Gurugram-Based Online Used Car Retailing Startup Spinny Raises $65 M In Series C Round
Spinny, a Gurugram-based online used car retailing platform, has raised $65 million in a Series C funding round led by silicon valley based venture capital firm General Catalyst.
Other new investors in the round include Think Investments and Feroz Dewan’s Arena Holdings.
Also, existing investors Elevation Capital, the Fundamentum Partnership, and others participated in the round.
As per the company, the newly raised capital will be deployed towards improving customer experience, expanding in new markets, strengthening technology and product capabilities, launching new business categories, and building teams across functions.
Spinny will also use a part of raised funds to provide exits to a few seed and pre seed-stage investors of the company.
Started by Niraj Singh, Mohit Gupta, and Ramanshu Mahaur in 2015, Spinny is a new age used car end-to-end platform in India. Using a full-stack business model to offer value, transparency, and simplicity to its customers, Spinny helps its customers purchase a car that matches their aspirations with absolute confidence and complete peace of mind.
Talking about the funding, Niraj Singh, founder and CEO of Spinny, said,
“With the changing needs and expectations of the customer, Spinny’s full-stack capability allows us the control to set industry benchmarks in terms of a transparent and simple car buying and selling experience. We are super excited to see our existing investor General Catalyst double down on their conviction and lead this round.”
Spinny is currently operating in Delhi-NCR, Bengaluru, Hyderabad, Pune, Mumbai, Kolkata, Chennai and Ahmedabad.
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