Mumbai
Spinny which is
a used car retailing platform has announced that it has received a funding of
$108 million in series D funding round from new and existing investors. This
funding round was led by Tiger Global which has backed many other Indian
unicorns like Zomato, Flipkart, Byju’s, and MakeMyTrip. A new investor has also
been added to the list which is Avenir Growth, a New York-based investor. The
latest round of funding included a primary capital infusion of $105 Million and
a second round of $3 Million by select angels and early-stage investors. As per
the reports, Tiger Global and Avenir Growth have invested $75 million and $20
million. The total fund raised by the company amounted to $230 million.
It is believed
that this new capital that the company has raised will be used in further enhancing
the experience of the customers, strengthening technology and product
capabilities, building teams across the nation, and deepening market
penetration in existing markets.
According to
Niraj Singh, Founder & CEO, Spinny, the company wants to build the most
trusted and customer-loving brand in the fragmented and unorganized markets. The company
has a customer-first approach and wants to improve the overall quality and
experience control capabilities. The company is delighted to have new partners
on board, he added.
Source – Press release of "Spinny"
Image Source: Press release of "Spinny"
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