Spinny bags USD 108 million in Tiger Global-led Series D funding round
Category: #business  By Pranali Mehta  Date: 2021-07-20
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Spinny bags USD 108 million in Tiger Global-led Series D funding round

Gurugram-based car selling platform Spinny has reportedly secured 108 million in Series D funding round which was led by Tiger Global Management LLC and Avenir Growth Capital. The funding round also saw participation from existing investors such as Fundamentum Partnership, Accel, Elevation Capital, and General Catalyst among others.

According to reliable sources, Spinny will use the fresh funds will be used to hire new talent, enhance technology and product capabilities and expand the company’s geographical footprint. It will also allow the platform to improve penetration in existing markets. 

For the record, Spinny was founded in 2015 in Harayana. It has 15 car hubs that operate across eight cites- Ahmedabad, Delhi NCR, Mumbai, Bangalore, Pune, Chennai, Hyderabad, and Kolkata. The company follows an Online-to-Offline model. 

Customers can discover used cars on Spinny’s platform and can schedule a visit to one of the company’s many car hubs for a test drive. They can also request for a doorstep test drive.

According to the company, the latest round involves a primary capital infusion of around USD 105 million as well as a secondary sale of approximately USD 3 million, predominantly by few angels as well as early-stage investors.

Avenir Growth Capital and Tiger Global Management LLC have invested USD 20 million and USD 75 million respectively, cited sources with relevant information.

Founder and CEO of Spinny, Niraj Singh was quoted saying that the company aims to build a customer loving brand that users can trust. He further added that, Spinny follows a customer-first approach and the fresh funds will allow the company to enhance their quality and experience control capability.

Earlier, Spinny had raised USD 65 million in the Series C funding round led by General Catalyst which was held in April 2021. The startup has bagged USD 230 million cumulatively till date.

Source Credits—

https://www.moneycontrol.com/news/business/spinny-raises-108-million-in-funding-led-by-tiger-global-avenir-growth-7190841.html

 

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About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

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