The Indian startup sector has been tremendous successes this year, producing unicorns by the dozens and seeing companies raise billions from investors, global and domestic alike. Even as we near the end of this year and the start of the next one, the success story of the startup sector continues. This time, it is used car retailing platform Spinny in the fundraising limelight, having raised $283 million in its Series E funding round.
The round, which included includes a primary capital infusion of $250 million and a secondary sale of $33 million by select angel investors and a few seed-stage investors, was led by Abu Dhabi based – ADQ, Tiger Global, and Avenir Growth, and included participation from existing investors Feroz Dewan’s, Arena Holdings and Think Investments.
With this, Spinny’s valuation reached $1.8 billion. The firm has raised over $530 million in funding to date.
According to the company, this freshly raised capital will be utilized towards enhancing the customer experience, strengthening its technology and product capabilities, and building teams across functions.
The six-year-old Spinny, founded by Niraj Singh, Mohit Gupta, and Ramanshu Mahaur, aims to bring about transparency and convenience in the car buying and selling process in the country. It claims that every car on its platform comes with a 200-point inspection checklist, 5-day no questions asked money-back guarantee, and 1-year after-sales warranty.
Known to leverage technology to bring about convenience in the buying and selling process of pre-owned cars, it has been growing steadily over the past few months – it even acquired its rival Truebil last year and continued to operate it as an independent brand that focuses on providing affordable pre-owned vehicle options in lower-budget categories.
With 23 car hubs that operate across 15 cities – Delhi, Gurugram, Noida, Bangalore, Mumbai, Pune, Hyderabad, Chennai, Kolkata, Ahmedabad, Lucknow, Jaipur, Chandigarh, Indore, and Coimbatore –the last 12 months have seen Spinny add multiple industry-first initiatives. This includes Spinny360, an interactive inventory viewing, assured buyback program which lets the customers view the interior and exterior of each vehicle in the inventory online exactly the way it is in reality, tenure-based flexible car ownership, online booking, and doorstep test drives & delivery. It also launched SellRight, which helps customers to sell the car from home, giving the assurance of getting the best price in the market.
“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,” Niraj Singh, Founder & CEO, Spinny said.
Spinny had acquired its rival Truebil late last year, which now operates as an independent brand that focuses on providing affordable pre-owned vehicle options in lower-budget categories.