Used car retailing platform Spinny has announced the closure of a $ 283 million Series E funding round from new and existing investors.
According to a press release from the company, the round was led by Abu Dhabi based - ADQ, Tiger Global and Avenir Growth. In addition to these, the round saw participation from existing investors Feroz Dewan’s, Arena Holdings and Think Investments.
The latest round includes a primary capital infusion of $ 250 million and a secondary sale of about $ 33 million by select angels and a few seed-stage investors. The additional funding takes the overall funds raised by Spinny till date to more than $ 530 million, and with this round, the company’s valuation stands at about $ 1.8 billion, the company said.
The newly raised capital will be deployed to further the customer experience, strengthen technology and product capabilities, and build teams across functions.
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. We are delighted to have new partners on board our rocketship, in ADQ Investments, and are thankful to our existing investors Tiger Global, Avenir Growth, Arena Holdings, Accel Partners, Elevation Capital, General Catalyst, the Fundamentum Partnership, Blume Ventures and others for their belief in our vision and tremendous support in scaling the platform.”