Full-stack used car trading platform Spinny has become unicorn after raising about $248 million in its Series E funding round from fresh and current investors. The new round has come after four months for the Gurugram-based firm which raised over $100 million in its Series D round driven by Tiger Global.
Spinny has passed a special resolution for issuing 99,660 Series E CCPS on a private placement basis at face value of Rs 1, and a premium of Rs 1,85,576.61 per share amounts to Rs 1,849 crore, regulatory filings reveal.
Tiger Global and Abu Dhabi Growth Fund have driven the round with an investment of Rs 739.7 crore each. Somerville SPV and Aveni Spinny have put in the leftover amount. Spinny has raised the fresh round at over $1.7 billion valuation. The business was valued at around $750-800 million during its Series D round.
Spinny has entered the likes of OfBusiness and Apna, which have raised three rounds in the continuous calendar year. Kunal Shah-led CRED is also set to mop up its third round of 2021 anytime soon.
The six-year-old business has built a complete value chain for its used car buying platform and its online-to-offline (O2O) model, letting customers discover cars online and make the final purchase offline at its centre.
Niraj Singh, Mohit Gupta, and Ramanshu Mahuar co-founded the used car startup Spinny in 2015. The startup aims to provide the right product to the customer by embedding the technology in its operations. Better user experience is the main goal of the startup.
Currently, the startup has a strong presence in 40 major cities including Delhi-NCR, Mumbai, Hyderabad, Pune, Bangalore, Chennai, Kolkata, and Ahmedabad. It has fifteen car hubs in these cities.
Niraj Singh, the founder and CEO of Spinny, said that the firm is on a mission to build a most trusted and customer loving brand. He also added that the used car sector is very notorious and unorganized at the current time. Spinny plans to change that image of the used car system in the eyes of the customers.