Spinny, an online platform for used used cars, has raised USD 108 million (approximately Rs 807 crore) in a financial cycle led by Tiger Global and Avenir Growth based in New York.
The latest round of investment in Spinny is approaching the heels of USD 65 million invested in the company in the Series C round in April this year.
“Spinny is announcing the closure of the USD 108 million Series D funding cycle from new and existing investors. The cycle was led by New York-based Tiger Global and Avenir Growth,” the company said.
The latest round includes a total investment of USD 105-million and a second sale of USD 3-million by selected angels and initial investors, the company said in a statement.
Tiger Global and Avenir Growth have invested USD 75-million and USD 20-million, respectively, around, in addition.
Spinny raises $ 108 million in funding from Tiger Global, Avenir Growth
The latest round of investment in Spinny is approaching the heels of USD 65 million invested in the company in the Series C round in April this year.
Spinny, an online platform for used used cars, has raised USD 108 million (approximately Rs 807 crore) in a financial cycle led by Tiger Global and Avenir Growth based in New York.
The latest round of investment in Spinny is approaching the heels of USD 65 million invested in the company in the Series C round in April this year.
“Spinny is announcing the closure of the USD 108 million Series D funding cycle from new and existing investors. The cycle was led by New York-based Tiger Global and Avenir Growth,” the company said.
The latest round includes a total investment of USD 105-million and a second sale of USD 3-million by selected angels and initial investors, the company said in a statement.
Tiger Global and Avenir Growth have invested USD 75-million and USD 20-million, respectively, around, in addition.
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The amount Spinny has raised so far is USD 230 million, the company said.
Tiger Global is a supporter of many Indian birds such as Flipkart, Byju ‘, MakeMyTrip, and Zomato and its investment in Spinny is considered a strong start-up guarantee, as it is also a major investment for US market leader Carvana, working with the same model, the company said.
Spinny said in addition to these two investors, the round also saw the participation of existing investor General Catalyst and others.
The new capital will be used to deepen existing market access, expand the space, increase staffing and strengthen technology and product skills, among others, Spinny said.
“We are delighted to have new partners working in our rocketship, Tiger Global and Avenir Growth, and we thank our existing investors Accel Partners, Elevation Capital, General Catalyst, Fundamentum Partnership, and others for their contribution to our vision and amazing support for building this platform. , ”said Niraj Singh, Founder and CEO, said Spinny.
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The company is in the process of building a more reliable and customer-centered product type – in a highly fragmented and unorganized market, says Singh, adding, “having a customer base has become our divider, and we will continue to focus on improving quality and managing skills.”
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, according to the release.
