Spinny enters unicorn club with $283 mn fundraise at $1.8 bn valuation

Used car retailing platform Spinny has raised $283 million in its Series E funding round from new and existing investors. The round was led by Abu Dhabi-based ADQ, Tiger Global and Avenir Growth.

In addition to these investors, the round saw participation from existing investors Feroz Dewan, Arena Holdings and Think Investments. The latest round includes a primary capital infusion of $250 million and a secondary sale of $33 million by angels and a few seed stage investors. The additional funding takes the overall funds raised by Spinny so far to more than $530 million and with this round Spinny’s valuation stands at around $1.8 million.

Over the past 12 months, Spinny has added new features such as Spinny360 (interactive inventory viewing), an assured buyback programme that allows tenure-based flexible car ownership, online booking, and doorstep test drives and delivery.

The newly raised capital will be deployed towards further stepping up the customer experience, strengthening technology and product capabilities and building teams across functions.

Niraj Singh, Founder and 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.”

Founded in 2016, Spinny currently has 23 car hubs that operate across 15 cities–Delhi, Gurugram, Noida, Bengaluru, Mumbai, among others.

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