India-based auto marketplace Spinny has raised INR 2,124 crores ($285 million U.S.) in a Series E funding round, giving it a valuation of $1.75 billion.

According to The Economic Times, the funding round was led by existing investor Tiger Global and Abu Dhabi Growth Fund (ADQ), with participation from Avenir Growth and Arena Holdings. Tiger Global and ADQ are said to have invested $100 million each, with Avenir Growth and Arena Holdings investing $50 million and $25 million, respectively.

The Series E is Spinny’s third funding round in less than a year. The company raised $65 million in a Series C funding round led by General Catalyst in April, at a valuation of $350 million. This was followed by the $100-million Series D round led by Tiger Global in June. Spinny subsequently doubled its valuation to nearly $800 million.

The latest round, which has taken Spinny’s valuation to a whopping $1.75 billion, is expected to supercharge the company’s expansion plans. Spinny is currently active in 16 Indian cities. The proceeds will also go towards product development and branding, in light of the increasing competition in the Indian used car ecosystem.

The pandemic-induced demand for used cars has led to meteoric growth for auto marketplaces, with many companies becoming unicorns in just a year. Cars24 became the first pure-play auto marketplace in India to achieve the feat, followed by Droom, CarTrade, CarDekho and now Spinny.

Founded in 2015 by Niraj Singh, Mohit Gupta and Ramanshu Mahaur, Spinny was initially a c-to-c classified business before it pivoted to transactions in 2017. The company has since grown steadily, operating on a direct-selling model with value propositions such as money-back guarantees, one-year warranties, fixed-price assurances and buy-back options.

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