Indian used car marketplace Spinny raised $65 million in a Series C funding round led by Silicon Valley venture General Catalyst. Other investors that participated were Feroz Dewan’s Arena Holdings, Think Investments, and existing investors Fundamentum Partnership, and Elevation Capital.
With the new funding, which brings Spinny’s to-date raise to over $120 million, the startup is valued at about $350 million.
Spinny offers more than 2000 fully inspected used cars, a 5-day money-back guarantee, a 1-year warranty, test drives, and a fixed price assurance, according to its website, making the company evolve from a used cars marketplace to a full-stack platform.
“We believe Spinny is uniquely positioned to tap this opportunity–given their compelling leadership and their real market momentum. As long time investors, we’ve been impressed by how Spinny is reinventing every part of the buying process – injecting trust and safety into every aspect of the customer experience,” said Adam Valkin, General Partner at General Catalyst, in a statement.
The company operates in eleven Indian cities – Bangalore, Delhi, Gurgaon, Hyderabad, Noida, Pune, Mumbai, Chennai, Ahmedabad, Kolkata, and Loan – and plans to expand to 15 cities by the end of 2021. The new funding will be used for the expansion and to broaden its full-stack platform.
“Spinny has become India’s most trusted used car brand and is on its way to becoming India’s largest as well. It’s heartening to hear customers describe the experience of buying a used car from Spinny being better than that of buying a new car. This has been made possible because of Niraj and the entire Spinny team’s customer obsession and relentless execution. We are privileged to be their early partners and super excited to double down in this round,” said Mukul Arora, partner at Elevation Capital.