India’s Spinny raises $65 million to expand its online platform for selling used cars
April 08, 2021 at 05:33
Hundreds of thousands of used cars are sold in India each month.
But buying one through the offline and traditional channel could prove to be a painstakingly long and high-risk process.
A Gurgaon-based startup that is attempting to improve this experience said on Thursday it has raised a new financing round.
Spinny has raised $65 million in its Series C financing round, the five-year-old Indian startup said.
The round, which brings Spinny’s to-date raise to over $120 million, valued the startup at about $350 million, up from about $150 million a year ago, a person familiar with the matter told TechCrunch.
Spinny operates a platform to facilitate sale and purchase of used cars.
The startup says it is removing the traditional middlemen from the equation, thereby making it more affordable and reliable for customers to buy a used car.
If a customer is not satisfied with the car that they have purchased from Spinny, they get their full-refund, he said.
Spinny began its journey as a marketplace for used cars, but Singh said the startup has expanded its offerings to become a full-stack platform.
Singh said the pandemic did hurt Spinny’s business for a few months, but the startup has long recovered its pre-pandemic growth figures.
The pandemic made many cautious about taking an Uber or Ola ride, and explore buying their own cars, which accelerated the growth, said Singh.
“We believe Spinny is uniquely positioned to tap this opportunity–given their compelling leadership and their real market momentum.