India settled used cars retailing platform Spinny has raised $65 million in series C round funding .
Led by General Catalyst, in participation with new investors as Feroz Dewan’s Arena Holdings and Think Investments.
The round also saw participation from existing investors Elevation Capital, Accel Partners, the Fundamentum Partnership, including others.
“The newly raised capital will be deployed towards improving customer experience, expanding in new markets, strengthening technology and product capabilities, launching new business categories, and building teams across functions,” the company in its statement said.
Speaking on the funding, Niraj Singh, Founder & CEO, Spinny said “We are super excited to see our existing investor General Catalyst double down on their conviction and lead this round. That’s great validation and support for the work we are doing.”
“We welcome onboard our new investors Arena Holdings and Think Investments, and thank our existing investors Elevation Capital (prev. SAIF Partners), Accel Partners, the Fundamentum Partnership, and others for their belief in our vision and tremendous support in building the platform,” Niraj added.
Commenting on the investment Spinny, Adam Valkin, General Partner, General Catalyst said, “We believe Spinny is uniquely positioned to tap this opportunity—given their compelling leadership and their real market momentum. As long-time investors, we’ve been impressed by how Spinny is reinventing every part of the buying process – injecting trust and safety into every aspect of the customer experience.”
“Spinny has become India’s most trusted used car brand and is on its way to becoming India’s largest as well. It’s heartening to hear customers describe the experience of buying a used car from Spinny as being better than that of buying a new car. This has been made possible because of Niraj and the entire Spinny team’s customer obsession and relentless execution. We are privileged to be their early partners and super excited to double down in this round,” Mukul Arora, Partner, Elevation Capital (prev. SAIF Partners) added.
Commenting on the fresh investment, Anand Daniel, Partner, Accel said, “The used car market is known for its notoriety and lack of trust, often leaving a trail of highly dissatisfied customers. Using the full-stack approach, Spinny has built the foundation of its business around trust and customer delight, enabling it to maintain quality consistency and deliver a premium experience.”.
“We have been very pleased with the progress the company has made since our 1st Investment a year back and decided to re-invest along with the new investors in Series C,” Ashish Kumar, Partner, The Fundamentum Partnership added.