Total amount raised
$513.5 Millions
Latest funding date
12/1/2021
Location
Spinny has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The platform specializes in providing a seamless and trustworthy experience for buying and selling used cars.
Keep reading to explore the intricacies of Spinny's fundraising journey and the investors backing this innovative platform.
What Is Spinny?
Spinny, founded in 2015, is a tech-powered platform based in Gurgaon, Haryana, India, specializing in the buying and selling of used cars. The company aims to bring trust and simplicity to the Indian used car market through a full-stack business model.
Spinny was founded by Ganesh Pawar, Mohit Gupta, Niraj Singh, and Ramanshu Mahaur. The platform offers services like Spinny Assured, which includes a 200-point inspection, a 1-year warranty, and a 5-day money-back guarantee.
With a workforce of 5001-10000 employees, Spinny continues to grow, providing a seamless and trustworthy experience for its customers. The company also offers additional services such as car finance, insurance, and maintenance.
How Much Funding Has Spinny Raised?
- Seed Round
- Amount Raised: $1M
- Date: June 2017
- Lead Investors: Blume Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and develop the initial platform.
- Debt Financing
- Amount Raised: $4M
- Date: November 2018
- Lead Investors: Blume Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and expand inventory.
- Series A
- Amount Raised: $13.2M
- Date: May 2019
- Lead Investors: Accel, Elevation Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and enhance customer acquisition.
- Series B
- Amount Raised: $43.7M
- Date: September 2019
- Lead Investors: Fundamentum
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and improve technology infrastructure.
- Series C
- Amount Raised: $65M
- Date: April 2021
- Lead Investors: General Catalyst
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance service offerings and increase market penetration.
- Series D
- Amount Raised: ₹7.7B (approx. $103M)
- Date: July 2021
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand into new cities.
- Series E
- Amount Raised: $250M
- Date: November 2021
- Lead Investors: Abu Dhabi Growth Fund, Avenir, Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To solidify market position and achieve unicorn status.
- Secondary Market
- Amount Raised: $33M
- Date: November 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: December 2021
- Lead Investors: Sachin Tendulkar
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To leverage celebrity endorsement for brand enhancement.
Total Amount Raised: $512.9M
Current Valuation: Not publicly disclosed
Key Investors
- Sachin Tendulkar
- Details: Sachin Tendulkar is a former Indian cricketer and a well-known public figure. He is also an investor in various startups and companies.
- Investment Focus Areas: Sports, technology, consumer goods
- Notable Investments: Smartron, Smaaash, Spinny
- Tiger Global Management
- Details: Tiger Global Management is a New York-based investment firm known for its focus on technology-driven companies. The firm has a significant presence in both public and private markets.
- Investment Focus Areas: Internet, software, consumer, financial technology
- Notable Investments: Facebook, LinkedIn, Flipkart
- Abu Dhabi Growth Fund
- Details: Abu Dhabi Growth Fund is an investment fund based in Abu Dhabi. It focuses on diversified investments to support growth-stage companies.
- Investment Focus Areas: Technology, growth-stage companies, diversified sectors
- Notable Investments: Not publicly disclosed
- General Catalyst
- Details: General Catalyst is a venture capital firm that invests in early-stage and growth-stage companies. The firm is known for its hands-on approach to helping companies scale.
- Investment Focus Areas: Technology, healthcare, consumer
- Notable Investments: Airbnb, Stripe, Snap
- Accel
- Details: Accel is a global venture capital firm that partners with companies from inception through all phases of growth. The firm has a strong track record in the technology sector.
- Investment Focus Areas: Technology, internet, software
- Notable Investments: Facebook, Dropbox, Slack
What's Next for Spinny?
With the recent $248 million Series E funding led by Tiger Global and Abu Dhabi Growth Fund, Spinny is poised to capitalize on the burgeoning used car market in India. The company’s unicorn status underscores its potential to dominate this sector, leveraging technology to enhance customer experience and expand its geographical footprint.
Future fundraising opportunities seem promising, given the high-profile investors already on board. Spinny's growth trajectory could attract further investments, enabling it to scale operations and possibly explore international markets. However, the company will need to navigate intense competition and operational challenges to maintain its edge.
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