Spinny bags USD 283 mln in Series E round led by Tiger Global, ADQ, others
Used car retailing platform Spinny on Tuesday announced it has raised USD 283 million in Series E round of funding. The new round saw particpation from a mix of both new and existing investors, giving it a valuation of USD 1.8 billion.
According to the company, the fresh capital will be deployed towards further stepping up the customer experience, strengthening technology and product capabilities and building teams across functions, Spinny said in a release.
The latest fund round was led by the Abu Dhabi-based ADQ, Tiger Global, Avenir Growth, it said, adding, the round also saw participation from existing investors Feroz Dewan’s, Arena Holdings and Think Investments, it said.
It 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 till date to more than USD 530 million and with this round the platform’s valuation now stands at USD 1.8 billion, it said.
“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,” said Niraj Singh, Founder-CEO, Spinny.
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Over the last 12 months, Spinny has 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 and delivery, the company said.
(with PTI inputs)
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