ⓘ 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,”
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.