Used car retailer Spinny raises $65 mn

Used car retailing platform Spinny has closed the $65 million Series C funding round from new and existing investors.

This round was led by General Catalyst. Other new investors included Arena Holdings and Think Investments. Existing investors Elevation Capital also participated. Including this, the overall funds raised by Spinny till date has gone up to more than $120 million.

The newly-raised capital would be deployed in improving customer experience, expanding to new markets, strengthening technology and product capabilities, launching new business categories, and building teams across functions, the firm said.

“With the changing needs and expectations of the customer, our full-stack capability allows us the control to set industry benchmarks in terms of a transparent and simple car buying and selling experience,” said Niraj Singh, founder & CEO.

“The proceeds from the new round of funding will enable us to further strengthen our quality and experience control capabilities and to experiment and build new product categories.”

Source: Read Full Article