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Spinny’s valuation zooms to $1.8 bn with $283 mn fund raise

Spinny’s valuation zooms to $1.8 bn with $283 mn fund raise

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

Spinny’s valuation zooms to $1.8 bn with $283 mn fund raise (Photo: Reuters) Spinny’s valuation zooms to $1.8 bn with $283 mn fund raise (Photo: Reuters)

Used car retailing platform Spinny’s valuation has zoomed to $ 1.8 billion with a fresh funds raise of $283 million during a Series E round 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.

 

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. 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 $1.8 billion.

 

The used car market segment in India has seen spiked investors interest post the COVID pandemic, especially because the shared mobility segment was impacted due to the threat of infections.

 

Over the last 12 months, Spinny said that it has constantly added multiple industry-first initiatives such as Spinny360 -- an interactive inventory viewing module, tenure based flexible car ownership, online booking, and 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 and product capabilities and building teams across functions., as per an official 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 persona ised and detail-oriented approach. Leveraging technology, our focus is to further strengthen our quality and experience control capabilities. We are delighted to have new partners on board our rocketship, in ADQ Investments, and are thankful to our existing investors Tiger Global, Avenir Growth, Arena Holdings, Accel Partners, Elevation Capital, General Catalyst, the Fundamentum Partnership, Blume Ventures and others for their belief in our vision and tremendous support in scaling the platform,” Niraj Singh, Founder & CEO, Spinny, said in a statement.

Also Read:Ola forays into new and used car market space, names Arun Sirdeshmukh CEO

Also Read: Weekly Rundown: NoBroker, Spinny, Upstox turn unicorns; Indifi, Dream Sports score large VC cheques

Published on: Dec 07, 2021, 5:48 PM IST
Posted by: Tarab Zaidi, Dec 07, 2021, 5:36 PM IST