Spinny works across the entire value chain of pre-owned cars, embedding superior technology and processes to deliver a premium experience to the customers. At present, the company has 15 car hubs that operate in eight cities.
Spinny
Used car retailing platform Spinny has reported that it has raised $108 million in a Series D round from new and existing investors led by leading investment firm Tiger Global. The company said that new funds will be invested to enhance customer experience, strengthen technology and production capabilities, increase market penetration in existing markets and build teams across various functions.
The latest round includes a primary funding of Rs 105 million and a secondary sale of $3 million by selected angle and early-stage investors. A new investor in the new round is New York-based Avenir Growth.
Spinny has raised $230 million so far
Neeraj Singh, Founder and CEO, Spinny said, “Our fast focus has been on the customer approach and we will continue to focus on improving our quality and experience control capabilities. With this, Spinny, which was founded in 2015, has raised $230 million to date.
Spinny works across the entire value chain of pre-owned cars, embedding superior technology and processes to deliver a premium experience to the customers. At present, the company has 15 car hubs that operate in eight cities.
Spinny sold around 4.5 million used cars in India in CY19
Tiger Global also has a significant investment in US market leader Carvana which operates with a similar model. Spinny’s previous round of Rs 6.5 crore was led by General Catalyst in April. Spinny acquired its rival Truebill late last year. It operates as an independent brand. Which focuses on providing affordable pre-owned vehicle options in the low budget categories. Around 4.5 million used/pre-owned cars were sold in India in CY19 and the market is growing at a CAGR of 12%.
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(Input-IANS)
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