Industry

Used-car platform Spinny raises $283 million

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

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. With this round, Spinny’s valuation stood at $1.8 billion, said a company statement.

The latest round included a primary capital infusion of $250 million and a secondary sale of $33 million by select angels and a few seed-stage investors. With the additional funding, the overall funds raised by Spinny until now would be $530 million.

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. Leveraging technology, our focus is to further strengthen our quality and experience control capabilities.''


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Printable version | Jan 21, 2022 8:09:42 PM | https://www.thehindu.com/business/Industry/used-car-platform-spinny-raises-283-million/article37882492.ece

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