Used car retailing platform Spinny has become the 42nd unicorn in India this year after it raised $283 million at a valuation of $1.8 billion.
The round was led by Abu Dhabi-based ADQ, Tiger Global and Avenir Growth. The latest round includes a primary capital infusion of $250 million and a secondary sale of $33 million by select angels and a few seed stage investors. This takes the overall funds raised by Spinny to around $530 million.
Started in 2015, the Gurgaon-headquartered startup was valued at $150 million in January. “The second wave has caused another round of disruptions, even for companies fast recovering from the first wave. Now, there is talk about a third wave being around the corner. Considering these circumstances, the focus on social distancing will continue for some more time than earlier expected,” Niraj Singh, founder & CEO of Spinny.
Spinny’s projected sales for 2021, based on current growing demand, are expected to be over 35,000 cars and the company is clocking sales of over 2,000 cars per month. It plans to use the fresh capital to step up the customer experience, strengthen technology and product capabilities and build teams across functions.
“Consequently, personal mobility through four-wheelers will remain the safest, most reliable option in commuting and travelling. Therefore, these tailwinds will keep driving used-car sales. As a pre-owned car platform with end-to-end services, we believe such opportunities will prevail in the coming years too,” said Singh.