Full-stack used car retailing platform Spinny has turned unicorn after raising around Rs 1,849 crore
The company was valued at around $750-800 million during its Series D round.
Spinny, a full stack used car retailing platform, has become a unicorn after receiving around Rs 1,849 crore ($248 million) in its Series E round from new and existing investors. The new financing comes four months after the Gurugram-based company received more than $100 million in its Series D round led by Tiger Global.
According to regulatory filings, Spinny has passed a special resolution for the issuance of 99,660 Series E CCPS on a private placement basis at a face value of Rs 1 and a premium of Rs 1,85,576.61 per share, amounting to Rs 1,849 crore.
Tiger Global and Abu Dhabi Growth Fund led the round, each investing Rs 739.7 crore. Somerville SPV and Aveni Spinny have contributed the remaining funds. Spinny has raised a new round worth more than $1.7 billion. During its Series D round, the firm was valued at $750-800 million. Spinny is now the fourth startup to become a unicorn in the used automobile industry. Previously, Cars24, CarDekho, and Droom have joined the exclusive club of unicorns.
The six-year-old firm has created a complete value chain for its used car buying platform as well as its online-to-offline (O2O) model, which allows clients to browse cars online and make the final purchase offline at its hub. The company operates in over 40 cities, including Delhi-NCR, Bengaluru, Mumbai, Kolkata, Chennai, Hyderabad, Lucknow, Ahmedabad, and Pune, according to its website.