Funding
Spinny raises $108 million led by Tiger Global
By Startup Enthusiast ·
- Date
- Company
- Spinny
- What it does
- Tiger Global, Avenir Growth
- Kind
- Funding
- Amount
- $108 million
- Stage
- Series D
- Based in
- Gurugram
- Founded
- 2015
What they do
Tiger Global led a $108 million (about Rs 800 crore) Series D, with New York’s Avenir Growth joining as a new investor
What happened
Of the total, $105 million was fresh money and $3 million went to early angels and seed investors selling shares
Why it matters
With this round, Spinny had raised about $230 million, only three months after its Series C
The details
- Spinny raised $108 million in Series D.
- Tiger Global led; Avenir Growth joined.
- $105 million primary, $3 million secondary.
- Total raised about $230 million.
- Existing investor General Catalyst took part.
The bigger picture
- It showed how fast money was flowing into used-car platforms in 2021.
- It set up the unicorn round later that year.
- Early backers got a chance to sell some shares.
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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