Online used car marketplace Spinny has raised $285 million in its Series E funding round, led by Abu Dhabi-based ADQ and New York-based investment firm Tiger Global.
The round marks its entry to the unicorn club, or those startups valued at $1 billion or more. “ADQ and Tiger Global have invested $100 million each in the company, while $50 million has come from Avenir Growth and $25 million from Feroz Dewan’s Arena Holdings,” a person familiar with the development said.
Sources said Spinny’s post-money valuation stood at $1.75 billion, more than doubling from its previous round when it was valued at $740 million after the used car platform raised $108 million from Tiger Global and others in July. The latest fundraise includes a $35 million secondary sale component where some existing investors have partially or fully cashed out.
Spinny is expected to use the capital to invest in developing tech and product capabilities, for branding and to expand geographical reach, sources said.
Entrackr was first to report a bout the fundraising move on Wednesday.