Full-stack pre-owned car retailing platform Spinny announced that it has raised $43.7 million in Series B funding round led by Nandan Nilekani and Sanjeev Aggarwal-backed The Fundamentum Partnership.
The round also counts new investors: US-based General Catalyst Partners and Korea based KB Financial Group. Existing investors Accel, SAIF Partners and Alteria Capital also invested in the fresh round.
The announcement also validates Entrackr’s previous report on Spinny’s Series B round from the investors mentioned above.
As a part of the deal, Fundamentum’s partner Ashish Kumar will join the Spinny board. The Gurugram-based startup will deploy the fresh proceeds to enhance technology, customer experience, strengthen business teams, and expand to newer cities.
Currently present across four cities in India, the startup claims to have sold around 10,000 cars through its platform.
The five-year-old venture’s Online-to-Offline (O2O) model allows customers to discover cars online on its website and make the final purchase offline at a Spinny Car Hub. Spinny’s price-engine eliminates all layers of intermediaries and dealers to provide the right price for the car.
Founded by Niraj Singh, Mohit Gupta and Ramanshu Mahuar, Spinny has built an entire value chain for used car buying platform. The startup further aims to lead the organized used car retail segment, which has a market size of 4.3 million units sold annually and growing at ~14% CAGR.
According to Entrackr sources, Spinny has been valued at around $150 million in the Series B financing round. With this round, it has raised about $58 million risk capital from the investors mentioned above and others.
Spinny directly competes with Kallari-backed Truebil that has not been able to scale up. Meanwhile, CarDekho is also ramping up a Spinny kind of model. According to Entrackr sources, the Jaipur-based firm will have full stack retailing vertical in coming months.