Spinny has announced the closure of a USD 283 Mn (approx Rs 2,100 crore) Series E funding round from new and existing investors. The said round was led by Abu Dhabi-based – ADQ, Tiger Global, and Avenir Growth and in addition to these, participation from existing investors Feroz Dewan’s, Arena Holdings and Think Investments was also seen. The company says that the latest round includes a primary capital infusion of USD 250 Mn and a secondary sale of approx USD 33 Mn by select angels and a few seed-stage investors. The additional funding takes the overall funds raised by Spinny till date to over USD 530 Mn and with this round, Spinny’s valuation stands at close to USD 1.8 Bn.
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Spinny says that over the last 12 months, it has constantly added multiple industry-first initiatives such as Spinny360 – interactive inventory viewing, Assured Buyback program – tenure-based flexible car ownership, online booking, and also, doorstep test drives & delivery. The brand says that the newly raised capital will be used towards further stepping up the customer experience, strengthening technology and product capabilities, and also, building teams across functions.
Speaking on this development, Niraj Singh, Founder & CEO, Spinny said that the company sets 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. He further states that leveraging technology, Spinny’s focus is to further strengthen its quality and experience control capabilities and the company is delighted to have new partners on board its rocketship, in ADQ Investments. Singh also said that Spinny is thankful to its 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 the brand’s vision and tremendous support in scaling the platform.