Gurugram-based used car retailing platform Spinny has raised close to INR 1,849 Cr of ($248.6 Mn) in a Series E round of investment co-led by Tiger Global and Abu Dhabi Growth Fund. Spinny’s existing investor Avenir Growth also participated in the round.
The size of the round can further rise, as several existing investors haven’t participated yet. The company chose not to respond to Inc42’s query.
According to recent filings accessed by Inc42, the startup has issued a total of 99,660 Series E compulsory convertible preference shares at a total issue price of INR 1,85,576.
The filings further reveal that Spinny has passed a special resolution to amend its Employee Stock Option Scheme 2019. The company is increasing its existing ESOP pool from 35,109 to 38,688.
The recent investment has helped the startup reach a billion-dollar valuation. The startup was last valued at $800 Mn when it bagged $108 Mn in its Series D round in July this year. Back then, the round saw participation from New York-based Avenir Growth along with existing investors such as General Catalysts, among others.
The last round included a primary capital infusion of $105 Mn and a secondary sale of $3 Mn by select angels and early-stage investors. Tiger Global invested $75 Mn and $20 Mn was infused by Avenir Growth.
In April this year, Spinny raised its Series C round worth $65 Mn from General Catalyst, Arena Holdings, and Think Investments. In this year, Spinny has already raised $421.6 Mn across three rounds (including the current round).
Founded in 2015 by Niraj Singh, Mohit Gupta and Ramanshu Mahaur, Spinny is a used car retailing platform. It operates across the entire value chain of pre-owned cars, embedding superior technology and processes to deliver a premium experience to customers. The startup, at present, has 15 car hubs that operate across eight cities such as – Delhi-NCR, Bangalore, Mumbai, Pune, Hyderabad, Chennai, Kolkata, and Ahmedabad.
Spinny competes against the likes of recently listed and profitable CarsTrade along with IPO-bound Droom and Cars24. Spinny also counts Cardekho, OLX, Quikr and newly minted OlaCars as its competitors.
India’s used-car market is estimated to reach between 6.7 Mn to 7.2 Mn units per year by 2022, with the value of the segment pegged at INR 50,000 Cr, according to the outlook report by Mahindra First Choice Wheels Ltd.
The news of Spinny raising $248 Mn was first reported on Entrackr