Used car platform Spinny raises 283 million dollars, turns into a unicorn

The company said the raised capital would be utilized to bolster the customer experience, strengthen technology and product capabilities and build teams across functions.

The Series E round was led by Abu Dhabi-based ADQ, Tiger Global, and Avenir Growth, along with participation from existing investors Feroz Dewan’s, Arena Holdings and Think Investments, the company said in a statement.

“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,” said Niraj Singh, Founder, and CEO, Spinny.

The latest round includes a primary capital infusion of $250 mn and a secondary sale of $33 million by select investors.

The additional funding takes the overall funds raised by Spinny to date to more than $530 million.

Founded in 2015, Spinny operates across the entire value chain of pre-owned cars, embedding superior technology and processes to deliver a premium experience to customers.