a used car retailing platform in India, has announced the closure of a USD 283 million
Series E funding round from new and existing investors. The round was led by
Abu Dhabi based - ADQ, Tiger Global and Avenir Growth.
addition to these, the round saw participation from existing investors Feroz
Dewan’s, Arena Holdings and Think Investments. The latest round includes a
primary capital infusion of USD 250 million and a secondary sale of USD 33 million
by select angels and a few seed stage investors. The additional funding takes
the overall funds raised by Spinny to date to more than USD 530 million and
with this round Spinny’s valuation stands at USD 1.8 billion.
the last 12 months, Spinny has constantly added multiple industry-first
initiatives such as Spinny360 - interactive inventory viewing, Assured Buyback
program - tenure based flexible car ownership, online booking, and doorstep
test drives & delivery. With SellRight by Spinny, the platform is
bolstering the experience of selling a car in the country with the complete
capability for the customer to sell a car from their home in a matter of
minutes with complete trust and transparency. The newly raised capital will be
deployed towards further stepping up the customer experience, strengthening
technology and product capabilities and building teams across functions.
on this development, Niraj Singh, Founder & CEO, Spinny said “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 personalized and
detail-oriented approach. Leveraging technology, our focus is to further
strengthen our quality and experience control capabilities. We are delighted to
have new partners on board our rocketship, in ADQ Investments, and are thankful
to our existing investors Tiger Global, Avenir Growth, Arena Holdings, Accel
Partners, Elevation Capital, General Catalyst, the Fundamentum Partnership,
Blume Ventures and others for their belief in our vision and tremendous support
in scaling the platform.”
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