Used Cars Startup Spinny Set To See Valuation More Than Double To $800 Mn In Two Months; Tiger Global Likely To Lead Investment

Continuing to bet big on the prospects of Indian startups, United States (US)-based Tiger Global Management is in talks to lead a $100 million fundraising by Gurugram-based online used-car retailer Spinny, reports Moneycontrol.

The development gains much significance as it would mark more than doubling of Spinny's valuation in just two months to $800 million. Spinny was last valued at $350 million in April when it had raised $65 million from investors like General Catalyst, Fundamentum, Elevation Capital and Think Investments.

Spinny is said to be selling cars worth about Rs 100 crore a month, giving it a net monthly revenue of Rs 10-15 crore. it originally launched in Delhi NCR, Bengaluru, Hyderabad and Pune. This year it has expanded to Mumbai, Ahmedabad, Chennai and Kolkata, and plans to expand to five-six more cities by the end of 2021.