Tiger Global leads $104m funding in Indian used car retailer Spinny
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The Station: The biggest SPAC ever and reading the micromobility permit tea leaves
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Hi there, new and returning readers. This is The Station, a weekly newsletter dedicated to all the ways people and packages move (today and in the future) from Point A to Point B.
Before jump into micromobbin’ and the rest, I wanted to point you to another Extra Crunch piece, this time a deep dive into second-life batteries. As Aria Alamalhodaei reports:
The average electric vehicle lithium-ion battery can retain up to 70% of its charging capacity after being removed. The business proposition for second-life batteries is therefore intuitive: Before sending the battery to a recycler, automakers can potentially generate additional revenue by putting it to use in another application or selling it to a third party.
India: Used car retailing startup Spinny snags $65m led by General Catalyst
April 9, 2021
Gurugram-based used car retailing platform Spinny on Thursday announced that it has raised $65 million in Series C funding led by Silicon Valley-based venture capital firm General Catalyst – an early backer of Airbnb, Stripe, Snapchat, Vroom, Cazoo, among others.
Other new investors in the round include Feroz Dewan’s Arena Holdings, and Think Investments. The round also saw participation of existing investors Elevation Capital, The Fundamentum Partnership, and others, Spinny said in a statement.
With the latest round, Spinny’s total funding till date stands at over $120 million, it added.