Spinny, a platform for selling used cars online, has raised $108Mn in a funding round led by Tiger Global and New York-based Avenir Growth.
The Series D funding round is a mix of $105Mn primary capital infusion and a secondary share sale worth $3Mn. Tiger Global has invested $75Mn into the company, while Avenir Growth took care of the rest of the $20Mn. Apart from these two, existing investor General Catalyst also participated in the round, among others.
“We are delighted to have new partners on board our rocketship, in Tiger Global and Avenir Growth, and are thankful to our existing investors Accel Partners, Elevation Capital, General Catalyst, the Fundamentum Partnership, and others for their belief in our vision and tremendous support in building the platform,” Niraj Singh, Founder and CEO, Spinny said.
This comes at the heels of a Series C funding round, which saw the company raise $65 Mn back in April.
Spinny operates a pre owned car retail platform, allowing users to sell their second hand cars through its Online to Offline model. What this means is that a seller can post a classified for his/her automobile on Spinny’s website, which will then become available for potential buyers to scroll through. Then, if interested, buyers can make the final purchase at one of Spinny’s offline hub, thus ensuring customer satisfaction and providing the physical, in person experience that can make or break a deal.
It started of as a listing platform, but later took on the entire process of buying and selling a car, cutting out the need for any middlemen.
Companies like CarDekho (which might be looking to enter the unicorn club with a fundraise of $150Mn) as well as Cars24 (with its goal of international expansion) have become prominent market players in India, and have worked towards revolutionizing the used car selling market in India.
However, while there are a lot of competitors in the sphere, many customers still trust the usual ‘go check out a garage’ mode of buying second hand automobiles. Thus, by merging offline and online, Spinny plans to build the most trusted car retailing platform in the country.
Now, the company plans to use these new funds to penetrate deeper into existing markets, enter new regions, hire more manpower and expand technology and product capabilities.
