Spinny becomes 42nd unicorn of 2021, raises $283m from ADQ, Tiger Global & others
The round saw investments from Abu Dhabi’s ADQ, existing backers Tiger Global Management and Avenir Growth, and Feroz Dewan’s Arena Holdings and Think Investments, valuing Spinny at $1.8 billion
December 07, 2021 / 02:20 PM IST
Niraj Singh, cofounder and CEO of Spinny
Online used car retailer Spinny on December 7 said that it has raised $283 million from investors such as Abu Dhabi’s ADQ, and existing backers Tiger Global Management and Avenir Growth.
Feroz Dewan’s Arena Holdings and Think Investments also invested in the round valuing Spinny at $1.8 billion, more than double its valuation in July. The deal makes Spinny India’s 42nd unicorn- firms valued at over a billion dollars in 2021, continuing a record breaking year for startup funding.
“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 personalised and detail-oriented approach. Leveraging technology, our focus is to further strengthen our quality and experience control capabilities,” said Niraj Singh, co-founder and CEO of Spinny.
The round also included a secondary share sale of $33 million by some early investors.
Spinny is the fourth online car retailer to become a unicorn, after Cars24, CarDekho and Droom, which filed for a stock market listing last month.
Spinny currently runs 23 car hubs across 15 cities including Delhi, Mumbai, Chennai, Kolkata and Indore. The company claims every car on Spinny goes through a 200 point checklist, and after sales customers can return the car in five days with no questions asked and money back guarantee, and offers one year after sales warranty.