Spinny Secures New Funding Round of $160–165 Million

Spinny, a platform for used car retailing, is engaged in late-stage discussions to secure a funding round between $160 million and $165 million, co-led by its current investor, Accel Leaders Fund, according to inside sources. This new round is set to push the Gurugram-based company’s total raised funds to over $320 million by 2025.

As per one source, requesting anonymity, this round is distinct from the earlier $160 million raised within the year, which included an additional $30 million. A notable portion of this fresh capital is allocated for expenses related to Spinny’s recent acquisition of GoMechanic and to ensure ongoing operational stability.

Funding Breakdown and Strategic Goals

Sources indicate that approximately $90 million of the new funding round will be regarded as primary capital, while the remaining proceeds will facilitate complete or partial exits for several early and mid-stage backers.

Furthermore, startup Superb has examined the latest regulatory documents, revealing that Spinny’s board has approved the issuance of 10.45 lakh Series G preference shares intended to raise Rs 395 crore. The primary capital from the forthcoming $160–165 million round is anticipated to be received shortly.

Current Valuation and Investor Participation

According to reports, the valuation for Spinny remains stable at between $1.5 billion and $1.8 billion post-money. Aside from Accel Leaders Fund, a newcomer investor is expected to partake in the round, as suggested by the previously quoted person.

Requests sent to Spinny’s CEO, Niraj Singh, on Wednesday received no response, and attempts to contact Accel for feedback were also made.

Spinny’s Business Model and Performance Metrics

For those unfamiliar, Spinny operates on a comprehensive model that encompasses inspection, refurbishment, documentation, and financing for used cars. Currently, Spinny sells over 12,000 cars each month, across both B2B and B2C sectors, with an average transaction value of approximately Rs 6 lakh.

Data collected from various startup intelligence platforms shows that prior to this funding round, Spinny has raised around $676 million. The largest stakeholders include Tiger Global and Accel.

In terms of operational performance, Spinny’s revenue surged by 25% to Rs 4,657 crore, up from Rs 3,730 crore, for the fiscal year ending March 2025, while its losses decreased by 28% to Rs 423 crore in the same period.