Spinny has turned unicorn after raising around $248 million in its Series E round

Full-stack used vehicle retailing stage 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 organization which raised over $100 million in its Series D round led by Tiger Global.

Spinny has passed a special resolution for the issuance of 99,660 Series E CCPS on a private placement premise at the face value of Rs 1 and a premium of Rs 1,85,576.61 per share adds up 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 placed in the remaining sum.

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

With this, Spinny has become the fourth startup to divert unicorn from the used vehicle 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 additionally set to clean up its third round of 2021 soon.

In an exclusive report with regards to CRED’s potential round Tuesday.

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