Mumbai: Used car retailing platform Spinny said it has raised $283 million in a Series E funding round from new and existing investors. The round was led by ADQ, based in Abu Dhabi. Tiger Global and Avenir Growth, the company said in a release.

ET reported fundraising
on 24 November,

The round also saw participation from existing investors Firoz Dewan, Arena Holdings and Think Investments.

The latest round includes a primary capital investment of $250 million and a secondary sale of approximately $33 million by select angels and certain seed stage investors, the release said.

“Takes the total funds raised by additional funding small garden Over $530 million to date and Spinney’s valuation with this round is approximately $1.8 billion.”

The company’s valuation has nearly doubled since then.
raised $108 million From Tiger Global and others in July. 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.

According to the company, over the past 12 months, it has added initiatives such as Spinny360 – interactive inventory viewing, assured buyback program – tenure-based flexible car ownership, online booking, and doorstep test drives and deliveries.

“The newly raised capital will be deployed to further advance the customer experience, strengthen technology and product capabilities, and build teams in the works,” the company said.

“We began building Spinny with a customer-first approach – to address the trust deficit in the car buying and selling experience, with a highly personalized and detail-oriented approach. Leveraging technology, our focus is on its quality. and experience control capabilities to be further strengthened,” said Niraj Singh, Founder and CEO, Spinny.

Established in 2015 by 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.

It has 23 car hubs that serve 15 cities namely Delhi, Gurugram, Noida, Bangalore, Mumbai, Pune, Hyderabad, Chennai, Kolkata, Ahmedabad, Lucknow, Jaipur, Chandigarh, Indore and Coimbatore.

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.

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