India: Used car retailing startup Spinny snags $65m led by General Catalyst

Gurugram-based used car retailing platform Spinny on Thursday announced that it has raised $65 million in Series C funding led by Silicon Valley-based venture capital firm General Catalyst – an early backer of Airbnb, Stripe, Snapchat, Vroom, Cazoo, among others.

Other new investors in the round include Feroz Dewan’s Arena Holdings, and Think Investments. The round also saw participation of existing investors Elevation Capital, The Fundamentum Partnership, and others, Spinny said in a statement.

With the latest round, Spinny’s total funding till date stands at over $120 million, it added.

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.

“With the changing needs and expectations of the customer, Spinny’s full-stack capability allows us the control to set industry benchmarks in terms of a transparent and simple car buying and selling experience. 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 & CEO Niraj Singh 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.

According to Spinny, the lifting of the lockdown restrictions last year saw a major boost in car sales due to a change in personal transport preferences. Keen to capitalize on this strong tailwind, Spinny started operations in 4 more cities – Mumbai, Chennai, Kolkata, and Ahmedabad – in January 2021, taking its presence to the top 8 cities of India (including existing cities – Delhi NCR, Bengaluru, Hyderabad, and Pune).

Spinny had raised $43.7 million in a Series B funding round led by The Fundamentum Partnership, the growth-capital fund backed by Nandan Nilekani and Sanjeev Aggarwal in March last year. The financing had also seen participation of General Catalyst Partners, Korea-based KB Financial Group, Accel, SAIF Partners, and Alteria Capital.

In August 2020, the company had also acquired Mumbai-headquartered Truebil to solidify its position in the Indian used car market.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.