Full-stack used car retailing platform Spinny has raised over $100 million in its Series D round led by Tiger Global. The fresh round has come after a small gap of three months for the Gurugram-based company which scooped up $65 million in its Series C in April.
The board of Spinny has approved the allotment of 83,754 Series D preference Shares and 20 equity shares at an issue price of Rs 92,122.93 per share to raise Rs 771 crore or $105 million, regulatory filings show.
Tiger Global has invested around $75 million followed by Avenir Growth and General Catalyst which invested $17 million and $10 million respectively. FJ Labs and GC DF Ventures have put in the remaining amount.
Apart from primary money, investors also picked up stakes through a secondary transaction. “Avenir has bought shares worth $3 million from a few early angels and Simile Ventures,” said one of the sources requesting anonymity.
With this, the six-year-old company has raised over $220 million from the likes of General Catalyst, Think Investments, The Fundamentum Partnership, Accel Partners and Elevation Capital.
Founded by Niraj Singh, Mohit Gupta and Ramanshu Mahuar, Spinny has built an entire value chain for its used car buying platform and its Online-to-Offline (O2O) model allows customers to discover cars online on its website and make the final purchase offline at its hub.
The company claims to eliminate all layers of intermediaries and dealers to provide the right price for the car.
Spinny operates in eight cities including Delhi-NCR, Bangalore, Mumbai and Pune, and it indirectly competes with CarDekho, Cars24 and a few others who have started full-stack used car retailing in the recent past.
Investors are pouring money into the used car space. Cars24, which entered the unicorn club last year, is in talks with Yuri Milner’s DST Global and other investors to raise around $250 million at a $2 billion valuation.
Last week, Cars24 had raised over $13 million in a debt round from Trifecta Capital. Entrackr had exclusively reported the development. Jaipur-based CarDekho is also evaluating a $150 million round to enter into the coveted club of unicorns.
Update: The post has been updated with additional info of secondary round in Spinny.