Gurgaon based online sued car retailing platform Spinny on Monday revealed that it had secured $43.7 million in the funding round of Series B led by the Fundamentum Partnership, a growth capital firm backed by a Sanjeev Aggarwal and Nandan Nilekani.
“The FP team was impressed with Spinny team’s ability to use technology to solve for operational friction in the business, and thereby build a sustainable advantage,” Nandan Nilekani, Co-founder, and Chairman, FP said.
This fits into the FP’s thesis of backing long term oriented entrepreneurs to solve the complex business problems using the latest technology and who aspire to build a company at scale and to last, according to the announcement.
The round also saw participation from the new investors, the US-based General Catalyst Partners, Korea based KB Financial Group, and some of the existing investors, including the Altaria Capital, SAIF Capital, and Accel.
Spinny Co-founder and CEO Niraj Singh said,
“With the closure of this round of funding, we are excited to have on board new investors Fundamentum, General Catalyst, and KB Financial Group in our journey and look to leverage their vast experience across both venture and operating roles.”