Spinny, one of India’s most prominent used-car retail startups, is reportedly in advanced discussions to raise around $160–165 million in a new funding round. According to people familiar with the development, Accel Leaders Fund is set to co-lead the round while significantly increasing its investment commitment to the Gurugram-based platform.
If finalised, this round will take Spinny’s total fundraising for 2025 to more than $320 million, signalling strong and sustained investor confidence despite a cautious global funding environment.
What the New Funding Round Means for Spinny
A major share of the upcoming round — approximately $90 million — will be raised as primary capital. This portion will help the company strengthen operations, enhance its supply chain, and support strategic acquisitions. The remaining amount will be used for secondary transactions, offering liquidity options to early and mid-stage investors.
Regulatory documents show that Spinny’s board has already approved the issuance of over 10 lakh Series G preference shares, amounting to roughly ₹395 crore. Sources familiar with the matter indicate that the company will maintain a flat valuation between $1.5 billion and $1.8 billion post-money, providing stability for existing shareholders.
Messages to Spinny CEO Niraj Singh on Wednesday went unanswered, and Accel did not offer an immediate response.
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Investor Strategy and Use of Funds
A considerable portion of the new investment is expected to cover payouts tied to Spinny’s recent acquisition of GoMechanic. The remaining capital will be directed toward operational expansion, improved service capabilities, and better market reach.
With a thoughtful mix of primary funding and secondary liquidity, Spinny is focusing on both long-term business health and short-term investor satisfaction. This balanced approach is increasingly common among well-positioned late-stage startups preparing for larger strategic milestones.
Strong Business Performance Driving Investor Confidence
Spinny’s financial performance continues to reassure investors. For FY25, the company reported a 25% increase in operational revenue, touching nearly ₹4,657 crore. Additionally, losses narrowed by almost 28%, reflecting disciplined spending and improved operational efficiencies.
The platform currently sells more than 12,000 vehicles each month across B2C and B2B channels. With an average ticket size of around ₹6 lakh, Spinny has built a strong presence in India’s fast-evolving used-car ecosystem.
Spinny’s Position in the Used-Car Market
Spinny operates an end-to-end, full-stack model that covers car inspections, refurbishment, documentation, and financing. This comprehensive approach has helped the company address core customer concerns such as trust, transparency, and vehicle quality — long-standing challenges in India’s fragmented pre-owned car industry.
Even before this latest round, Spinny had raised approximately $676 million, supported by leading global investors like Tiger Global and Accel. This sustained backing has helped the company strengthen its operational foundation and scale across multiple cities.
The Road Ahead
With fresh funds expected soon, Spinny is gearing up for a phase of ** operational expansion, enhanced customer experience, and deeper technological integration**. Market observers believe that the company may be laying the groundwork for long-term ambitions, potentially including public listing plans in the coming years.
As India’s used-car market continues to grow rapidly, Spinny’s renewed investor confidence and expansion strategy place it in a strong position to drive the next chapter of growth in the segment.