Spinny bags $65 Mn in Series C round

Full-stack used car retailing platform Spinny has raised $65 million in its Series C funding round from new and existing investors. The round was led by silicon valley based venture capital firm General Catalyst - early backers of Airbnb, Stripe, Snapchat, Vroom, Cazoo. 

Other new investors in the round include Feroz Dewan’s Arena Holdings, and Think Investments. The round saw participation from existing investors Elevation Partners. While the company hasn’t disclosed details of the round, according to Entrackr sources, General Catalyst has invested about $30 million and the round also has a secondary component of $10 million.

“Spinny has been valued over $350 million (post-money) in this round,” said one of the sources requesting anonymity. However, the company declined to comment on its valuation.

“A portion of the fresh proceeds will also be utilized to provide exits to few seed and pre seed-stage investors of the company,” said Spinny’s co-founder and chief executive officer. 

This takes the overall funds raised by the Gurugram-based company to more than $120 million including a $43.7 million Series B round in March 2020. According to the company, the fresh capital will be deployed towards improving customer experience, expanding in new markets, strengthening technology and product capabilities.

Sources emphasised that the company had offers of more than $125 million but it decided to raise a smaller round because of lower monthly burn at the moment. However, the company declined to comment.

The six-year-old company operates across eight cities including Delhi (NCR) Bangalore, Mumbai and Pune. In August last year, Spinny acquired Mumbai headquartered Truebil. The company competes with CarDekho, Cars24 and a few others who have started full-stack used car retailing in the recent past.