Spinny is a platform that assists in selling new and resale pre-owned cars. It raised $ 65 million in a new funding round conducted by General Catalyst.
In the funding round, new participants included Arena Holdings, and Think Investments. The existing participants include Elevation Partners and the Fundamentum Partnership.
The objective of raising the funds revolves around enhancing the operations by entering the new market. Also, to launch new business activities, making existing technology strong and creating new teams under various business functions.
The funds’ utilization also includes exiting the investors entered during the pre-seed and seed stage.
As per the reports, the total amount raised by the company gives a total of $ 120 million. It also includes the amount of $65 million raised in series C of the funding round.
Earlier, in 2020 the amount raised by the company was USD 43.7 million. The series B round operated under the conduct of Fundamentum Partnership.
Spinny entered four new cities Mumbai, Chennai, Kolkata, and Ahmedabad in January.
The company got back up support of General Catalyst in the investment and funding stage of the company. It also gave back up to Airbnb, Stripe, Snapchat, Vroom, Cazoo, and others.
Last year in August, the company acquired Truebil to make its position strong in the market.
Fundamentum Partnership invested in the company last year and wanted to invest again as impressed by its performance and growth.
Spinny started its operation in 2015 and operates in eight cities within the country.
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