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India’s Spinny raises $65 million to expand its online platform for selling used cars Hundreds of thousands of used cars are sold in India each month. But buying one through the offline and traditional channel could prove to be a painstakingly long and high-risk process. A Gurgaon-based startup that is attempting to improve this experience said on Thursday it has raised a new financing round. Spinny has raised $65 million in its Series C financing round, the five-year-old Indian startup said. The new round was led by Silicon Valley-headquartered venture firm General Catalyst, while Feroz Dewan’s Arena Holdings, Think Investments, and existing investors Fundamentum Partnership backed by tech veterans Nandan Nilekani and Sanjeev Aggarwal and Elevation Partners participated in it. ....
Online used car retailing platform Spinny raises $65 million in funding round PTI Mumbai | Updated on × The Series C funding round saw participation from new investors including Feroz Dewan’s Arena Holdings, and Think Investments. Spinny, an online platform for selling pre-owned cars, has raised $65 million in a funding round, led by Silicon Valley-based venture capital firm General Catalyst. The Series C funding round saw participation from new investors including Feroz Dewan’s Arena Holdings, and Think Investments. In addition, existing investors Elevation Partners (previously SAIF Partners) and the Fundamentum Partnership, among others, also participated in the funding round, Spinny said in a release. ....
We ll soon meet in your inbox. Please wait. So far, the startup has raised more than $120 million, including the latest round. Founded in 2015, Spinny pivoted from its customer-to-customer model to its current full-stack model, where it buys, refurbishes and sells used cars. The platform sells close to 1,500 cars every month and is growing at a steady rate of 15-16% month-on-month, founder and chief executive officer Niraj Singh told ET. By the end of the year, Singh said, Spinny wants to nearly treble its current volume. Spinny will deploy the fresh funding for improving customer experience, expanding into new markets, strengthening technology and product capabilities, launching new business categories, and building teams across functions. ....
[Funding alert] Online used car retailing startup Spinny raises $65 M in Series C round led by General Catalys yourstory.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yourstory.com Daily Mail and Mail on Sunday newspapers.
Online used car retailing platform Spinny raises $65 mn in funding round business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.