Used Car Retailing Platform Spinny Raises $248M, Enters Unicorn Club
Spinny, a Gurugram-based used car marketplace, has raised Rs 1,849.45 crore ($248 million approximately) from returning and new investors as part of its Series E funding round, as per filings made with the Registrar of Companies.
With this funding, Spinny has become the 39th Indian startup to enter the coveted unicorn club and is now valued at $1.7 billion.
The funding round was co-led by Abu Dhabi Growth Fund and returning investor Tiger Global, which invested nearly Rs 740 crore each in the round. Other investors in the round include Avenir Growth and Arena Holdings, which invested Rs 185 crore each.
Spinny | Full-stack Car Buying Platform
Started by Mohit Gupta, Niraj Singh, and Ramanshu Mahaur in 2015, Spinny is a full-stack used car retailing platform operating on an Online-to-Offline (O2O) model. The Gurugram-based used car marketplace allows customers to discover cars online on its website and make the final purchase offline at its hub.
Spinny claims to eliminate all layers of intermediaries and dealers to provide the car at the right price. It currently operates in Delhi-NCR, Bengaluru, Hyderabad, Pune, Mumbai, Kolkata, Chennai, Ahmedabad, Lucknow, Jaipur, Chandigarh, Indore, and Coimbatore.
In August 2020, Spinny acquired customer-to-customer used car marketplace Truebil.
Mobility Industry And Rise Of Used Car Segment
COVID-19 pandemic has changed the trends in the mobility industry, with more and more people avoiding public transport and preferring to commute by their own vehicles. And due to the affordability factor that used cars provide, there has been an increase in demand for affordable and high-quality pre-owned vehicles, especially among the Millenials.
According to a report by P&S Intelligence, the used car market in India is expected to increase from USD 18.3 billion in 2020 to reach USD 70.8 billion in 2030.
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