Spinny bags $285 million and joins the list of unicorns
- ByTejika Bajaj | November 25, 2021
Gurugram based Spinny has announced that it has raised $285 million in its series E round of funding co-led by Abu Dhabi based ADQ and New York based Tiger Global Management. While both ADQ and Tiger Global have invested $100 million each in the online startup, Avenir Growth and Feroz Dewan’s Arena Holdings have infused $50 million and $25 million respectively in the startup.
This round of funding marks the entry of Spinny into the coveted unicorn club with a post-money valuation of $1.75 million.
The online used car marketplace is likely to utilize the recently infused capital for developing technological and product capabilities for branding and to expand its geographical reach across the country.
A source close to the development revealed, “The company’s current annualised revenue run rate is around $300 million, growing 4x in the current calendar year. The company is expected to mirror that growth over the next 12 months, primarily led by robust traction in its older markets such as Delhi-NCR and Bengaluru.”
Founded in 2015 by Niraj Singh, Mohit Gupta and Ramanshu Mahaur, Spinny is an online market place for used cars based out of Gurgaon. The startup sells more than 3000 used cars per month and currently operates in 15 major cities. Going forward, the company looks to expand its reach to 25 cities with a consumer base of 3 million people.
Follow Startup Story
Related Posts
