Spinny, an online platform for selling used cars, has raised $108 million (around Rs 807 crore) in a funding round led by Tiger Global and New York-based Avenir Growth, along with participation of existing investor General Catalyst and others.
The fundraising comes close on the heels of a $65-million Series C round in April this year. "Spinny announces the closure of a $108 million Series D funding round from new and existing investors. The round was led by Tiger Global and New York-based Avenir Growth," according to a statement Monday. The latest round includes a primary capital infusion of $105 million and a secondary sale of $3 million by select angels and early-stage investors. Tiger Global and Avenir Growth have invested $75 million and $20 million, respectively, in the round.
The overall funds raised by Spinny till date stands at $230 million.
Tiger Global is the backer of multiple Indian unicorns such as Flipkart, Byju's, MakeMyTrip, and Zomato and its investment in Spinny is being seen as a strong validation for the startup, as it also has a significant investment in US market leader Carvana, which operates with a similar model.
The fresh capital will be utilised in deepening market penetration in existing markets, expanding geographic footprint, scaling manpower and strengthening technology and product capabilities, among others, Spinny said in the statement.
"We are delighted to have new partners on board our rocketship, in Tiger Global and Avenir Growth, and are thankful to our existing investors Accel, Elevation Capital, General Catalyst, the Fundamentum Partnership, and others for their belief in our vision and tremendous support in building the platform," said Niraj Singh, founder and chief executive officer, Spinny.
The company is on a mission to build the most trusted and customer-loving brand in a highly fragmented and unorganised market, Singh said, adding, "having a customer-first approach has been our differentiator, and we will continue to focus on improving our quality and experience control capabilities."
Spinny's previous round of $65 million was led by General Catalyst. General Catalyst is also an investor in similar businesses Vroom and Cazoo in the US and UK, respectively, said the release.