The newly raised capital will be deployed towards further stepping up the customer experience, strengthening technology and product capabilities and building teams across functions.
Used car retailing platform, Spinny has announced the closure of a USD 283 Mn Series E funding round from new and existing investors. 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. The latest round includes a primary capital infusion of USD 250 Mn and a secondary sale of ~USD 33 Mn by select angels and a few seed-stage investors. The additional funding takes the overall funds raised by Spinny to date to more than USD 530 Mn and with this round, Spinny’s valuation stands at ∼ USD 1.8 Bn.
Commenting on this development, Niraj Singh, Founder & 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 personalized 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.”
Over the last 12 months, Spinny has constantly added multiple initiatives such as Spinny360 – interactive inventory viewing, Assured Buyback program – tenure-based flexible car ownership, online booking, and doorstep test drives & delivery. The newly raised capital will be deployed towards further stepping up the customer experience, strengthening technology and product capabilities and building teams across functions. Currently, Spinny has 23 car hubs that operate across 15 cities – Delhi, Gurugram, Noida, Bangalore, Mumbai, Pune, Hyderabad, Chennai, Kolkata, Ahmedabad, Lucknow, Jaipur, Chandigarh, Indore and Coimbatore.
Source: Business World
