Spinny, an online used car seller, has completed a $ 12 million ESOP buyout for current and former employees: the first such transaction by the company that turned a unicorn earlier this month .
“The ESOP pool was formed to ensure that our team members are rewarded for their belief in Spinny’s vision and for their hard work in turning the vision into reality. Our belief from the start has been to build an institution that earns trust by offering full transparency and a standard experience to each of our buyers, ”said Niraj Singh, Founder and CEO 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 ADQ, Tiger Global and Avenir Growth, based in Abu Dhabi.
The round includes a $ 250 million primary capital injection and a $ 33 million secondary sale by angel and start-up investors. Spinny raised over $ 530 million and the last funding round valued him at around $ 1.8 billion.
The company said the gross value of goods (GMV) on its platform during the year 2021 increased fivefold from last year to $ 300 million and that it expects to reach $ 1 billion GMV next year. The company sold around 3,500 used cars on its platform in November and expects to end the calendar year with sales of 85,000 to 90,000 units.
Founded in 2016, Spinny has 23 automotive hubs that operate in 15 cities including Delhi, Gurugram, Noida, Bengaluru and Mumbai. The used car market aims to expand to 25 cities by the middle of next year.