Bengaluru: Used-Car Platform small garden said on Tuesday it has raised $283 million in a funding round led by Abu Dhabi-based ADQ and Tiger Global, giving the used-car retailing platform a valuation of approximately $1.8 billion.
The round includes a primary capital investment of $250 million and secondary sales of approximately $33 million by select investors, Spinney said in an emailed statement.
Founded in 2015, Spinny allows people to sell their used cars on its online portal, enabling potential buyers to choose from over 2,000 second-hand models and book test drives. The company has sold more than 20,000 cars according to its website.
Startups are doomed in 2021 and many have surpassed $1 billion in valuation, entering the so-called “unicorn” club.
Food delivery firm Zomato and fashion e-commerce company Nykaa are among the high-profile names that have seen blockbuster market debuts this year.
Spinney said it will use the new funds to improve the customer experience and upgrade its technology and products.
The used-car platform has 23 car hubs and operates in 15 cities including Delhi, Mumbai and Bengaluru.
The company also offers financing options for its buyers including used car loans.
The round includes a primary capital investment of $250 million and secondary sales of approximately $33 million by select investors, Spinney said in an emailed statement.
Founded in 2015, Spinny allows people to sell their used cars on its online portal, enabling potential buyers to choose from over 2,000 second-hand models and book test drives. The company has sold more than 20,000 cars according to its website.
Startups are doomed in 2021 and many have surpassed $1 billion in valuation, entering the so-called “unicorn” club.
Food delivery firm Zomato and fashion e-commerce company Nykaa are among the high-profile names that have seen blockbuster market debuts this year.
Spinney said it will use the new funds to improve the customer experience and upgrade its technology and products.
The used-car platform has 23 car hubs and operates in 15 cities including Delhi, Mumbai and Bengaluru.
The company also offers financing options for its buyers including used car loans.
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