Online used car retailer Spinny is closing a $50 million funding round with three new investors coming into an oversubscribed round, despite a wide-ranging automobile sales slump in India. The new investors include growth equity firm Norwest Venture Partners, US venture fund General Catalyst, and Fundamentum, a fund set up by Nandan Nilekaniand former Helion Ventures partner Sanjeev Aggarwal. Its existing investors—Blume Ventures and SAIF Partners—will also participate in the round, while Accel Partners will invest more from its global growth fund

(Dealstreet Asia)