Online used cars seller Spinny finishes ESOP buyback worth $12 mn

The unicorn raised $283 million in a Series E funding round from new and existing investors earlier this month.

Spinny, an online used cars seller, has completed an ESOP buyback of $12 million for current and former employees: the first such transaction by the company that turned a unicorn earlier this month.

“The ESOP pool was constituted to ensure that our team members are rewarded for their belief in Spinny’s vision, and relentless hard work that goes in turning vision into reality. Our belief from the beginning is to build an institution that earns trust by providing complete transparency and a standard experience to each of our buyers,” said Niraj Singh, founder and chief executive officer of Spinny.

Spinny raised $283 million in a Series E funding round from new and existing investors earlier this month. The round was led by Abu Dhabi-based ADQ, Tiger Global and Avenir Growth.

The round includes a primary capital infusion of $250 million and a secondary sale of $33 million by angels and seed-stage investors. Spinny has raised more than $530 million in and the latest funding round valued it at around $1.8 billion.

The company said the gross merchandise value (GMV) on its platform in CY 2021 has grown 5X compared to last year to $300 million and it expects to hit $1 billion in GMV next year. The company sold around 3,500 used cars on its platform in November and expects to close the calendar year at sales of 85,000-90,000 units.

Founded in 2016, Spinny has 23 car hubs that operate across 15 cities including Delhi, Gurugram, Noida, Bengaluru and Mumbai. The used car marketplace aims to expand to 25 cities by the middle of next year.