Tiger Global leads Series D funding in pre-owned cars platform Spinny
Photo Credit: Pixabay

Pre-owned cars platform Spinny has raised Rs 771.5 crore ($103.3 million) in a new funding round led by Tiger Global Management, just months after it closed its Series C funding earlier in April.

Tiger Global alone brought in Rs 551 crore as part of the Series D funding round, as per filings with the Registrar of Companies (RoC).

New York based private investment firm Avenir Growth invested Rs 124.8 crore, and Kaiser Foundation and Kaiser Permanente together put in Rs 73.5 crore.

Venture capital firm FJ Labs pooled in Rs 14.7 crore and General Catalyst contributed Rs 7.35 crore to this round.

In April, General Catalyst led the Series C funding round of $65 million in Spinny. Feroz Dewan’s Arena Holdings and Think Investments had also joined as new investors then while existing investors Elevation Capital (formerly SAIF Partners) and Fundamentum Partnership participated in that round.

News website Entrackr first flagged the development.

Spinny, operated by Valuedrive Technologies Pvt Ltd, was founded in 2015 by Neeraj Singh, Mohit Gupta and Ramanshu Mahuar.

It has 16 car hubs that operate across eight regions -- Delhi-NCR, Bengaluru, Mumbai, Pune, Hyderabad, Chennai, Kolkata, and Ahmedabad.

The back-to-back Series C and Series D funding round for Spinny comes after it acquired rival Truebil in a cash-and-equity deal in August last year. That came just months after the pre-owned cars platform had raised $43.7 million in its Series B funding led by Fundamentum Partnership. https://www.vccircle.com/nandan-nilekani-s-fundamentum-fires-up-used-car-retailer-spinny-with-series-b-cheque/

Prior to this, Spinny raised around $13.2 million in a Series A round led by Elevation Capital and Accel in 2019.

The platform raised $1 million (around Rs 6.4 crore) in a seed round led by Blume Ventures in June 2017.  

The used cars segment in India has received significant investor interest even during the pandemic.

In November last year, Cars24 raised $200 million (Rs 1,480.9 crore) as part of its Series E funding round. This catapulted the firm to the unicorn club featuring startups with a valuation of at least $1 billion.

In June last year, CarTrade.com raised Rs 321 crore ($42.5 million) from two existing investors.

This year, Tiger Global stormed into the second spot of the most active VC list, toppling Accel.

The US based investment firm is writing cheques at a frenetic pace this year. In its ongoing second investing season in India’s startup market after a three-year hiatus till December 2018, Tiger Global has more or less stuck to its traditional playbook, according to a recent VCCircle analysis.

Tiger Global's new investments this year include bets such as group health insurance startup Plum, investment platform Groww, conversational messaging platform Gupshup Technology India Pvt Ltd, and Indian social network ShareChat.

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