Used-car retailer Spinny has closed its $283 million Series E funding round from Abu Dhabi-based ADQ, Tiger Global and Avenir Growth.
The round also saw participation from existing investors, including Feroz Dewan’s Arena Holdings and Think Investments. The latest round includes a primary capital infusion of $250 million and a secondary sale of about $33 million by select angels and a few seed-stage investors.
With this fund-raise, the total funds raised by Spinny till date is over $530 million and with this round, Spinny’s valuation stands at about $1.8 billion.
Over the last 12 months, Spinny claims to have started multiple initiatives such as Spinny360, which is an interactive inventory viewing, and tenure-based flexible car ownership called assured Buyback program, online booking, doorstep test drives, and delivery.
With SellRight by Spinny, the platform is bolstering the experience of selling a car in the country with the complete capability for the customer to sell a car from their home in a matter of minutes with complete trust and transparency. The newly raised capital will be deployed towards further stepping up the customer experience, strengthening technology, product capabilities, and building teams across functions.
Commenting on this development, Niraj Singh, Founder and CEO, Spinny, said: “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.”
Founded in 2015, Spinny has 23 car hubs that operate across 15 cities, including Delhi, Gurugram, Noida, Bangalore, Mumbai, Pune, Hyderabad, Chennai, Kolkata, Ahmedabad, Lucknow, Jaipur, Chandigarh, Indore and Coimbatore. Spinny acquired its rival Truebil late last year and now operates it as an independent brand that focusses on providing affordable pre-owned vehicle options in lower-budget categories.