Used car platform Spinny raises $283 mn, becomes new unicorn

New Delhi, Dec 7 : Used car retailing platform Spinny on Tuesday announced the closure of a $283 million funding from new and existing investors, taking its valuation to $1.8 billion and becoming another unicorn in 2021.

The company said the raised capital would be utilised to bolster the customer experience, strengthen technology and product capabilities and build teams across functions.

The Series E round was led by Abu Dhabi-based ADQ, Tiger Global and Avenir Growth, along with participation from existing investors Feroz Dewan's, Arena Holdings and Think Investments, the company said in a statement.