Spinny funding

Online car retailer Spinny raises $43.7 Mn from Infosys’ chairman

  • Facebook share
  • Twitter share
  • Linkedin share
  • Pinterest share
  • WhatsaApp share

Featured image credits: Spinny-LinkedIn


Gurugram, India-based online used car retailer Spinny yesterday raised $43.7 million in a Series B round led by Fundamentum Partnership, a venture capital fund owned by Infosys chairman Nandan Nilekani. The fund focuses on investing in mid-stage technology companies in India.

Other investors who also participated in the funding round of Spinny round include General Catalyst Partners (US), and KB Financial Group (Korea), along with Accel, and SAIF Partners and Alteria Capital as co-investors.

The company is aiming to deploy the fresh funds to enhance technology, customer experience, augment its business teams and to expand to new regions across India. Ashish Kumar will be joining the board of Spinny as a part of the funding deal.

Affirming the basis of investing in Spinny, Nilekani, the chairman of Fundamentum said in a statement…

“I like full-stack businesses that are building competitive differentiation as they scale. The Fundamentum team was impressed with the Spinny team’s ability to use technology to solve for operational friction in the business, and thereby build a sustainable advantage. This fits into Fundamentum’s thesis of backing long-term-oriented entrepreneurs to solve complex business problems using technology, and who aspire to build a company at scale and to last,”

Niraj Singh, CEO & Co-founder of Spinny said in a statement shared his vision of becoming the market leader in the used car market segment…

“With the increase in disposable income levels and evolving consumer demand, we want to be the market leader in the organized used car market segment, and provide our customers a completely trustworthy and hassle-free buying experience,”

About Spinny

Founded in 2015 by Mohit Gupta, Niraj Singh, and Ramanshu Mahaur, Spinny connects used car buyers and sellers through its platform online and make purchases offline at any Spinny Car Hubs. The company is present in Delhi, Noida, Gurugram and Bengaluru and has sold around 10,000 cars until now. Spinny last raised $13.2 million from Accel and SAIF Partners.


For all the latest news related to startups in India and MENA, follow us on Google News, Twitter and Linkedin, and like us on Facebook.


Rate this Article

About the author

Wajiha Wahab

Part of the editorial team at LAFFAZ, Delhiite by birth, Wajiha possesses a keen interest in reading about startups, accumulating information and presenting the same to the audience impressively.
Connect: LinkedIn

View all posts

Leave a Reply

Your email address will not be published. Required fields are marked *