Spinny, the leading used car retailing platform, has grabbed $65 Mn in a series C round led by existing investor General Catalyst, which is known for backing several high-profile startups including Airbnb and Stripe. The series C round also onboarded new investors like Feroz Dewan’s Arena Holdings, and Think Investments while existing investors Elevation Capital (earlier known as Saif Partners) and Fundamentum Partnership also participated in the round.
With the latest capital infusion, Spinny’s total fundraising amount has now reached to $120 Mn. Following the closure of series C round, the company will be giving exit to few seed and pre seed-stage investors. However, it did not reveal names of these investors.
Last year, the Gurugram based company startup raised $47 Mn in a series B round. This round was followed by an acquisition deal, with company acquiring Mumbai headquartered Truebil to further consolidate its position in the used car market.
Although the startup agreed that coronavirus did impact their business, the business picked up quite swiftly once the lockdown was lifted. Buoyed by the growth post-lockdown, Spinny started operations in 4 more cities – Mumbai, Chennai, Kolkata, and Ahmedabad – in January this year. This has subsequently taken company’s operational presence from 4 to 8 cities.
Commenting on this development, Niraj Singh, Founder & CEO, Spinny 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. We are super excited to see our existing investor General Catalyst double down on their conviction and lead this round. That’s great validation and support for the work we are doing.”
Singh further said “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.”
Adam Valkin, General Partner, General Catalyst said, “At General Catalyst, we constantly seek out the best companies and the best entrepreneurs, wherever they are in the world. The used car market in India is huge and ripe for reinvention. We believe Spinny is uniquely positioned to tap this opportunity–given their compelling leadership and their real market momentum. As long time investors, we’ve been impressed by how Spinny is reinventing every part of the buying process – injecting trust and safety into every aspect of the customer experience.”
Founded in 2015, Spinny is essentially a full stack used car retailing platform. It operates across the entire value chain of pre-owned cars and aims to bring about transparency and convenience in the car buying/ selling process in India. It competes with several well-known used car platform like Cars24, Droom and CarWale.