Spinny raises $248 mn in Series E funding, turns unicorn
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Pre-owned cars platform, Spinny, has raised Rs 1849.45 crore ($248.6 million) as part of its Series E funding round, making it the 39th unicorn, or a startup with over $1 billion valuation, in India till date.
The funding round was co-led by existing investor Tiger Global and new investor Abu Dhabi Growth Fund, according to regulatory filings. Tiger Global and Abu Dhabi Growth Fund pooled in around Rs 740 crore each as part of this round. Existing investors, New York-based private investment firms Avenir Growth and Arena Holdings participated in this funding round.

As part of the transaction, the company issued 99660 Series E compulsorily convertible preference shares (CCPS), having a face value of Rs 1 each at a total issue price of Rs 185576.61 each for consideration in cash.

The fresh capital has been raised for growth, expansion, marketing and general corporate purposes.

News website Entrackr first reported the development, saying the funding was raised at a valuation of over $1.7 billion. There were just 11 unicorns in the entire calendar year last year.

An email sent to Spinny did not elicit an immediate response.

The current funding round comes after Spinny's back-to-back Series C and Series D funding rounds this year.

Earlier in July, Spinny raised Rs 771.5 crore ($103.3 million) in a new funding round led by Tiger Global. This came just months after it closed its Series C funding led by General Catalyst earlier in April.

Spinny, operated by Valuedrive Technologies Pvt Ltd, was founded in 2015 by Neeraj Singh, Mohit Gupta and Ramanshu Mahuar.

Spinny acquired rival Truebil in a cash-and-equity deal in August last year. The acquisition came just months after the pre-owned cars platform had raised $43.7 million in its Series B funding led by Fundamentum Partnership.

Prior to this, Spinny raised around $13.2 million in a Series A round led by Elevation Capital and Accel in 2019. The platform raised $1 million (around Rs 6.4 crore) in a seed round led by Blume Ventures in June 2017.  

The broader used cars marketplace has witnessed significant action in 2021.CarTrade became the first company from the sector to float its initial public offering (IPO) and list on the stock exchanges this year while earlier this month Droom filed draft papers with the Securities Exchange Board of India (SEBI) to go public.

Last month, Girnar Software Pvt. Ltd. which operates online portal for new and used cars, CarDekho, also turned into a unicorn as it raised $250 million as a part of its latest Series E fundraise.

In September, Cars24 Services, which had turned unicorn last year, closed a $450 million round of funding led by DST Global, Falcon Edge and SoftBank Vision Fund 2.

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