Spinny secures $65 million in Series C funding to boost market reach

Gurugram-based online platform for trading used cars, Spinny has recently raised USD 65 million in Series C funding round led by General Catalyst, a Silicon Valley-based venture capital firm. The financing round also witnessed participation from new investors including Think Investments and Arena Holdings.

In addition to this, some of the existing investors like Fundamentum Partnership and Elevation Partners also participated in the funding round.

As per official sources, the fresh capital raised would be used for expanding the company’s presence into new markets, product diversifications, strengthening of technology, building teams across functions, and unveiling new business categories. Moreover, a significant share of the financing would further be used to offer exits to few seed and pre-seed stage investors.

It was mentioned in a press release that Spinny has announced the closure of its recent funding round adding that the additional capital infusion brings up the overall funds raised by the company to date to more than $120 million.

Speculations have it that Spinny had in March 2020 secured funding of USD 43.7 million in its Series B round from a host of investors led by Fundamentum Partnership.

Speaking on the latest financing round, Founder and CEO of Spinny, Niraj Singh, cited that the proceeds from the new round would allow the firm to further bolster its quality and experience control capabilities, while further building new product categories.

Meanwhile, one of the leading financers of the latest funding round, Adam Valkin, a General Partner at General Catalyst, quoted that the used car market in India is expanding at an unprecedented pace today and Spinny is leveraging the benefits out of this to tap the used car industry business.

Adam added that as long time investors, the institution is impressed of the process how Spinny is reinventing every part of the buying and trading operation.

On the other hand, Mukul Arora, a Partner at Elevation Capital; a firm that invested lump sum in recent financing round for Spinny, stated it is privileged to stand as Spinny’s early partners and are highly elated to double down in the latest round.

Source Credit: https://www.moneycontrol.com/news/business/online-used-car-retailing-platform-spinny-raises-usd-65-mn-in-funding-round-6743341.html