Used car platform Spinny raises $283 mn, becomes new unicorn

Used car retailing platform Spinny on Tuesday announced the closure of a $283 million funding from new and existing investors, taking its valuation to $1.8 billion and becoming another unicorn in 2021.

The company said the raised capital would be utilised to bolster the customer experience, strengthen technology and product capabilities and build teams across functions.

The Series E round was led by Abu Dhabi-based ADQ, Tiger Global and Avenir Growth, along with participation from existing investors Feroz Dewan's, Arena Holdings and Think Investments, the company said in a statement.

"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 personalised and detail-oriented approach. Leveraging technology, our focus is to further strengthen our quality and experience control capabilities," said Niraj Singh, Founder and CEO, Spinny.

The latest round includes a primary capital infusion of $250 million and a secondary sale of $33 million by select investors.

The additional funding takes the overall funds raised by Spinny till date to more than $530 million.

Founded in 2015, Spinny operates across the entire value chain of pre-owned cars, embedding superior technology and processes to deliver a premium experience to customers.

Currently, Spinny has 23 car hubs that operate across 15 cities.

Nearly 40 Indian startups have made it to the unicorn club this year alone, raising more than $38 billion.  -IANS