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Spinny is an online platform that facilitates buying and selling of used cars. The startup has over 900 employees working in 9 cities across India and plans to be operational in six more cities soon.
Silicon valley based venture capital firm General Catalyst along with others have invested USD 65 million in Spinny at a valuation of USD 350 million.
The startup sells over 1500 cars every month and wants to treble its sales by end of the current year, told Neeraj Singh to ET - the cofounder and CEO of Spinny. It sells cars in the range of Rs.4 to 8 lakhs.
Valuedrive Drive Technologies Pvt. Ltd. is a Gururgram based company cofounded in 2015 by Niraj Singh, Mohit Gupta, Ramanshu Mahaur and Ganesh Pawar.
Spinny is steadily growing at the rate of 15-16% month-on-month basis. It competes with the likes of CarDekho and Cars24.
The startup has raised a total of USD 120 million till date, including the current round.