India used car dealership raises $43m Series B

General Catalyst Partners, KB Financial Group and existing investors Accel, SAIF Partners and Alteria Capital also took part in the round. Previously, the company received $13 million in Series A funding from Blume Ventures, Simile Ventures and a partner at local private equity firm True North.

Spinny, founded in 2015, launched as an auction platform but currently operates on a dealership model to ensure cars are thoroughly inspected before sale. Customers can select a car online vetted by Spinny mechanics and visit one of the company’s nine dealerships for a test drive. 

Used cars are procured from sellers in six cities and the Delhi National Capital Region. The start-up offers a one-year extended warranty and full refunds within five days of a sale. It claims to have facilitated the sale of more than 10,000 cars. Spinny plans to use the capital to open more hubs and procure pre-owned cars from other cities.

“While on the surface, this looks like a space with many digital players, no one has built an entire value chain for a used-car buying platform at the scale that Spinny has,” Ashish Kumar, a partner at Fundamentum, told the Hindu Business Line.

Used car buyers in India can also visit marketplaces like CarTrade, Truebil, CarDekho, Droom, Mahindra First Choice Wheels, Cars24, and OLX. These platforms either list cars from the existing inventory of independent dealerships or help individual sellers place ads online.

Fundamentum, founded in 2017, manages a growth-stage fund. It was launched by Helion Venture Partners co-founder Sanjeev Aggarwal and Infosys co-founder Nandan Nilekani. The firm has also invested in TravelTriangle, an online holiday package platform, and online pharmaceutical distributor PharmEasy.

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• Topics
• South Asia
• Expansion
• Technology
• India
• TMT
• The Fundamentum Partnership
• General Catalyst
• automobiles