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.
Used car platform
View all Offers
View all Offers
- 48% OFF
Pigeon by Stovekraft Amaze Plus Electric Kettle with Stainless Steel Body, 1.5 litres boiler for Water, instant noodles, soup etc.₹ 625₹ 1195Buy On
- 55% OFF
Glun Multipurpose Portable Electronic Digital Weighing Scale Weight Machine (10 Kg - with Back Light)₹ 356₹ 798Buy On
- 67% OFF
VR 18 Pcs - 3 Different Size Plastic Food Snack Bag Pouch Clip Sealer Large, Medium, Small Plastic Snack Seal Sealing Bag Clips Vacuum Sealer (Set of 18, Multi-Color) (Multicolor)₹ 99₹ 299Buy On
- 40% OFF
Prestige Electric Kettle PKOSS - 1500watts, Steel (1.5Ltr), Black₹ 745₹ 1245Buy On
- 56% OFF
Pigeon by Stovekraft Cruise 1800 watt Induction Cooktop (Black)₹ 1399₹ 3193Buy On
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.
TOP VIDEOS FOR YOU“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.
AdvertisementTill 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.
AdvertisementAnd with the second wave unlocking almost done, the used car market is all set to recover faster than new sales, says a GlobalData report.
A recent report by P&S Intelligence suggests that the used car market in India will cross the $70 billion mark by 2030.
WhatsApp multi-device beta – here’s how it works and how you can get it
IT engineers, web developers and more — State governments are inviting applications for paid internships
Allegations of surveillance on specific people has no concrete basis or truth, says Indian government
- The Tokyo Olympics are a hive of NFT activity — from pins to moments to artwork
- Twitter is rolling out an update to make Twitter Spaces easier to share and discover
- Tencent and Alibaba Group have lost more than $100 billion in July as China cracked down on internet giants
- Cadbury Dairy Milk's next phase of 'heart the hate' campaign urges bystanders to stand up against cyberbullying by sharing a Purple Heart
- Coinbase, CoinDCX, WazirX and other crypto firms aren’t just looking for engineers but designers, social media wizards, and managers too