Used car retailing platform Spinny raises $13.2m led by SAIF Partners, Accel

Photo: Reuters

Valuedrive Technologies, which owns and operates used car retailing platform Spinny, has raised $13.2 million in a Series A round of funding, led by venture capital firms SAIF Partners and Accel Partners. 

The round also saw participation from existing investors such as Blume Ventures and Simile Ventures, while venture debt firm Alteria Capital provided debt, the startup said in a statement. Raghunandan G, co-founder and former CEO of Taxi For Sure, and Haresh Chawla, partner at True North PE firm, also joined the round in their personal capacity.

As part of the investment, Anand Daniel of Accel and Mukul Arora of SAIF will join Spinny’s board of directors.

The funds raised will be used for strengthening the team across functions, improving inventory assortment and expanding Spinny’s coverage to newer locations, said a press statement.

“The Indian used car market is a significant opportunity but needs fulfilment as well as discovery for total customer satisfaction. We are very happy to support Niraj and the Spinny team as they grow quickly across various Indian cities and build a strong pan India brand,”Vinod Murali, managing partner at Alteria Capital, said.

Founded by Niraj Singh, Mohit Gupta and Ramanshu Mahaur in 2015, Spinny started as a C2C marketplace. Currently, it operates on a full-stack dealership model, using technology to source and maintain the right inventory.

The startup is currently active in Delhi NCR and has three car hubs one each in Delhi, Gurgaon and Noida. It is planning to open at least five more hubs by end of the year.

The used car market in India is currently valued at ~$25 billion and has been estimated to grow at a CAGR of ~15% to reach a market size north of $60 billion over the next five years.

“Used cars is a massive market, but buying a used car remains a painful experience, and the buyer is always worried about getting cheated. Spinny follows a full-stack approach which ensures that customers get what they are promised,” Mukul Arora, managing director at SAIF Partners said.

 

Singapore Reporter/s

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

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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.