BENGALURU: Used car retailing platform Spinny on Tuesday announced the closure of $283 million Series E funding round. The company turned into a unicorn with valuation now at $1.8 billion.
The round was led by Abu Dhabi based ADQ, Tiger Global and Avenir Growth. The round also saw participation from existing investors Feroz Dewan’s, Arena Holdings and Think Investments.
The 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 funds raised by Spinny till date to more than $530 million, the company said in a statement. Niraj Singh, Founder & CEO, Spinny said, “Leveraging technology, our focus is to further strengthen our quality and experience control capabilities.”
Founded in 2015 by Niraj Singh, Mohit Gupta, and Ramanshu Mahaur, Spinny has 23 car hubs that operate across 15 cities. Spinny had acquired its rival Truebil late last year.