[Funding alert] Used car retailing startup Spinny raises $13.2M in Series A co-led by Accel & SAIF
Founded by Niraj Singh, Mohit Gupta, and Ramanshu Mahaur in 2015, Spinny will use the funds for strengthening the team across functions, improving inventory assortment, and expanding its coverage to newer locations.
Gurugram-based Spinny, a startup in the used car space, has raised $13.2 million in Series A funding round led by Accel and SAIF Partners with participation from existing investors Blume Ventures and Simile Ventures.
Raghunandan G (Co-Founder & ex-CEO Taxi For Sure) and Haresh Chawla (Partner at True North PE firm) also joined the round in their personal capacity. Venture debt fund Alteria Capital also participated in this round.
The company will utilise the raised funds for strengthening the team across functions, improving inventory assortment, and expanding Spinny’s coverage to newer locations.
As part of the funding deal, Anand Daniel (Partner with Accel) and Mukul Arora (Managing Director of SAIF Partners) will join the company's board of directors.
Niraj Singh, the Founder and CEO of Spinny, said,
“Solving for trust using technology and well-crafted processes has always been exciting for us, and cars represent an aspiration and a milestone for most people and we want to be a part of their daily lives.”
Founded by Niraj Singh, Mohit Gupta, and Ramanshu Mahaur in 2015, Spinny is currently active in Delhi NCR and has three car hubs, one each in Delhi, Gurgaon, and Noida. The startup is planning to open at least five more hubs by end of the year.
Spinny, which earlier operated as a C2C listing platform, now operates on a full-stack dealership model, using technology to source and maintain the right inventory to offer the best quality cars to its customers. Buyers can thus choose from a wide pool of non-accidental, non-meter-tampered, thoroughly inspected, high-quality cars, the company said.
Spinny, which is operated by Yellow Drive Technologies Pvt. Ltd, raised $1 million (around Rs 6.4 crore) in a seed round of funding led by Blume Ventures in June 2017.
In June 2016, Spinny had acquired Gurgaon-based Hopcar, another startup in the same industry.
It competes with the likes of Cars24, CarDekho, CarTrade, and Droom among others. In January 2019, CarDekho secured Series C funding of $110 million from Sequoia India, Hillhouse, CapitalG (Alphabet growth investment arm), and Axis Bank. Cars24 also received a funding of Rs 77.58 crore from its Singapore parent Global Car Group in April this year.