Used cars retail platform Spinny gets $283Mn in Series E from Abu Dhabi's ADQ, Tiger Global
Summary
The Indian startup sector has been tremendous successes this year, producing unicorns by the dozens and seeing companies raise billions from investors, global and domestic alike. According to the company, this freshly raised capital will be utilized towards enhancing the customer experience, strengthening its technology and product capabilities, and building teams across functions. The six-year-old Spinny, founded by Niraj Singh, Mohit Gupta, and Ramanshu Mahaur, aims to bring about transparency and convenience in the car buying and selling process in the country. Known to leverage technology to bring about convenience in the buying and selling process of pre-owned cars, it has been growing steadily over the past few months – it even acquired its rival Truebil last year and continued to operate it as an independent brand that focuses on providing affordable pre-owned vehicle options in lower-budget categories. With 23 car hubs that operate across 15 cities – Delhi, Gurugram, Noida, Bangalore, Mumbai, Pune, Hyderabad, Chennai, Kolkata, Ahmedabad, Lucknow, Jaipur, Chandigarh, Indore, and Coimbatore –the last 12 months have seen Spinny add multiple industry-first initiatives.