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Used Car buying Platform Spinny raises $108 million in a round led by Tiger Global

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Spinny, a platform for used car sales, announced that it has raised $108 million in its Series D round from new and existing investors, led by leading investment firm Tiger Global.

According to the company, new funds will be used to improve the customer experience, strengthen technology and product capabilities, expand market penetration in existing markets, and build teams across functions.

The most recent round included a Rs 105 million primary capital infusion and a Rs 3 million secondary sale by select angels and early-stage investors. Avenir Growth, based in New York, has joined the round as a new investor.

Spinny, is a tech-powered new age used car buying platform that enables trustworthy and hassle-free transactions in used cars. It also adds trust and simplicity to the Indian used car market. They use a full-stack business model to provide customers with value, transparency, and simplicity.

"Having a customer-first approach has been our differentiator, and we will continue to focus on improving our quality and experience control capabilities," said Niraj Singh, Founder and CEO, Spinny.

Gurgaon based Spinny, which was founded in 2015, has now raised $230 million.
Spinny operates throughout the pre-owned car value chain, incorporating superior technology and processes to provide customers with a premium experience. Currently, the company operates 15 car hubs in eight cities.

Tiger Global also has a significant investment in Carvana, the market leader in the United States, which operates on a similar model.

General Catalyst led Spinny's previous round of Rs 65 million in April.

Spinny acquired Truebil, an independent brand that focuses on providing affordable pre-owned vehicle options in lower-budget categories, late last year.

In CY19, approximately 4.5 million used/pre-owned cars were sold in India, with the market growing at a CAGR of 12%.

The company is currently operating in Delhi-NCR, Bengaluru, Hyderabad, Pune, Mumbai, Kolkata, Chennai and Ahmedabad.