India-based second-hand vehicle retailer Spinny has secured Rs 7.71bn ($103m) in a series D round featuring healthcare provider Kaiser Foundation and parent company Kaiser Permanente, VCCircle reported on Friday.
Investment firm Tiger Global Management led the round, which included Avenir Growth, FJ Labs and General Catalyst, while Kaiser Permanente and Kaiser Foundation invested a combined $9.8m, according to Paper.vc filings seen by VCCircle.
Managed by parent company Valuedrive Technologies, Spinny runs an online platform that helps users look for used cars before test driving and buying them at one of its Spinny Car Hub dealerships. It has a presence in the cities of Delhi, Bengaluru, Hyderabad, Pune, Mumbai, Kolkata, Chennai and Ahmedabad.
The company has now raised more than $240m since it was founded in 2015. General Catalyst led its $65m series C round in April this year, investing alongside Arena Holdings, Elevation Capital, Fundamentum Partnership and Think Investments.
Fundamentum had previously led Spinny’s $50m series B round, in September 2019, which was backed by financial services firm KB Financial Group, Accel, Alteria Capital, General Catalyst and Elevation Capital predecessor SAIF Partners.
Accel and SAIF Partners had co-led a $13.2m series A round for the company four months earlier that included contributions from Blume Ventures, Simile Ventures and private investors Raghunandan G and Haresh Chawla.
Spinny’s earliest funding took place in 2017, when it received $1m in a seed round co-led by Blume Ventures, Indian Angel Network and angel investors Kunal Shah and Sandeep Tandon.
