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Spinny & Upstox turn unicorn with fresh funding: Report

2021 is likely to go down as the unicorn year for the Indian startup industry unless 2022 proves to be even better year for the unicorn startups. Until then 2021 will be considered as one of the historic years for Indian startups. Adding another important chapter to this  unicorn year are two new startups Spinny and Upstox.

The two startups have raised fresh funds at unicorn valuation, according to media reports. However, both startups have so far not issued any official comment on the funding news.

According to media reports, the used car marketplace Spinny has raised Rs 1,849.85 ($248 Mn) from new as well as existing investors as part of its Series E round. Abu Dhabi Growth Fund and Tiger Global co-led the round. Avenir Growth and Arena Holdings were among the other two investors to participate in the funding round. As per reports, Spinny clocked a valuation of nearly $1.3 Bn in its latest funding round.

Spinny is now the fifth startup from the used car space to enter India’s ballooning unicorn club. The other four startups include CarTrade, Car24, CarDekho and IPO bound Droom. Notably, CarTrade had listed in India’s capital market in August itself.

Now coming to Upstox, the Mumbai based online stock broking startup has raised $25 Mn from existing investor Tiger Global, as per the regulatory filings cited by various news portals. The startup, which competes with bootstrapped startup Zerodha, has reportedly raised funds at an eye-popping valuation of $ 3 Bn.    

Upstox also competes with unicorn startup Grow and well-funded startup IndMoney.

The month of November has seen total 6 startups entering the unicorn club. As we are barely month away from putting the curtains down on 2021, there is every likely that we might see few more startups hitting the $1 Bn valuation before the conclusion of 2021.   

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