Pre-owned cars platform, Spinny, has entered the unicorn club after securing Rs 1,849.45 crore as part of its Series E round taking its total valuation to USD 1.7 billion.
The financing round was co-led by existing investor Tiger Global and new investor Abu Dhabi Growth Fund. Existing investors, New York-based private investment firms Avenir Growth and Arena Holdings participated in this funding round.
It was valued at $740 million in the previous round. The fresh capital will be used for growth, expansion, marketing and general corporate purposes. The latest capital exercise includes a $35 million secondary sale component where some existing investors have partially or fully cashed out.
Apart from Spinny, the used car marketplace in India has Cars24, CarDekho and IPO-bound Droom Pte. Ltd in the unicorn club. Operated by Valuedrive Technologies Pvt Ltd, Spinny was founded by Niraj Singh, Mohit Gupta, and Ramanshu Mahaur in 2015. Spinny acquired customer-to-customer used car marketplace Truebil in August 2020. The acquisition came just months after the pre-owned cars platform had raised $43.7 million in its Series B funding. Spinny has a presence in the top 15 Indian cities and is expected to expand to 25 cities by the end of the next calendar year.
