Used car retailing platform Spinny has raised Rs 315 crore ($43.7 million) led by Fundamentum Partnership along with US-based General Catalyst Partners, South Korea-based KB Financial Group and existing investors Accel, SAIF Partners and Alteria Capital.
Spinny will use the funds to invest in technology, strengthen business teams and expand to newer cities, the company said in a statement. Spinny is present in four cities and has sold close to 10,000 cars through its platform.
“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,” Niraj Singh, Co-Founder and CEO of Spinny, said.
The company, founded in 2015, is an online marketplace for pre-owned cars that operates across the entire value chain. The platform’s model allows customers to discover cars on its website and make the final purchase offline at a Spinny Car Hub.
Once a customer books a car, the platform takes care of all the paperwork, including free RC transfer, and provides financing options via tie-ups with reputed banking partners.
Spinny says every car listed on its platform comes with a 200-point inspection check-list, 5-day no questions asked money-back guarantee and 1-year after-sales warranty.
“I like full stack businesses that are building competitive differentiation as they scale,” said Nandan Nilekani, Co-founder and Chairman, Fundamentum.
Spinny competes with Cars24, CarDekho, Droom and Olx. Ashish Kumar, Partner at Fundamentum, will join Spinny’s board.
Source: Economic Times
Read the similar article on The Rupee Business