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Business News
Spinny raises USD 108 mn in funding led by Tiger Global, Avenir Growth
 
Mumbai, Jul 19 (PTI) Spinny, an online platform for selling used cars, has raised USD 108 million (around Rs 807 crore) in a funding round led by Tiger Global and New York-based Avenir Growth.

The latest round of capital infusion in Spinny comes close on the heels of USD 65 million funds injected in the company in the Series C round in April this year.

"Spinny announces the closure of a USD 108 million Series D funding round from new and existing investors. The round was led by Tiger Global and New York-based Avenir Growth," a company release said.

The latest round includes a primary capital infusion of USD 105-million and a secondary sale of USD 3-million by select angels and early-stage investors, a company statement said.

Tiger Global and Avenir Growth invested USD 75-million and USD 20-million, respectively, in the round, it added.

The overall funds raised by Spinny till date stands at USD 230 million, the company said.

Tiger Global is the backer of multiple Indian unicorns such as Flipkart, Byju's, MakeMyTrip, and Zomato and its 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, the company said.

Spinny said in addition to these two investors, the round also saw participation from existing investor General Catalyst and others.

The fresh capital will be utilized in deepening market penetration in existing markets, expanding geographic footprint, scaling up manpower and strengthening technology and product capabilities, among others, Spinny said.

"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.

The company is on a mission to build the most trusted and customer loving brand - in a highly fragmented and unorganized market, Singh said, adding, "having a customer-first approach has been our differentiator, and we will continue to focus on improving our quality and experience control capabilities."

Spinny's previous round of USD 65 million was led by General Catalyst. General Catalyst is also an investor in similar businesses Vroom and Cazoo in the US and UK, respectively, said the release.


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