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<ul><li><keyword id="366851" type="COMPANY" weightage="20" keywordseo="Spinny">Spinny</keyword>, a <keyword id="40524" type="PERSON" weightage="20" keywordseo="Used-Car">used car</keyword> platform, has announced a new round of funding worth $108 million. </li><li>The latest fundraise was led by Tiger Global, which has also backed unicorns like Flipkart, Zomato, MakeMyTrip, and Byju’s. </li><li>The company says it intends to use these funds to boost its growth and expand its footprint across India. </li></ul>Used car platform Spinny has raised $108 million (approx. ₹807 crore) in a new funding round led by US-based investment firm Tiger Global as it looks to fund its growth and boost its technology and product capabilities. In addition to Tiger Global, another US-based investment firm Avenir Growth has also participated in the round, said the company in a statement on Monday. “The newly raised capital will be deployed towards further stepping up the customer experience, strengthening technology and product capabilities, deepening market penetration in existing markets, and building teams across functions,” the company noted in its release. Till date, Spinny has raised $230 million (approx. ₹1720 crore) in funds. The latest Series D round saw Tiger Global lead with an investment of $75 million (approx. ₹560 crore), while Avenir Growth ploughed in $20 million (approx. ₹150 crore). It had raised $65 million (approx. ₹486 crore) in April this year, with General Catalyst leading that particular fundraise. <cmsannotation type="cmsannotation" annotationid="Understanding Spinny and its business" comment="subhead" text="Understanding Spinny and its business">Understanding Spinny and its business</cmsannotation> Spinny is a dedicated used car platform – it allows users to buy and sell pre-owned cars and promises quality as it uses a 200-point checklist and verification process. The company currently operates in 11 cities in India, including Bengaluru, Hyderabad, Pune, Gurugram, Noida, apart from the 4 metros. In addition to facilitating purchase and sale of cars, the company also handles the paperwork and offers financing options, too. The COVID-19 pandemic has put the brakes on auto sales across segments, but the used car industry has only seen a marginal decline, says a recent <a href="https://www.moneycontrol.com/news/technology/auto/covid-19-fails-to-deflate-used-car-market-6749491.html">report</a>. And with the second wave unlocking almost done, the used car market is all set to recover faster than new sales, says a GlobalData <a href="https://www.globaldata.com/used-car-market-recover-faster-new-sales-post-covid-19-second-wave-unlock-india-says-globaldata/">report</a>. A recent <a href="https://auto.economictimes.indiatimes.com/news/aftermarket/indian-used-car-market-to-touch-usd-70-8-billion-by-2030-report/82732254">report</a> by P&amp;S Intelligence suggests that the used car market in India will cross the $70 billion mark by 2030. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-multi-device-beta-how-to-download/articleshow/84542073.cms">WhatsApp multi-device beta – here’s how it works and how you can get it</a> <a href="https://www.businessinsider.in/careers/news/it-engineers-web-developers-students-can-take-benefits-of-state-government-internships/slidelist/84519217.cms">IT engineers, web developers and more — State governments are inviting applications for paid internships</a> <a href="https://www.businessinsider.in/tech/news/allegations-of-surveillance-on-specific-people-has-no-concrete-basis-or-truth-says-indian-government/articleshow/84540541.cms">Allegations of surveillance on specific people has no concrete basis or truth, says Indian government</a>

Used car platform Spinny raises $108 million to fund growth and expand its presence across India

Used car retailing platform <keyword id="366851" type="General" weightage="20" keywordseo="spinny" source="Orion">Spinny</keyword> on Tuesday announced the closure of a $283 million funding from new and existing investors, taking its valuation to $1.8 billion and becoming another unicorn in 2021. The company said the raised capital would be utilised to bolster the customer experience, strengthen technology and product capabilities and build teams across functions. The Series E round was led by Abu Dhabi-based ADQ, Tiger Global and Avenir Growth, along with participation from existing investors Feroz Dewan's, Arena Holdings and Think Investments, the company said in a statement. "We set afoot to build Spinny with a customer first approach - solving for lack of trust in car buying and selling experience, with a highly personalised and detail-oriented approach. Leveraging technology, our focus is to further strengthen our quality and experience control capabilities," said Niraj Singh, Founder and CEO, Spinny. The latest round includes a primary capital infusion of $250 million and a secondary sale of $33 million by select investors. The additional funding takes the overall funds raised by Spinny till date to more than $530 million. Founded in 2015, Spinny operates across the entire value chain of pre-owned cars, embedding superior technology and processes to deliver a premium experience to customers. Currently, Spinny has 23 car hubs that operate across 15 cities. Nearly 40 Indian startups have made it to the unicorn club this year alone, raising more than $38 billion. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/indigo-stock-gains-as-a-plea-to-shut-down-spicejet-has-been-admitted/articleshow/88138734.cms" data-type="tilCustomLink" style="">Indigo stock gains as a plea to shut down SpiceJet has been admitted</a> <a href="https://www.businessinsider.in/business/news/zoho-is-selling-its-video-calling-app-in-as-many-ways-as-possible/articleshow/88137006.cms" style="">Zoho is selling its video calling app in as many ways as possible</a> <a href="https://www.businessinsider.in/india/news/these-are-the-states-with-confirmed-cases-of-omicron-covid-19-strain-in-india/slidelist/88138240.cms" style="">Omicron in India — Maharashtra and Rajasthan have recorded 19 positive cases so far</a>

Spinny is the latest used car platform to join Cars24, Droom and CarDekho in unicorn club

<ul><li>The aggressive hiring will help <keyword id="7349800" type="UNKNOWN" weightage="20" keywordseo="bharatpe">BharatPe</keyword> to launch a slew of products in merchant as well as consumer lending space.</li><li>It has announced a new policy to offer monetary and other incentives for both old and new joinees to attract more talent. </li><li>BharatPe has also preponed tech team’s appraisals by eight months and the team has earned 75% increments.</li></ul>Payments platform BharatPe is looking to grow its technology team by three times, as it plans to launch a slew of products in merchant as well as consumer lending space. The company will be looking to hire more than 100 employees for its tech team by March 2022. The company has also announced a first-of-its-kind ‘Referral &amp; Joining Policy’, under which it will offer incentives to both new employees and the existing employees who refer fresh talent. These range between gadgets, appraisals and other perks. For instance, all new tech team joinees will have the option to choose between bike or gadget packages. The Bike Package and Gadget Package is available to anyone referring tech talent to the company. This would include the BharatPe team as well as alumni of the company. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bike Package </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">BMW G310R, Jawa Parek, KTM Duke 390, KTM RC 390 and Royal Enfield Himalayan </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Gadget Package </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Apple iPad Pro (with Pencil), Bose Headphone, Harman Kardon Speaker, Samsung Galaxy Watch, WFH desk and chair, and Firefox Typhoon 27.5 D bicycle. </td></tr></tbody></table> BharatPe has also preponed the tech team’s appraisals by eight months and the team has earned 75% increments split between cost to company (CTC) and incremental employee stock ownership plan (ESOPs), effective July 1, 2021. Besides this, the company will also host its entire Tech Team in Dubai for the International Cricket Council (ICC) Men’s T20 World Cup from October 17-November 14, 2021. “BharatPe is a tech-first fintech [firm]. As we build the next generation of banking in India, we want to invite and excite the best tech talent to work with us on building market leading products at scale. We will, therefore, be taking the lead in tech talent compensation in India because that’s the only real investment our business needs given the capital efficiency of our model,” Ashneer Grover, co-founder and chief executive of BharatPe said. Founded only three years ago by Grover and Shashvat Nakrani, BharatPe till now focused exclusively on merchant-payments and lending solutions. However, the hiring would also look into launching products focused on consumers. The company is also looking to aggressively build a loan book of ₹5,000 crore and has recently <a href="https://www.businessinsider.in/finance/banks/news/pmc-bank-will-have-a-new-owner-in-centrum-and-bharatpe/articleshow/83639668.cms">acquired </a>the scam-hit Punjab and Maharashtra Co-operative (PMC) bank in a consortium with Centrum Financial services. The company was valued at $900 million, after its $108 million Series D round led by Coatue Management in February 2021. The company’s investors include Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/used-car-platform-spinny-raises-108-million-to-fund-growth/articleshow/84545148.cms">Used car platform Spinny raises $108 million to fund growth and expand its presence across India</a> <a href="https://www.businessinsider.in/business/startups/news/from-zomatos-ipo-to-delhiverys-fundraise-to-paytms-drhp-these-were-the-biggest-developments-this-week/slidelist/84496707.cms">From Zomato’s IPO to Delhivery’s fundraise to Paytm’s DRHP — These were the biggest developments this week</a> <a href="https://www.businessinsider.in/business/startups/news/100-million-investment-in-delhivery-will-help-fedex-gain-prominence-in-india/articleshow/84471579.cms">FedEx makes its first strategic investment in India, puts $100 million in Delhivery’s kitty</a>

From BMW bikes to Apple iPads to T20 World Cup in Dubai — BharatPe is trying hard to woo tech talent

<ul class="summary-list"><li>Recent research showed that <a target="_blank" href="https://www.businessinsider.com/boomers-gen-x-love-temu-chinese-shopping-app-2024-1">boomers and Gen Xers shopped more frequently on Temu </a>than younger people.</li><li>This surprised me — so I asked for older readers to write in and tell me why they <a target="_blank" href="https://www.businessinsider.com/temu-us-e-commerce-700-percent-growth-2024-1">like Temu so much</a>.</li></ul>This holiday season, I bought a bunch of gift items on <a target="_blank" href="https://www.businessinsider.com/what-is-temu-chinese-app-amazon-safe-legit-pinduoduo-2023-3">Temu</a>, the Chinese ecommerce app that has exploded in the last year.<ul><li>a set of minature pots, pans, and cooking utensils</li><li>stickers</li><li>a fanny pack that looks like a gel silica pack</li><li>pencil sharpeners that look like noses where you stick the pencil up the nostril</li><li>an unlicensed Elsa princess costume</li><li>a baseball hat that says, "women want me, fish fear me"</li><li>a pizza cutter wheel that looks like an axe</li></ul>All these items were under $10, most of them around $2 — and they were absolute hits as gifts. I assumed that many people <a target="_blank" href="https://www.businessinsider.com/temu-passes-shein-in-traffic-purchasing-visits-hasnt-surpassed-amazon-2023-9">shopped on Temu</a> the way I did: looking for weird, surprising, cheap delights that I never even knew existed.I was surprised when I read a research study recently that said that Gen X and <a target="_blank" href="https://www.businessinsider.com/boomers-not-enough-retirement-savings-gen-z-millennials-eldercare-2024-1">boomer</a> Temu shoppers tended to spend slightly more per order and placed orders more often than younger shoppers. My assumption was that Temu was targeted more at millennial and Gen Z shoppers.So I asked readers who were boomers or Gen Xers to write in and tell me: Why do they love Temu so much?Over 125 people sent me emails professing their love (ok, well, sometimes reluctant appreciation). Over and over, people gave the same reason: the prices.Another theme emerged, as well: that people were using Temu for purchases they would previously buy from <a target="_blank" href="https://www.businessinsider.com/category/amazon">Amazon</a>. This surprised me. I would have guessed different behaviors for Amazon (searching for specific items you need) vs. Temu (browsing for delights).On the other hand, some said they liked it because of that browsing whimsy — here's a gimzo you never knew existed! — element. In semi-recent history, these were the things you'd find wandering through Bed, Bath &amp; Beyond (now out of business) or late-night TV infomercials.The research study suggested that some of Temu's appeal to older shoppers was its gamified spinny wheels, which might trick less digitally savvy people. The Gen X and boomers denied this — most of them said they ignored the annoying roulette wheels.Here's what a few Gen Xers and boomers told me, starting with a shopper who said Temu triggers nostalgia:A boomer with a Temu "addiction:"A kindergarten teacher who doesn't mind the quality:<div type="image" title="a variety of items bought on temu" height="4096" width="4096" msid="107404231" hostid="261" sizebytes="718654"></div>A crafter who gets jewelry-making supplies:A DIY home improvement shopper:An engraving hobbyist who gets his tools from Temu:<div type="image" title="craft supplies" height="4080" width="3072" msid="107404233" hostid="261" sizebytes="1116012"></div>The boomer who doesn't mind off-brand items:

You Searched For "spinny app" and got 5 results

Used car platform Spinny raises $108 million to fund growth and expand its presence across India

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