BENGALURU (Reuters) -India’s Spinny said on Tuesday it had raised $283 million in a funding round led by Abu Dhabi-based ADQ and Tiger Global, giving the used-car retailing platform a valuation of about $1.8 billion.
The round includes a primary capital infusion of $250 million and a secondary sale of about $33 million by select investors, Spinny said in an emailed statement.
Founded in 2015, Spinny allows people to sell their used cars on its online portal, enabling potential buyers to choose from over 2,000 second-hand models and book a test drive. The company has sold over 20,000 cars, according to its website.
Indian startups have been on a tear in 2021 and several have crossed $1 billion in valuation, entering the so-called “unicorn” club. Food delivery firm Zomato and fashion e-commerce company Nykaa are among the high-profile names that have seen blockbuster market debuts this year.
Spinny said it will use the fresh funds to improve customer experience and upgrade its technology and products. The used-car platform has 23 car hubs and operates across 15 cities, including Delhi, Mumbai and Bengaluru.
The company also offers financing options for its buyers, including used-car loans.
(Reporting by Anuron Kumar Mitra in Bengaluru; Editing by Devika Syamnath)
