Miguel Cordon · · 1 min readTiger Global co-leads $283m top-up for India’s Spinny
India-based Spinny, an online marketplace for used vehicles, has secured US$283 million in series E money in a round led by Tiger Global, Avenir Growth, and Abu Dhabi state holding firm ADQ, as well as other existing backers.
The fundraise takes Spinny’s valuation to around US$1.8 billion, the company said in a statement.
Photo credit: Spinny
Spinny operates a car-retailing platform in India. Every car on its platform comes with an inspection checklist, a five-day money-back guarantee, and a one-year after-sales warranty, according to the company. It currently has 23 car hubs in 15 cities in the country, including Delhi, Gurugram, Mumbai, and Hyderabad.
The company was founded by Niraj Singh, Ganesh Pawar, Mohit Gupta, and Ramanshu Mahaur in 2015, and has raised a total of more than US$530 million to date. Spinny said its series E round included a capital injection of US$250 million and a secondary share sale worth US$33 million by angel and seed-stage backers.
In Novemeber, the Economic Times had reported that the round had been conducted. However, the funding amount reported by the publication was initially a bit lower at US$248 million.
Spinny plans to use the fresh funds to make new hires across different functions, invest in tech and product capabilities, and improve customer experience.
See Also: Meet the 50 top-funded startups and tech companies in India
Editing by Collin Furtado and Arpit Nayak
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