Info-tech

Spinny raises $283 million in Series E funding

Our Bureau | | Updated on: Dec 07, 2021
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The round was led by Abu Dhabi based - ADQ, Tiger Global and Avenir Growth

Spinny, a used car retailing platform in India, on Tuesday announced the closure of a $283 million Series E funding round from new and existing investors.

The newly raised capital will be deployed towards further stepping up the customer experience, strengthening technology and product capabilities and building teams across functions, the company said in a statement.

The round was led by Abu Dhabi based - ADQ, Tiger Global and Avenir Growth. In addition to these, the round saw participation from existing investors Feroz Dewan’s, Arena Holdings and Think Investments, it said.

The latest round includes a primary capital infusion of $250 million and a secondary sale of $33 million by select angels and a few seed stage investors, it said.

The additional funding takes the overall funds raised by Spinny till date to more than $530 million and with this round Spinny’s valuation stands at around $1.8 billion.

“Leveraging technology, our focus is to further strengthen our quality and experience control capabilities," Niraj Singh, Founder and Chief Executive Officer, Spinny said.

Over the last 12 months, Spinny has constantly added multiple industry-first initiatives such as Spinny360 - interactive inventory viewing, Assured Buyback programme - tenure based flexible car ownership, online booking, and doorstep test drives and delivery, he said.

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 company said.

Published on December 07, 2021

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