Used Car Platform Spinny Raises $131M Funding

Niraj Singh, Spinny Founder & CEO

Used car platform Spinny has raised $131 million led by US-based Accel Leaders Fund, according to two sources familiar with the fundraise.

Entrackr exclusively reported on Spinny’s new round in January.

“Spinny is raising $110 million as primary funding, while the remaining $21 million will be secondary, which includes ESOP buybacks and exits for early backers,” said a source requesting anonymity. “Accel Leaders has contributed $75 million, with the rest coming from Elevation, Tiger Global, Fundamentum, and other existing investors.”

Regulatory filings showed that Accel Leaders Holdings has pumped in nearly $49 million while Fundamentum has put in $3 million.

ET reported the development first. 

As per sources, Spinny will be valued at around $1.5 billion post money. Entrackr has reached out to Spinny for more details.

Gurugram-based Spinny operates a full-stack model, controlling the entire supply chain for used car sales. Its platform facilitates vehicle inspection, refurbishment, documentation, and finance.

Sources added that the platform sells close to 7,000 cars every month with an average transaction size of around 6 lakhs. It also sells around 5,000 more cars every month on its B2B auction platform.

As per startup data intelligence platform TheKredible, Spinny has raised approximately $500 million so far. Tiger Global and Accel remain its largest stakeholders, holding 14.25% and 13.25%, respectively.

For the fiscal year ending March 2024, Spinny’s revenue from operations rose to Rs 3,725.02 crore from Rs 3,259.78 crore in FY23. During this period, its losses declined by 28% to Rs 590.37 crore.

Source: Entrackr