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Spinny closes $131 million round from existing investors led by Accel Leaders Fund
Economic Times
·
4m ago
Medial
Gurugram-based Spinny secured $131 million, led by Accel Leaders Fund, with regulatory filings showing $52 million from Accel and Fundamentum. The investment, amidst a larger round exceeding $100 million, aims to bolster the used-car sales platform's offerings. Spinny, now focusing on consolidation and margin improvements, narrowed its net loss and increased revenue in FY24. Future plans include expanding revenue by 25-30% in FY25, with more capital activity expected in the used-car sales sector.
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Spinny raises $30M from WestBridge as part of its Series F round
YourStory
·
1m ago
Medial
Spinny, a used car marketplace, raised $30 million in primary capital from WestBridge Capital, bringing its Series F funding round to a total of about $170 million. This round follows $131 million raised earlier from Accel, Fundamentum, Tiger Global, and others. The funds will aid Spinny in establishing a non-banking financial company and growing Autocar India. The company reported a 14% revenue increase to Rs 3,725 crore for FY24, alongside a 28% decline in losses.
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Accel bags $650M for new India fund with 131 investors
YourStory
·
7m ago
Medial
Venture capital firm Accel has raised $650 million for its eighth India fund with 131 undisclosed investors, mirroring its previous fund in 2022. Accel, a global VC firm with investments in over 300 companies like Facebook and Dropbox, operates in multiple countries, including India, since 2008. Accel recently realized significant returns from Swiggy's IPO and invested in startups like FirstClub. In 2024, India's tech funding grew 6%, led by late-stage investments.
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Exclusive: Spinny in talks to mop up over $100 Mn in internal round
Entrackr
·
6m ago
Medial
Exclusive: Spinny in talks to mop up over $100 Mn in internal round Tiger Global-backed Spinny is in talks to raise over $100 million in a new round mostly financed by existing investors, said three sources aware of the contours of the deal. Used car platform Spinny is preparing for a new round almost after a gap of over three years. The Tiger Global-backed company is in talks to raise over $100 million in a new round mostly financed by existing investors, said three sources aware of the contours of the deal. “Spinny could raise up to $120 million from internal investors including Elevation Capital, Abu Dhabi Growth Fund, General Catalyst and Accel among others,” said one of the sources on condition of anonymity. Sources assert that the talks are in an early stage and it may take a quarter to materialize. If the deal gets through, Spinny would be the first used car platform to raise a new round since late 2021. As per sources, its valuation more or less remains unchanged in the potential round. Market analysts point out that Spinny has emerged as a clear leader with a large delta in the used car retail space as the company appears to have cracked demand first transaction model. It has achieved this on the back of one of the lowest consumer acquisition costs and better gross margin. The Gurugram-based company also scaling auction-based verticals for dealers and car-financing businesses. Most of the money from the new round is likely to be deployed to grow the lending biz, said sources. “Spinny sells close to 7,000 cars every month with an average transaction size of around 6 lakhs. It also sells around 5000 more cars every month on its B2B auction platform,” said the source mentioned above. Queries sent to Spinny, Accel, Elevation and General Catalyst did not elicit an immediate response. According to startup data intelligence platform TheKredible, Spinny has raised around $500 million to date. Tiger Global and Accel are its largest stakeholders with 14.25% and 13.25% holding respectively. For the fiscal year ended in March 2024, Spinny’s revenue from operations increased to Rs 3,725.02 crore from Rs 3,259.78 crore in FY23. During the period, its losses reduced by 28% to Rs 590.37 crore.
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Exclusive: WestBridge to join Spinny’s ongoing round with $35-40 Mn
Entrackr
·
1m ago
Medial
Used car platform Spinny has expanded its ongoing funding round to $170 million with new backing from WestBridge Capital, according to two sources familiar with the matter. “WestBridge has joined the round with $35–40 million in primary capital, which will push the total fundraise to around $170 million,” said one of the sources, requesting anonymity. The investment follows Entrackr’s earlier report from May, which said that Spinny is raising $131 million led by the US-based Accel Leaders Fund. According to the sources, the valuation of the Niraj Singh-led company remained flat at $1.5–1.7 billion. The Gurugram-based firm became a unicorn in July 2021 with a valuation of $1.8 billion. So far, Spinny has raised more than $500 million from investors including Tiger Global, Elevation Capital, General Catalyst, and Fundamentum, among others. In December 2021, the company also roped in cricket icon Sachin Tendulkar as a strategic investor and brand ambassador. The firm enables both the buying and selling of quality used cars through a full-stack retail model. It manages the entire supply chain, including vehicle inspection, refurbishment, documentation, and financing. According to industry estimates, Spinny sells nearly 11,000 cars each month through its retail and B2B auction platforms. Recently, the company also acquired auto media and car content platform Autocar India and kicked off operations of its NBFC which is a fully owned subsidiary of the parent company. For the fiscal year ending March 2024, the firm’s revenue from operations increased to Rs 3,725.02 crore from Rs 3,259.78 crore in FY23. During the same period, its losses decreased by 28% to Rs 590.37 crore. Spinny’s core competitor Cars24 reported a 25% year-on-year increase in revenue in FY24 to Rs 6,917 crore. The SoftBank-backed company posted a net loss of Rs 498 crore and an adjusted EBITDA loss of Rs 318 crore for the same period.
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Accel launches another $650M fund to fuel early-stage startups
YourStory
·
7m ago
Medial
Venture capital firm Accel has launched its eighth fund, allotting $650 million to support early-stage Indian startups. This new fund has attracted participation from 131 undisclosed investors and targets sectors like enterprise AI, consumer companies, and wealth management startups. Accel, known for backing major firms like Facebook and Flipkart, aims to leverage the current market scenario where public and private markets offer opportunities for creating transformative businesses amid a lag in early-stage funding.
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Customer service AI startup Decagon raises $131 million
Economic Times
·
1m ago
Medial
Decagon, an AI-powered customer service startup, raised $131 million in a funding round, valuing the company at $1.5 billion. Led by Accel and Andreessen Horowitz, and including other investors, the funding aims to expand Decagon's team and enterprise sales. Decagon provides text-based and voice AI support solutions, helping clients like Hertz and Duolingo. Notably, Chime reported a 60% reduction in contact center costs and improvement in customer satisfaction using Decagon's solutions.
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ScaleIP Closes $1.5M Funding Round
Finsmes
·
1y ago
Medial
ScaleIP, formerly known as LicenseLead, has successfully raised $1.5 million in funding. The Colorado-based company specializes in assisting enterprises, universities, labs, and hospitals in identifying potential target companies for patent monetization. The funding round was led by Greater Colorado Venture Fund, with participation from other investors including Tunitas Venture, Comeback Capital, Community Access Fund, and Seed Round Capital. ScaleIP plans to use the funds to further accelerate the growth and adoption of its IP business intelligence solution.
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Startup funding drops 37% on year to $103 million this week
Economic Times
·
10m ago
Medial
- Startups raised $103.2 million in funding between October 5 and October 11, a 36.7% decrease from the same period last year. - This week's funding total of $103.2 million represents a 34.1% increase from the previous week's total of $77 million. - In total, startups secured funds through 21 deals this week, compared to 29 deals during the same period last year. - Haber, an AI-driven robotics startup, raised $38 million in a funding round led by Creaegis, with participation from Accel India and BeeNext Capital. - Spry Therapeutics, a SaaS company, secured $15 million in funding from Flourish Ventures and existing investors. - Economy Process Solutions, a vacuum and process solutions startup, raised $12 million in a series A round led by Stakeboat Capital Fund II.
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Exclusive: Telecom Startup WIOM Raises $35 Mn In Round Led By Accel, Prosus
Inc42
·
1m ago
Medial
WIOM, a telecommunications startup, raised $35 million in a funding round led by Accel and Prosus, with participation from existing investors. Founded in 2015 by Ashutosh Mishra, Satyam Darmora, Nishit Aggarwal, and Maanas Dwivedi, WIOM was initially known as i2e1, providing affordable internet services to offline retailers. After the 2020 launch of the PM-WANI scheme, it rebranded to WIOM. This round values WIOM at $200 million.
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Lightspeed, Sanjay Nayar’s Sorin to back Shivalik Bank
The Arc Web
·
1y ago
Medial
Shivalik Small Finance Bank is raising $11.5 million in a funding round led by Lightspeed and Sorin Investments. The round will value the bank at $98 million. Existing investors Accel and Quona Capital are also participating in the round. Shivalik has been attracting external investors over the past few years and has experienced growth in its deposit base and advances. Anshul Swami leads the bank as the managing director and CEO. This investment highlights a growing interest from tech-focused investors in traditional businesses.
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