Used car retailing platform Spinny on Monday announced that it has raised $108 million in its Series D round from new and existing investors, led by leading investment firm Tiger Global.
The company said that fresh funds will be deployed towards stepping up the customer experience, strengthening technology and product capabilities, deepening market penetration in existing markets, and building teams across functions.
The latest round included a primary capital infusion of Rs 105 million and a secondary sale of Rs 3 million by select angels and early-stage investors. A new investor in the round is New York-based Avenir Growth.
“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 CEO, Spinny.
With this, Spinny that was founded in 2015 has raised $230 million to date.
Spinny operates across the entire value chain of pre-owned cars, embedding superior technology and processes to deliver a premium experience to customers. Currently, the company has 15 car hubs that operate across eight cities.
Tiger Global also has a significant investment in US market leader Carvana which operates with a similar model.
Spinny’s previous round of Rs 65 million was led by General Catalyst in April.
Spinny acquired its rival Truebil late last year that operates as an independent brand, focusing on providing affordable pre-owned vehicle options in lower-budget categories.
Approximately 4.5 million used/pre-owned cars were sold in India in CY19 and the market is growing at 12 per cent CAGR.
Source: IANS
