Spinny raises over $100M led by Tiger Global.
Spinny 100M Tiger Global 220M Upadhyayentrackr
Spinny, a full-stack platform for selling old cars, has secured more than $100 million in a Series D round led by Tiger Global. The new round follows a short three-month wait for the Gurugram-based startup, which raised $65 million in its Series C in April.
According to regulatory documents, Spinny’s board of directors approved an offering of 83,754 Series D preference Shares and 20 equity shares at an issue price of Rs 92,122.93 per share, for a total of Rs 771 crore ($105 million).
Avenir Growth and General Catalyst have contributed $17 million and $10 million, respectively, after Tiger Global’s initial $75 million investment. The remaining funds have been contributed by FJ Labs and GC DF Ventures.
With its recent funding round at a valuation of over $350 million, it’s hardly unexpected that Spinny has been rumoured to be in negotiations to secure more capital at a valuation of $800 million.
In addition to the Initial Funding, Secondary Investors also Acquired shares
One of the anonymous individuals added, “Avenir has bought shares worth $3 million from a few early angels and Simile Ventures.”
The six-year-old firm has now raised over $220 million from investors like General Catalyst, Think Investments, The Fundamentum Partnership, Accel Partners, and Elevation Capital.
Spinny was established by Niraj Singh, Mohit Gupta, and Ramanshu Mahuar; the company’s Online-to-Offline (O2O) business strategy enables clients to browse for vehicles on their website before making the final purchase in one of its physical hubs.
The company asserts that they have found the optimal price for the car by cutting out the middlemen and local dealerships.
Spinny competes with CarDekho, Cars24, and a few others who have just entered the full-stack used car selling market by operating in eight cities, including Delhi-NCR, Bangalore, Mumbai, and Pune.
The Second-hand auto market is seeing a Flood of Investment Capital.
After joining the exclusive club of unicorns just last year, Cars24 is currently in talks to raise $250 million at a $2 billion valuation from Yuri Milner’s DST Global and other investors.
Trifecta Capital led a debt deal that brought in over $13 million for Cars24 last week. We at Entrackr were the first to break the news of the breakthrough. The Jaipur-based car-searching platform CarDekho is also contemplating joining the exclusive unicorn club by raising $150 million.