Spinny raises Series A funding from SAIF Partners, Accel

By Joseph Rai

  • 22 May 2019
Credit: VCCircle

Pre-owned cars platform Spinny has raised about Rs 92 crore ($13.2 million) in its Series A round of funding led by multi-stage investor SAIF Partners and venture capital firm Accel.

Venture debt firm Alteria Capital also participated in the funding round.

“The used-car market in India is a massive opportunity but needs fulfillment as well as discovery to ensure total customer satisfaction. Spinny is well poised to deliver this and we are happy to support the team as they expand across India,” Vinod Murali, co-founder and managing partner at Alteria, said in a statement.

Prominent individuals Raghunandan G, co-founder of ride-hailing company TaxiForSure that Ola acquired, and Haresh Chawla, a partner at private equity firm True North, also participated in the funding round.

Spinny, which is operated by ValueDrive Technologies Pvt. Ltd, will use part of the fresh capital to expand its presence in Bengaluru.

The startup was founded in 2015 by Niraj Singh, an alumnus of the Indian Institute of Technology-Delhi.

It had raised $1 million (around Rs 6.4 crore) in a seed round of funding led by Blume Ventures in June 2017. The Indian Angel Network and Freecharge co-founders Kunal Shah and Sandeep Tandon had also participated in the round then.

The used-car segment in India has a number of significantly funded firms like vertical players Cars24, CarTrade and CarDekho and horizontal players like Droom.

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