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Spinny, a used-car retailing platform in India, has raised $108 million in its Series D funding round from new and existing investors, led by Tiger Global. Another new investor in the round is New York-based Avenir Growth. I
In addition to these, the round saw participation from existing investor General Catalyst and others. The latest round includes a primary capital infusion of $105 million and a secondary sale of $3 million by select angels and early-stage investors. Tiger Global and Avenir Growth invested $75 million and $20 million, respectively in the round. The overall funds raised by Spinny to date amount to $230 million.
Fund deployment
“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 also aims to increase its geographic footprint in the country,” said a press release.
Commenting on this development, Niraj Singh, Founder and CEO, Spinny said, “We are on a mission to build the most trusted and customer loving brand in a highly fragmented and unorganised market, known for its notoriety. Having a customer-first approach has been our differentiator, and we will continue to focus on improving our quality and experience control capabilities.”
Tiger Global’s investment in Spinny is being seen as a strong validation for the startup, as it also has a significant investment in US market leader Carvana which operates with a similar model. Spinny’s previous round of $65 million was led by General Catalyst just two months ago in April 2021. General Catalyst is also an investor in similar businesses Vroom and Cazoo in the US and UK, respectively.
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