Tiger Global leads $104m funding in Indian used car retailer Spinny

Cars on Howrah Bridge. Photo: Rohit Arora/unsplash

New York-based investment firm Tiger Global has led a $104-million (Rs 771 crore) Series D funding round in Gurugram-based used car retailer Spinny.

The board of Spinny has passed the resolution to allot 83,754 Series D preference shares and 20 equity shares at an issue price of Rs 92,122.93 per share to raise the aforesaid amount, according to the company’s latest filings sourced by paper.vc.

Tiger Global has alone invested about Rs 551 crore or $74 million in the round.
Avenir Growth contributed Rs 124.8 crore to the financing while Kaiser Foundation and Kaiser Permanente together pumped in Rs 73.5 crore. FJ Labs and General Catalyst were, too, part of the financing.

The development was first reported by Entrackr.

The latest funding comes in about four months of the startup raising $65 million in Series C funding led by Silicon Valley-based venture capital firm General Catalyst. New investors in that round include Feroz Dewan’s Arena Holdings and Think Investments. The round also saw the participation of existing investors Elevation Capital, The Fundamentum Partnership, and others.

Spinny’s total funding to date stands at over $120 million.

Founded in 2015 by Niraj Singh, Mohit Gupta and Ramanshu Mahuar, Spinny’s online-to-offline (O2O) model allows customers to discover cars online on Spinny’s website and make the final purchase offline at a Spinny Car Hub.

Tiger Global has been aggressively deploying capital in India. Last week, Tiger had led a $144-million funding round in social e-commerce startup DealShare. It also led a $65 million Series C round in edtech startup Classplus last month.

Its other investments include car services startup GoMechanic, fintech startup Progcap, hiring app Apna, health insurance startup Plum, and microblogging platform Koo.

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.