Exclusive: Spinny turns unicorn after Series E funding

Full-stack used car retailing platform Spinny has turned unicorn after raising around Rs 1,849 crore or $248 million in its Series E round from new and existing investors. The fresh round has come after four months for the Gurugram-based company which raised over $100 million in its Series D round led by Tiger Global.

Entrackr had exclusively reported about Spinny’s upcoming round on September 28.

Spinny has passed a special resolution for the issuance of 99,660 Series E CCPS on a private placement basis at the face value of Rs 1 and a premium of Rs 1,85,576.61 per share amounts to Rs 1,849 crore, regulatory filings show.

Tiger Global and Abu Dhabi Growth Fund have led the round with investment of Rs 739.7 crore each. Somerville SPV and Aveni Spinny have put in the remaining amount.

According to Fintrackr’s estimates, Spinny has raised the fresh round at over $1.7 billion. The company was valued at around $750-800 million during its Series D round. 

With this, Spinny has become the fourth startup to turn unicorn from the used car space. Earlier, Cars24, CarDekho and Droom had entered the coveted club of unicorns.

Spinny has joined the likes of OfBusiness and Apna which have raised three rounds in the ongoing calendar year. Kunal Shah-led CRED is also set to mop up its third round of 2021 soon. 

Entrackr had exclusively reported about CRED’s potential round Tuesday.

The six-year-old company has built an entire value chain for its used car buying platform and its online-to-offline (O2O) model which allows customers to discover cars online and make the final purchase offline at its hub. According to the company’s website, it operates in over 40 cities including Delhi-NCR, Bengaluru, Mumbai, Kolkata, Chennai, Hyderabad, Lucknow, Ahmedabad and Pune.

Update: The story has been updated with more information and exact valuation.