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Grapevine: Norwest, others to pile into used car retailer Spinny
Photo Credit: VCCircle

Three new investors as well as two existing investors are participating in a $50 million (Rs 357 crore at current exchange rate) oversubscribed round in online used car retailer Spinny, people aware of the matter told Mint.

The new investors are growth equity firm Norwest Venture Partners, US venture fund General Catalyst, and Fundamentum, a fund set up by Infosys chairman Nandan Nilekani and former Helion Ventures partner Sanjeev Aggarwal, they added. While General Catalyst will write a smaller cheque, Norwest is expected to invest about $10 million, with the round being split into two tranches because of investor interest, the persons added.

The round will value Spinny, owned by Valuedrive Technologies Pvt. Ltd, at around $150 million. Existing investors in the round are Blume Ventures and SAIF Partners.

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