Investment firm Tiger Global Management is in talks to invest $100 million in used-car retailing platform Spinny, more than doubling the Gurugram-based company's valuation to $800 million.
Founded in 2015 by Niraj Singh, Mohit Gupta, and Ramanshu Mahuar, Spinny is a pre-owned car retailing platform. It works on an online-to-offline mechanism, where customers search and select cars online, but make the final purchase offline.
The discussions between Tiger Global and Spinny are at an advanced stage and the deal is likely to close soon, MoneyControl reported citing sources.
Spinny was valued at $350 million in its last funding round in April in which it raised $65 million from investors like General Catalyst and Think Investments, the publication said.
The platform sold about 3,000 cars in March 2021, more than double of what is sold in the year-ago month, before the second wave of COVID-19 disrupted business.
Spinny expanded its operations to Mumbai, Ahmedabad, Chennai and Kolkata this year, and plans to increase its presence in 5-6 more cities by the end of the year.
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