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SAIF Companions lead $13.2 Million in Spinny

Yellow Drive Technologies, which operates and own used car retailing platform, Spinny has now secured more than $13 Million in both the debt and equity financing funding, led by the Accel partners and SAIF Partners.

The round also saw participation from the Alteria Capital with some of the existing investors, which even include the early stage venture capital firm Simile Ventures and Blume Ventures.

Apart from that, the round also saw the co-founder of the ride-hailing platform TaxiForSure and a homegrown private equity firm True North, with respect to their respective personal capacities.

“We will be expanding our presence to Bengaluru immediately, while also building new hubs, adding to the three that we already have in the National Capital Region so far,” Niraj Singh, chief executive of Spinny told in a report.

“Spinny follows a full-stack approach which ensures that customers get what they are promised. We believe that this approach will help Spinny build a really trusted used car brand,” Mukul Arora, managing director at SAIF Partners, said in a statement.

Spinny, which earlier operated in the Consumer to Consumer listing platform, pivoted to a full stack online-offline hybrid retail platform in early 2017.

Source: Spinny



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