Spinny, a full-stack platform for used-car sales, has secured over $100 million in a Series D round led by Tiger Global.
After only a short three-month wait, the Gurugram-based company, which raised $65 million in its Series C in April, has closed on a new round of funding.
Indian Spinny 100M Series Global 220M Upadhyayentrackr
In order to raise Rs 771 crore, or $105 million, regulatory documents show that Spinny’s board has approved the allotment of 83,754 Series D preference Shares and 20 equity shares at an issue price of Rs 92,122.93 per share.
Approximately $75 million has been invested by Tiger Global, with subsequent investments of $17 million and $10 million from Avenir Growth and General Catalyst, respectively. The remaining funding has been contributed by FJ Labs and GC DF Ventures.
In light of the fact that Spinny has previously raised financing at a valuation of more than $350 million, the rumour that the company was negotiating to do so at a valuation of $800 million is not surprising.
Secondary market transactions allowed investors to acquire shares in addition to the primary capital. An anonymous source has revealed that Avenir has acquired $3 million in shares from a group of “early angels” and Simile Ventures.
General Catalyst, Think Investments,
The Fundamentum Partnership, Accel Partners, and Elevation Capital are among the investors who contributed to the round, bringing the total funding for the six-year-old firm to over $220 million.
One such company is Spinny, a business based in Gurgaon that provides a marketplace for buying and selling pre-owned automobiles.
According to a source speaking with TechCrunch, Spinny has successfully raised over $280 million in its Series E funding round. According to the source, Spinny will be valued at over $1.75 billion after this round of funding is completed, which is being spearheaded by Tiger Global and Abu Dhabi Growth Fund.
Spinny has just Successfully Completed its Third Financing round of 2018.
The company’s valuation increased from $350 million in April to nearly $700 million in July.
Spinny has expanded rapidly over the past few quarters, going from serving only a handful of Indian cities to a total of fifteen in just over a year.
The insider, who requested anonymity since the numbers are not public, claimed that the startup had quadrupled its revenue this calendar year.
There was no quick response from Spinny, which counts Blume Ventures, Elevation Capital, and Accel among its existing backers. The fundraising round was initially reported by the Indian news outlet Entrackr.
In India, Hundreds of Thousands of pre-owned Vehicles change Hands Monthly.
However, acquiring them via conventional offline channels may be time-consuming and fraught with danger.
Spinny co-founder and CEO Niraj Singh told TechCrunch earlier this year that building trust is one of the biggest obstacles to buying a secondhand car.