Used car retailing platform Spinny has raised $283 million in its Series E funding round.The round was led by Abu Dhabi-based ADQ, Tiger Global and Avenir Growth.
The round included a primary capital infusion of $250 million and a secondary sale of $33 million. Spinny’s valuation now stands at around $1.8 million. The company sold around 3,500 used cars on its platform in November.
42nd unicorn
The deal makes Spinny India’s 42nd unicorn, continuing a record breaking year for startup funding.
“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, co-founder and CEO of Spinny.
Spinny is the fourth online car retailer to become a unicorn, after Cars24, CarDekho and Droom.
Founded in 2016, Spinny currently has 23 car hubs that operate across 15 cities. The company will invest the large funding in strengthening its technology.
