Spinny turns unicorn after raising Series E funds
Pre-owned car market place Spinny is the newest company to become unicorn after the recent round of funding. The company has raised $248 million in its Series E round from a few new and existing investors. Tiger Global and Abu Dhabi Growth Fund have led the round. Existing investor Avenir Growth also participated in the round.
After this round of funding, the company is valued at over $1.7 Billion. It was valued at around $750 during its Series D round. Series D round was also led by Tiger Global.
The company was founded by Mohit Gupta and Ramanshu Mahuar back in 2015. I raised $1 million in a seed round led by Blume Ventures in June 2017. Then it raised multiple rounds by different investors.
Spinny is the fourth company in the used car space to become unicorn. Rivals Cars24, CarDekho and Droom had become the member of unicorns club in the past.
Spinny is a six-years old company that offers pre-owned cars. It operates in over 40 cities across the country. Unlike other pre-owned cars platform, cars sold by Spinny are handpicked and mostly in excellent driving condition. So, you get good condition cars on a competitive pricing. I also bought a car from Spinny last year and overall buying experience was really good.