Funding
Spinny raises $65 million led by General Catalyst
By Startup Enthusiast ·
- Date
- Company
- Spinny
- What it does
- General Catalyst
- Kind
- Funding
- Amount
- $65 million
- Stage
- Series C
- Based in
- Gurugram
- Founded
- 2015
What they do
General Catalyst led a $65 million Series C, with new backers Arena Holdings of Feroz Dewan and Think Investments
What happened
Existing investors Fundamentum Partnership and Elevation Capital, earlier called SAIF Partners, also put in money
Why it matters
The round lifted Spinny’s total funding past $120 million as online used-car buying picked up after lockdowns
The details
- Spinny raised $65 million in Series C.
- General Catalyst led.
- Arena Holdings and Think Investments were new.
- Fundamentum and Elevation Capital returned.
- Total raised passed $120 million.
The bigger picture
- Demand for personal cars rose during the pandemic.
- It was the first of three rounds in 2021.
- It paid for expansion to new markets.
About the business
- Spinny buys, checks and resells used cars online and through its own car hubs.
- Almost all revenue (about 98%) comes from selling cars; the rest from commissions, services and ads.
- It also runs car loans, the GoMechanic servicing business and the Autocar India titles.
Investors
Founders
- Niraj Singh, Founder and CEO
- Mohit Gupta, Co-founder
- Ramanshu Mahaur, Co-founder and CTO
About Spinny
- Product
- A platform that helps consumers buy, sell, and exchange used cars.
- Customers
- Individual car buyers and sellers, plus dealers and OEM partners.
- How it makes money
- It earns from car sale margins, exchange activity, and related services such as financing and warranties.
- What sets it apart
- Certified inspection and a managed, end-to-end transaction experience.
- Operations
- Operates an inventory-backed and platform-assisted used-car retail network.
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