Spinny achieves Unicorn status in USD 283 Mn Series E funding round
Author : Pankaj Singh | Published Date : 2021-12-09
Indian used-automobile retailing platform Spinny recently announced a fundraise of USD 283 million in a Series E investment round by new and existing investors. The automobile retailer stated that it will leverage the newly generated funds in improving the customer experience, expanding technical & product capabilities, and building teams across functions.
The funding was spearheaded by Abu Dhabi-based ADQ, Tiger Global, and Avenir Growth. Existing investors Arena Holdings, Feroz Dewan's, and Think Investments also participated in the round.
It involved USD 250 million of primary capital influx and USD 33 million of secondary sale by selected angels and early-stage investors, taking Spinny's total capital raised till date to more than USD 530 million and its valuation to USD 1.8 billion.
Niraj Singh, Spinny's Founder and CEO, stated that Spinny’s objective is to enhance the quality and experience control prowess by leveraging technology.
Singh added that the company takes pride in developing itself without investing a lot in advertising and marketing as almost 40% of purchasers come across the platform through word of mouth rather than any kind of referral bonus.
It is worth noting that Spinny has consistently implemented many industry-first initiatives over the last 12 months, including Spinny360, which encompassed the features such as online booking, interactive inventory viewing, tenure-based flexible car ownership, doorstep test drives & delivery with buyback guarantee.
Meanwhile, SellRight by Spinny is enhancing the customer experience of selling a car in India by enabling its clients to sell their cars from the comfort of their homes in a matter of minutes while maintaining complete trust and transparency.
Founded in 2016, Spinny currently operates 23 car hubs in 15 cities, including Delhi, Gurugram, Noida, Bengaluru, and Mumbai, and aims to expand its business across 25 untapped cities.
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About Author
Pankaj Singh . .
Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605
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