[Funding alert] Spinny raises $248M, turns unicorn

Used car marketplace Spinny is the latest entrant to the startup unicorn club with its Series E round of funding.
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Used car marketplace Spinny has raised Rs 1,849.45 crore ($248 million approximately) from returning and new investors as part of its Series E round, according to filings made with the Registrar of Companies. The Gurugram-based startup, now valued at $1.7 billion, has now become the 39th unicorn.

The round was co-led by Abu Dhabi Growth Fund and returning investor, Tiger Global, which invested nearly Rs 740 crore each in the round. Other investors in the round include Avenir Growth and Arena Holdings, which invested Rs 185 crore each.

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, listed in the public markets in August.

Ahead of the current round, Spinny had raised close to Rs 418 crore from the private markets.

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. 

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

Edited by Megha Reddy

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