Spinny secures $108 million funding in its Series D round

Spinny, the used car retailing startup, has bagged $108 million in primary and secondary fund infusion as part of its Series D round led by New York-based Tiger Global Management.

New investor Avenir Growth also participated in the round, along with existing investor General Catalyst and others.

The latest round includes a primary capital infusion of $105 million and a secondary share sale worth $3 million by select angels and early-stage investors. It comes barely three months after the startup had raised $65 million as part of its Series C round led by General Catalyst.

With the recent fundraise the company values at around $800 million, said a person aware of the matter, on the condition of anonymity.

Tiger Global and Avenir Growth have poured in $75 million and $20 million, respectively, with existing investors contributing the rest.

The latest round takes the total funds raised till date by Spinny to $230 million.

The new fund will be invested to strengthen Spinny’s technology and product capabilities, while deepening its market penetration and expanding to new geographies in the country.

“We are on a mission to build the most trusted and customer-loving brand in a highly fragmented and unorganized 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," said Niraj Singh, founder and Chief Executive Officer, Spinny.

The startup is six years old and is a pre-owned car platform that leverages technology to bring about convenience in the buying and selling process of pre-owned cars.

Spinny operates on an online-to-offline (O2O) model, where discovery of cars happens online via Spinny’s website, and customers can either request a doorstep test drive or can schedule a visit to a Spinny car hub.

At present, the platform has 15 car hubs across eight cities, including Delhi-NCR, Bengaluru, Mumbai, Pune, Hyderabad, Chennai, Kolkata and Ahmedabad.