Marks your entry in the round unicorn club, or startups that are worth $1 billion or more.
“ADQ and Tiger Global have invested $100 million in the company, with $50 million coming in from Avenir Growth and $25 million from Firoz Dewan’s Arena Holdings,” said a person familiar with the development.
The company’s pre-money valuation of $1.5 billion has nearly doubled since then.
raised $108 million from Tiger Global and others in July, sources said. The post money valuation of the company is $1.75 billion.
It was valued at $740 million in the previous round.
small garden
raised $65 million in a Series C round in April from US-based General Catalyst, Elevation Capital, Alteria Capital, Think Capital, and Fundamentum Partnerships at a post-money valuation of $350 million.
The latest fundraising includes a secondary sale component of $35 million where some existing investors have partially or fully redeemed.
The sources said Spinny is expected to use the capital to develop technology and product capabilities, for branding and for expanding geographic reach.
Another person involved in the deal said, “The company has a current annual revenue rate of approximately $300 million, growing 4 times in the current calendar year.” “The company expects to reflect that growth over the next 12 months, mainly due to strong traction in older markets like Delhi-NCR and Bengaluru,” the person said.
Spinny is present in the top 15 Indian cities and is expected to expand to 25 cities by the end of the next calendar year. “The company’s contribution margin in its older markets is positive,” the person said.
Entrackr was the first to explain the fundraising move on Wednesday.
A Spinny spokesperson declined to comment.
Established in 2015 by Niraj Singh, Mohit Gupta, And Ramanshu MahaurSpinny currently sells over 3,000 used cars per month, which is three times more than in January this year.
As per industry estimates, around 4.5 million used/pre-owned cars were sold in India in 2019 and the market is growing at 12% compound annual growth rate. For every new car sold, about 1.5 used cars are sold in India (the ratio is around 2.3 in the United States).
Spinny competes with other VC-backed firms such as Cars24, Cardekho and Droom, all of which have made big rounds this year.