Full stack used car retailing platform Spinny has announced the closure of $65 million Series C funding round from new and existing investors.
The funding round was led by silicon valley based venture capital firm General Catalyst – early backers of Airbnb, Stripe, Snapchat, Vroom, Cazoo, etc, the startup said in a statement.
Other new investors in the round include Feroz Dewan’s Arena Holdings, and Think Investments. In addition to these, the round saw participation from existing investors Elevation Capital, The Fundamentum Partnership, and others.
The additional funding takes the overall funds raised by Spinny till date to more than $120 million.
The newly raised capital will be deployed towards improving customer experience, expanding in new markets, strengthening technology and product capabilities, launching new business categories, and building teams across functions, the company said.
A portion of the proceeds from the round will also be utilised to provide exits to few seed and pre seed-stage investors of the company, it added.
“The proceeds from the new round of funding will enable us to further strengthen our quality and experience control capabilities and to experiment and build new product categories,” Spinny Founder and Chief Executive Officer Niraj Singh said.
While the auto market saw a dip in sales volumes during the COVID’19 lockdown, the lifting of the lockdown restrictions saw a major boost in car sales due to a change in personal transport preferences, it said.
Keen to capitalize on this strong tailwind, Spinny started operations in four more cities – Mumbai, Chennai, Kolkata, and Ahmedabad – in January this year, taking its presence to the top eight cities of India, including existing cities – Delhi NCR, Bengaluru, Hyderabad, and Pune.
Last year, Spinny had acquired Mumbai headquartered Truebil to solidify its position in the Indian used car market.
“The used car market in India is huge and ripe for reinvention. We believe Spinny is uniquely positioned to tap this opportunity… As long time investors, we’ve been impressed by how Spinny is reinventing every part of the buying process – injecting trust and safety into every aspect of the customer experience,” General Partner at General Catalyst Adam Valkin said.