Used-car retailing start-up Spinny has joined the unicorn club with a fresh $283 million funding round led by Abu Dhabi-based ADQ, Tiger Global and Avenir Growth at a valuation of $1.8 billion. The financing includes $250 million primary capital infusion and a $33 million secondary share sale by select angels and a few seed stage investors. Existing investors Feroz Dewan’s, Arena Holdings and Think Investments also backed the series E investment, the company said in a statement on Tuesday.
Spinny’s total fund count is now over $530 million. The latest investment is the Gurgaon-based company’s third this calendar year. In July, Spinny had got $108 million in funding led by Tiger Global. Earlier this year, a clutch of investors had infused $65 million into the firm.
The company will use the fresh capital to step up customer experience, bolster technology and product capabilities and hire skilled talent across functions. “Leveraging technology, our focus is to further strengthen our quality and experience control capabilities,” said founder & CEO Niraj Singh.
Founded in 2015, Spinny operates a full-stack used car retailing platform that facilitates both online and offline transactions. It has 23 car hubs in 15 cities, including Delhi-NCR, Mumbai, and Kolkata.
Spinny had acquired rival Truebil late last year and now runs it as an independent brand that focuses on providing affordable pre-owned vehicle options in lower-budget categories.
