Spinny Bags $65 Million Series C Funding
Gurugram: Pre-owned cars platform Spinny today said it has raised $65 million (Rs 481.7 crore) as part of its Series C round from new and existing investors.
Silicon Valley-based venture capital firm General Catalyst, an early backer of startups such as Airbnb, Stripe, and Snapchat, led the round, said Spinny in a statement.
Feroz Dewan’s Arena Holdings and Think Investments also joined as new investors, it added.
Existing investors Elevation Capital (formerly SAIF Partners) and Fundamentum Partnership participated in this round.
With this funding, Spinny has raised a total of more than $120 million.
A portion of the fresh capital will be used to facilitate exits for a few seed and pre-seed-stage investors. Money will also be deployed to launch new business categories and build teams across functions.
Spinny, operated by Yellow Drive Technologies Pvt Ltd, was founded in 2015 by Neeraj Singh, Mohit Gupta, and Ramanshu Mahuar.
It has 16 car hubs that operate across eight regions — Delhi-NCR, Bengaluru, Mumbai, Pune, Hyderabad, Chennai, Kolkata, and Ahmedabad.
The Series C fundraise comes after Spinny acquired rival Truebil in a cash-and-equity deal in August last year. This came just months after the pre-owned car’s platform had raised $43.7 million in its Series B funding led by Fundamentum Partnership.
