Spinny, an online used car retailer, has bagged $50 million (approx INR 357 crore) funding round from Norwest Venture Partners, General Catalyst, Fundamentum, Blume Ventures and SAIF Partners, reported Mint.
Post investment, the company Spinny will be valued at $150 million, as per the sources.
The platform Spinny will use the infused financial to expand to more areas.
“Spinny has grown well in the past year, despite being in a somewhat crowded market. It also wants to raise a large round while investor sentiment is still positive, and will have enough runway without worrying about capital for at least a year,” said source, among those cited above.
The sources also revealed that while General Catalyst will write a smaller cheque, Norwest is expected to invest about $10 million.
It is currently present in Delhi, Noida, Gurugram and Bengaluru.
Furthermore, as per the reports, automakers, however, saw a glimmer of hope in October’s sales, with passenger vehicle sales rising 0.3 per cent after nearly a year of weak sales.