Sources: Tiger Global in talks to lead $100m round in Indian used-car marketplace

“Tiger Global Management is in talks to lead a US$100 million round in online used-car retailer Spinny,” reported Money Control, citing sources familiar with the matter.

Details:

• The potential investment from Tiger Global may bump up the valuation of Spinny to about US$800 million.
• According to the sources, the deal is reportedly in its advanced stages and is expected to close soon.

Context: 

• In March, Spinny raised US$43.7 million in a series B round led by Fundamentum Partnership, a mid stage-focused growth fund backed by Infosys co-founder Nandan Nilekani and investor Sanjeev Aggarwal.
• Spinny uses an online-to-offline model, allowing customers to discover cars on its website and make the final purchase offline at a Spinny Car Hub. Once a customer books a car, the company takes care of all the paperwork and provides users with financing options through its banking partners.