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Nikhil Upadhyay
FounderĀ ā¢Ā 1d
"Used Car Platform Spinny Seeks $100 Million Funding to Drive Growth" Used car platform Spinny is in talks to raise over $100 million in a new round, mostly financed by existing investors! *Key Highlights:* - Spinny is preparing for a new round after a gap of over three years. - The company is in talks to raise over $100 million, with existing investors such as Elevation Capital, Abu Dhabi Growth Fund, General Catalyst, and Accel participating. - The valuation of the company is expected to remain unchanged. - The funds raised will be used to grow Spinny's lending business. *Spinny's Success Story:* - Spinny has emerged as a clear leader in the used car retail space, with a large delta in demand and a strong transaction model. - The company sells around 7,000 cars every month, with an average transaction size of around 6 lakhs. - Spinny's B2B auction platform also sells around 5,000 cars every month. *Financial Performance:* - 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 same period, the company's losses reduced by 28% to Rs 590.37 crore.
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