Gurgaon-based Valuedrive Technologies, which owns and operates used car buying & selling platform Spinny, has raised about $50 million in a Series B round led by a US-based investor and Fundamentum, a growth capital fund by Infosys Co-founder Nandan Nilekani, reported Entrackr, citing three sources aware with details of the transaction of fundraise.
Some new investors from India also participated in the round.
Spinny’s existing investors SAIF Partners and Accel Partners have also participated in the round on a pro-rata basis i.e. on the basis of the number of shares already held by each shareholder.
With this latest round of funding, which is yet to be officially confirmed, Spinny has raised a total of $68 million in funding over 4 rounds to date.
In June this year, Spinny had raised $13.2 million (about Rs 92 crore), from SAIF Partners and Accel Partners, in which India’s largest angel network Indian Angel Network, had successfully received full exit from the startup.
Founded in 2015, by Mohit Gupta, Niraj Singh and Ramanshu Mahaur, Spinny is a tech powered new age used car buying platform where customers can shortlist a car of their choice from its online platform, and then can visit Spinny’s physical car hubs for a no obligation test drive.
Within a year of its launch, Spinny has had acquired HopCar.in, an another startup in the same industry, in June 2016.