Car retailing startup Spinny raises $43 million in Series B funding

Gurugram-based car retailing startup Spinny has raised $43.7 million in Series B funding led by Nandan Nilekani's Fundamentum Partnership. Other investors including General Catalyst and existing investors like Accel Partners, SAIF Partners also participated in the round. The startup has raised about $58 million to date and has reportedly got post-money valuation of $150 million after this round.

The round also counts new investors like US-based General Catalyst Partners and Korea based KB Financial Group. Existing investors Accel, SAIF Partners and Alteria Capital also invested in the fresh round.

Currently present across four cities in India, the startup claims to have sold around 10,000 cars through its platform.

Founded by Niraj Singh, Mohit Gupta and Ramanshu Mahuar, Spinny has built an entire value chain for used car buying platform. The startup further aims to lead the organized used car retail segment, which has a market size of 4.3 million units sold annually and growing at 14% CAGR.