Gurgaon based Spinny, the company which runs an online marketplace for used cars has bagged a $13.2 million series A financing from Accel and SAIF Partners. Alteria Capital, the venture debt firm also participated in the funding round which takes the total amount raised by the company to $18.2 million.
Notably, Spinny had recently raised $4 million debt financing from early-stage seed funds provider Blume Ventures. The other investors in the company include Indian Angel Network, Freecharge co-founder Sandeep Tandon and Kunal Shah who had invested during the seed round in 2017. Raghunandan G, co-founder of Ola-owned ride-hailing company TaxiForSure, and Haresh Chawla, a partner at private equity firm True North also infused capital.
The platform was launched in 2015 by Mohit Gupta, Niraj Singh, and Ramanshu Mahaur. The company offers transparency and convenience during the transaction related to the used cars through features like Spinny Inspection, Spinny Star Rating, and Spinny Star Pricing. The freshly raised capital will help the company expand its presence in Bangalore.
Alteria Capital's co-founder and managing partner commenting on the deal through a statement said, “The used-car market in India is a massive opportunity but needs fulfilment as well as discovery to ensure total customer satisfaction. Spinny is well poised to deliver this and we are happy to support the team as they expand across India.”
The used car marketplace in the country has been dominated by players like CarDekho, Cars24, and CarTrade who have raised massive amounts in funding in the recent past. The latest capital will help spinny move in the right direction.
Image Courtesy : spinny