Spinny, a used car retailing platform in India, today announced the closure of a $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 $250 million and a secondary sale of $33 million by select angels and a few seed stage investors. The additional funding takes the overall funds raised by Spinny till date to more than $530 million and with this round Spinny’s valuation stands at $1.8 billion.
The newly raised capital will be deployed towards further stepping up the customer experience, strengthening technology and product capabilities and building teams across functions.
Niraj Singh, Founder & CEO, Spinny said, “Leveraging technology, our focus is to further strengthen our quality and experience control capabilities.”
