Spinny, an online platform for selling used cars, announced it has raised $43.7 million Series-B funding led by Fundamentum Partnership along with US-based General Catalyst Partners, South Korea-based KB Financial Group. Existing investors such as Accel, SAIF Partners and Alteria Capital also participated in the funding round.
Post funding, the company is valued at nearly $140-$150 million, people familiar with the matter said. Till now, it has managed to raise about $57 million.
Spinny will use the funds to invest in technology, strengthen business teams and expand to newer cities, the company said in a statement. The company has presence in four cities and has sold close to 10,000 cars through its platform.
“With the increase in disposable income levels and evolving consumer demand, we want to be the market leader in the organized used car market segment, and provide our customers a completely trustworthy and hassle-free buying experience,” Niraj Singh, Co-Founder and CEO of Spinny, said.
“I like full stack businesses that are building competitive differentiation as they scale,” said Nandan Nilekani, Co-founder and Chairman, Fundamentum. Ashish Kumar, Partner at Fundamentum, will join Spinny’s board.
Spinny was founded in 2015. It is an online marketplace for pre-owned cars that operates across the entire value chain. The platform’s model allows customers to discover cars on its website and make the final purchase offline at a Spinny Car Hub. Spinny faces a strong competition from Cars24, CarDekho, Droom and Olx.
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