[Funding alert] Spinny confirms $283M round, turns unicorn

Used car marketplace Spinnyhas announced raising $283 million in a Series E round of funding from new and returning investors. The round was co-led by Abu Dhabi based ADQ and returning investor, Tiger Global and Avenir Growth, said a statement issued by the company.

Other investors in the round include Feroze Dewan's, Arena Holdings and Think Investments.

The round takes the total capital raised by Spinny to $530 million, valuing the company at nearly $1.8 billion.

The round is a mix of primary and secondary capital with $250 million being raised in primary and nearly $33 million being the secondary component. As part of the secondary share sale, select angels and seed investors will exit Spinny.

Spinny was founded in 2015 by Niraj Singh, Mohit Gupta, and Ramanshu Mahaur, and had acquired customer-to-customer used car marketplace Truebil in August 2020.

“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," said Niraj in the statement.

Previously, Yourstory had reported part of the round from the filings made by Spinny. According to the filings made with the Registrar of Companies, Spinny had raised Rs 1,849.45 crore ($248 million approximately) in primary capital, with ADQ and Tiger Global had pumping in Rs 740 crore and Arena Holdings and Avenir Growth investing Rs 185 crore each.

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The newly raised capital will be deployed to step up customer experience, strengthening technology and product capabilities and building teams across functions, said the statement.

The used car marketplace in India now has Cars24, CarDekho and IPO-bound Droom Pte. Ltd in the unicorn club apart from Spinny in the private market. Another unicorn in the space, Cartrade, was listed in the public markets in August.

Spinny had previously raised $108 million in a Series D round in July led by Tiger Global, which also saw participation from Avenir Growth, General Atlantic, and other investors.

According to reports, the fundraise, which was a mix of primary and secondary capital, valued the company at nearly $800 million at the time. 

Disclaimer: The story was updated to reflect the recent announcement made by the company on the fund raise with details of the round and valuation.