Total amount raised
$513.5 Million
Latest funding date
12/1/2021
Location
Spinny has successfully navigated 13 funding rounds, with its most recent being a Series G round backed by Accel and WestBridge Capital. The platform specializes in buying and selling used cars, offering services like a 200-point inspection, warranty, and a 5-day money-back guarantee.
Keep reading to explore the intricacies of Spinny's fundraising journey and the investors backing this innovative platform.
What Is Spinny?
Spinny is a prominent player in the used car sales and services industry, headquartered in Gurgaon, Haryana, India. The company operates across multiple cities in India, including Delhi NCR, Bangalore, Hyderabad, and Mumbai.
Founded with the mission to provide a trustworthy and hassle-free car buying experience, Spinny offers a range of services such as a 200-point inspection, a 5-day money-back guarantee, and a one-year comprehensive service warranty. The company employs between 5001 and 10000 people, reflecting its significant growth and market presence.
How Much Funding Has Spinny Raised?
- Series B
- Amount Raised: USD 43,700,000
- Date: September 2019
- Lead Investors: Fundamentum
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and enhance technological capabilities.
- Series C
- Amount Raised: USD 65,000,000
- Date: April 2021
- Lead Investors: General Catalyst
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale up inventory and improve customer service.
- Series D
- Amount Raised: INR 7,715,000,000
- Date: July 2021
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and market penetration.
- Series E
- Amount Raised: USD 250,000,000
- Date: November 2021
- Lead Investors: Abu Dhabi Growth Fund, Avenir, Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand into new markets and enhance technological infrastructure.
- Series F
- Amount Raised: USD 149,000,000
- Date: March 2025
- Lead Investors: Accel
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support international expansion and product development.
- Series G
- Amount Raised: USD 90,000,000
- Date: December 2025
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale operations and enhance customer experience.
Total Amount Raised: USD 597,700,000. Current Valuation: Not publicly disclosed.
Key Investors
- Accel
- Details: Accel is a venture capital firm that invests in early-stage and growth-stage companies. They have a global presence and are known for backing some of the most successful startups.
- Investment Focus Areas: Early-stage companies, growth-stage companies, technology, internet, software.
- Notable Investments: Facebook, Dropbox, Slack.
- WestBridge Capital
- Details: WestBridge Capital is an investment firm that focuses on investments in India and South Asia. They have a strong track record of supporting high-growth companies in the region.
- Investment Focus Areas: India, South Asia, technology, consumer services, financial services.
- Notable Investments: Not publicly disclosed.
- Tiger Global Management
- Details: Tiger Global Management is a prominent investment firm known for its significant investments in technology and internet companies globally. They have a reputation for identifying and backing high-potential startups.
- Investment Focus Areas: Technology, internet, software, consumer services, financial services.
- Notable Investments: Facebook, LinkedIn, Flipkart.
- Abu Dhabi Growth Fund
- Details: The Abu Dhabi Growth Fund is based in Abu Dhabi and focuses on high-growth investment opportunities. They aim to support innovative companies with strong growth potential.
- Investment Focus Areas: High-growth sectors, technology, innovation, infrastructure, healthcare.
- Notable Investments: Not publicly disclosed.
- Avenir Growth
- Details: Avenir Growth is an investment firm that focuses on growth-stage companies. They provide capital and strategic support to help companies scale.
- Investment Focus Areas: Growth-stage companies, technology, consumer services, financial services, healthcare.
- Notable Investments: Not publicly disclosed.
What's Next for Spinny?
Spinny is poised to capitalize on the burgeoning Indian used car market, leveraging its recent $248 million funding to scale operations and enhance technology. The substantial market size offers ample room for growth, positioning Spinny to capture a larger share and solidify its presence.
Future fundraising opportunities are likely as the company continues to expand, attracting more investors with its demonstrated growth and profitability. However, Spinny will need to navigate challenges such as competition from other market players and regulatory compliance to maintain its trajectory.
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