Spinny, a used car retailing platform in India, on Tuesday announced the closure of a $283 million Series E funding round from new and existing investors.
The round was led by Abu Dhabi-based ADQ, Tiger Global and Avenir Growth. Apart from these, the round saw participation from existing investors Firoz Dewan, Arena Holdings and Think Investments. With this round, Spinny’s valuation rises to $1.8 billion, a company statement said.
The latest round included a primary capital inflow of $250 million and a secondary sale of $33 million by select angels and certain seed-stage investors. With the additional funding, the total amount Spinney has raised so far would be $530 million.
Neeraj Singh, Founder and CEO, Spinny, said, “We began building Spinny with a customer first approach – solving the trust deficit in the car buying and selling experience. Leveraging technology, our focus is on our quality and The experience is to further strengthen the control capabilities.
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