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, 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 was founded in 2015 by Niraj Singh, Mohit Gupta and Ramanshu Mahaur as a buyer-focused platform for used cars. Its key competitors like Cars24 and CarDekho meanwhile have been focussed on the sellers' side until recently. Spinny sources its cars from dealers, individual suppliers and even CarDekho, reconditions them in its facility and then sells them.
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.
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