The Gurugram-based used cars platform, Spinny has hoisted roughly INR 92 crore in Series A round of funding, which was led by Accel ( a venture capital company) and SAIF Partners (an investment company).
Besides the aforementioned firm, the venture capital company, Alteria Capital has participated in the round of funding as well.
The used-car market in India is a massive opportunity but needs fulfilment as well as discovery to ensure total customer satisfaction. Spinny is well poised to deliver this and we are happy to support the team as they expand across India, Co-founder and Managing Partner of Alteria, Vinod Murali said in a statement, as reported by the Indian daily news, VC Circle.
Renowned industrialists namely, Harsh Chawla, a partner at True North and Raghunandan G, co-founder of TaxiForSure, which later got acquired by Ola, were also present in the round of funding.
Spinny is originally administered by Value Drive Technologies and was incorporated in 2015. The company will be deploying the fresh capital to widen its footprint in Bengaluru.
In 2017, the startup company has raised roughly INR 6.4 crore in a Seed Round of Funding, which was led by Blume Ventures. Kunal Shah and Sandeep Tandon, Co-founders of Freecharge and Indian Angel Network, had also participated in the seed funding round.