Spinny raises Rs 315 crore from Fundamentum Partnership, others

BENGALURU: 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.

The round values the company at nearly $140-150 million, people familiar with the matter said. Spinny will use the funds to invest in technology, strengthen business teams and expand to newer cities, the company said.

“With the increase in disposable income levels and evolving consumer demand, we want to be the market leader in the organised used car market segment, and provide our customers a completely trustworthy and hasslefree buying experience,” Niraj Singh, CEO of Spinny, said.