Mumbai: Spinny, a used car retailing platform in India, announces the closure of a USD 283 Mn Series E funding round from new and existing investors. 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 USD 250 Mn and a secondary sale of ~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 more than USD 530 Mn and with this round Spinny’s valuation stands at ∼ USD 1.8 Bn.
Over the last 12 months, Spinny has constantly added multiple industry-first initiatives such as Spinny360 – interactive inventory viewing, Assured Buyback program – tenure based flexible car ownership, online booking, and doorstep test drives & delivery. With SellRight by Spinny, the platform is bolstering the experience of selling a car in the country with the complete capability for the customer to sell a car from their home in a matter of minutes with complete trust and transparency. The newly raised capital will be deployed towards further stepping up the customer experience, strengthening technology and product capabilities and building teams across functions.
Commenting on this development, 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.”
Founded in 2015, Spinny is a used car retailing platform that aims to bring about transparency and convenience in the car buying and selling process in India. Spinny operates across the entire value chain of pre-owned cars, embedding superior technology and processes to deliver a premium experience to customers. As a testimony of Spinny’s commitment to transparency and quality, every car on the Spinny platform comes with a 200-point inspection checklist, 5-day no questions asked money-back guarantee, and 1-year after-sales warranty. Currently, Spinny has 23 car hubs that operate across 15 cities – Delhi, Gurugram, Noida, Bangalore, Mumbai, Pune, Hyderabad, Chennai, Kolkata, Ahmedabad, Lucknow, Jaipur, Chandigarh, Indore and Coimbatore.
About the team:
Spinny is founded by Niraj Singh (IIT Delhi Alumni), Mohit Gupta (Ex-Director, Flipkart), and Ramanshu Mahaur (IIT Delhi Alumni, Ex-Adobe). Niraj has had 2 successful entrepreneurial exits before he started Spinny and he was also a seed/early-stage investor in start-ups like Tripoto, JustRide (Now Drivezy), Little Black Book, Rapido Bike Taxi, MyHQ, Fango (Now SellTM), ShaadiSaga. The core team consists of many ex-founders and IIT/IIM/INSEAD graduates with experience in Management Consulting, E-commerce, marketplaces, and supply chain industries.
Additionally, Spinny had acquired its rival Truebil late last year and now operates it (www.truebil.com) as an independent brand that focuses on providing affordable pre-owned vehicle options in lower-budget categories.