Used car platform Spinny raises $108 million to fund growth and expand its presence across India
Spinny, a used carplatform, has announced a new round of funding worth $108 million.
- The latest fundraise was led by Tiger Global, which has also backed unicorns like Flipkart, Zomato, MakeMyTrip, and Byju’s.
- The company says it intends to use these funds to boost its growth and expand its footprint across India.
AdvertisementUsed car platform Spinny has raised $108 million (approx. ₹807 crore) in a new funding round led by US-based investment firm Tiger Global as it looks to fund its growth and boost its technology and product capabilities.
In addition to Tiger Global, another US-based investment firm Avenir Growth has also participated in the round, said the company in a statement on Monday.
“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 noted in its release.
Till date, Spinny has raised $230 million (approx. ₹1720 crore) in funds. The latest Series D round saw Tiger Global lead with an investment of $75 million (approx. ₹560 crore), while Avenir Growth ploughed in $20 million (approx. ₹150 crore). It had raised $65 million (approx. ₹486 crore) in April this year, with General Catalyst leading that particular fundraise.
Understanding Spinny and its business
Spinny is a dedicated used car platform – it allows users to buy and sell pre-owned cars and promises quality as it uses a 200-point checklist and verification process.
The company currently operates in 11 cities in India, including Bengaluru, Hyderabad, Pune, Gurugram, Noida, apart from the 4 metros.
In addition to facilitating purchase and sale of cars, the company also handles the paperwork and offers financing options, too.
The COVID-19 pandemic has put the brakes on auto sales across segments, but the used car industry has only seen a marginal decline, says a recent report.
And with the second wave unlocking almost done, the used car market is all set to recover faster than new sales, says a GlobalData report.
AdvertisementA recent report by P&S Intelligence suggests that the used car market in India will cross the $70 billion mark by 2030.
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