Spinny, an India-based second-hand car vendor backed by healthcare provider Kaiser Permanente, has raised $108m in a series D round led by hedge fund manager Tiger Global Management, YourStory reported on Monday.
Tiger Global invested $75m while Avenir Growth provided $25m for the round, investing alongside General Catalyst. The round included a $3m secondary sale by undisclosed angel and early-stage investors.
VCCircle reported earlier this month the company had secured $103m for the round, from Tiger Global, Kaiser Permanente and its Kaiser Foundation subsidiary, Avenir Growth, General Catalyst and FJ Labs, the last two having provided $9.9m for Spinny according to Paper.vc filings cited by VCCircle.
Founded in 2015 and managed by parent company Valuedrive Technologies, Spinny runs an online platform that lets users choose from more than 2,000 second-hand car models. It also operates physical stores and lets customers test drive the vehicles.
Spinny will use the series D funding to further develop its technology and products as well as for market penetration and recruitment activities.
The company has received $230m in fundung to date, including $65m from an April 2021 series C round led by General Catalyst and backed by Arena Holdings, Elevation Capital, Fundamentum Partnership and Think Investments.
Spinny’s earlier investors include Fundamentum, KB Financial Group, General Catalyst, Accel, Alteria Capital, Elevation Capital, Blume Ventures, Indian Angel Network, Simile Ventures, Raghunandan G, Haresh Chawla, Kunal Shah and Sandeep Tandon.