New Delhi:
Online pre-owned car retailing platform Spinny on Tuesday announced the closure of a USD 283 million Series-E funding round from new and existing investors. With this, the company has raised more than USD 530 million and now its valuation is at about USD 1.8 billion.According to a media release, the latest round includes a primary capital infusion of USD 250 million and a secondary sale of about USD 33 million by select angels and a few seed stage investors.
The round was led by the Abu Dhabi-based ADQ, Tiger Global and Avenir Growth. The round also had participation from the existing investors Feroz Dewan, Arena Holdings and Think Investments.
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.”
Founded in 2015, the Delhi-based platform has 23 car hubs that operate in 15 cities in the country.
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The car trading platform is concentrating on message-based and event-based architecture for data management, as well as combining computer vision and machine learning to enhance car quality.
