursday announced that it has raised $65 million in Series
C funding led by Silicon Valley-based venture capital firm General Catalyst – an early backer of Airbnb, Stripe,
Snapchat, Vroom, Cazoo, among others.

Other new investors in the round include Feroz Dewan’s Arena Holdings, and Think Investments. The round also
saw participation of existing investors Elevation Capital, The Fundamentum Partnership, and others, Spinny said in
a statement.

With the latest round, Spinny’s total funding till date stands at over $120 million, it added.

The newly raised capital will be deployed towards improving customer experience, expanding in new markets,
strengthening technology and product capabilities, launching new business categories, and building teams across
functions, the company said.

“With the changing needs and expectations of the customer, Spinny’s full-stack capability allows us the control to set
industry benchmarks in terms of a transparent and simple car buying and selling experience. 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,” Spinny founder & CEO Niraj Singh 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.

According to Spinny, the lifting of the lockdown restrictions last year saw a major boost in car sales due to a change
in personal transport preferences. Keen to capitalize on this strong tailwind, Spinny started operations in 4 more
cities – Mumbai, Chennai, Kolkata, and Ahmedabad – in January 2021, taking its presence to the top 8 cities of India
(including existing cities – Delhi NCR, Bengaluru, Hyderabad, and Pune).

Spinny had raised $43.7 million in a Series B funding round led by The Fundamentum Partnership, the growth-
capital fund backed by Nandan Nilekani and Sanjeev Aggarwal in March last year. The financing had also seen
participation of General Catalyst Partners, Korea-based KB Financial Group, Accel, SAIF Partners, and Alteria
Capital.

In August 2020, the company had also acquired Mumbai-headquartered Truebil to solidify its position in the Indian
used car market.

South Africa Today


Read more at VolaNews


Source link