Hundreds of thousands of used cars are sold in India every month. But buying one through the traditional channel and offline could prove to be an extremely long and risky process.
A Gurgaon-based startup that is trying to improve that experience said Thursday it has raised a new round of funding.
Spinny has raised $ 65 million in its Series C funding round, the five-year-old Indian startup said. The new round was led by Silicon Valley-based venture capital firm General Catalyst, while existing investors Fundamentum Partnership – backed by tech veterans Nandan Nilekani and Sanjeev Aggarwal – and Elevation Partners participated.
The round, which so far brings Spinny’s increase to over $ 120 million, valued the start-up at around $ 350 million, down from around $ 150 million a year ago, a person close to him said. of the file at TechCrunch. The startup declined to comment on the assessment.
Spinny operates a platform to facilitate the sale and purchase of used cars. One of the biggest challenges people face when buying a used car is the trust factor, and Niraj Singh, co-founder and CEO of Spinny, says the inspection is thorough and transparent. of the car by the startup, buying it from the owner and then selling it. it is up to customers to respond to these concerns.
The startup says it is removing traditional middlemen from the equation, making it more affordable and reliable for customers to buy a used car. If a customer is not happy with the car they bought from Spinny, they get their full refund, he said.
Spinny began its journey as a market for used cars, but Singh said the startup has expanded its offerings to become a full-stack platform.
Days after one of my previous conversations with Singh, New Delhi announced a multi-month lockdown in the country as it prepared to contain the spread of the pandemic. Singh said the pandemic had hampered Spinny’s business for a few months, but the start-up had long since returned to its pre-pandemic growth figures.
This is a developing story. More soon…