Used Car Platform Spinny Secures $131 Million Funding
Used car platform Spinny has successfully raised $131 million, with the funding led by Accel Leaders Fund based in the United States, according to two sources knowledgeable about the investment.
The startup news outlet Superb was the first to report on Spinny’s latest funding round in January.
A source, who wished to remain anonymous, shared that Spinny is securing $110 million as primary funding, while the additional $21 million involves secondary funding, which includes Employee Stock Option Plan (ESOP) buybacks and exits for initial investors. Notably, Accel Leaders has invested $75 million, with the remainder provided by Elevation, Tiger Global, Fundamentum, and other current stakeholders.
Regulatory documents indicate that Accel Leaders Holdings has injected nearly $49 million into Spinny, with Fundamentum contributing about $3 million. This development was first reported by ET.
According to insiders, Spinny will be valued at around $1.5 billion following this funding round. Startup Superb has reached out to Spinny for additional insights.
Based in Gurugram, Spinny operates under a comprehensive model, managing the entire supply chain associated with used car sales. Its platform facilitates vehicle inspections, refurbishments, documentation, and financing options.
Sources noted that Spinny sells approximately 7,000 cars each month with an average transaction value of about 6 lakhs. Additionally, the platform manages around 5,000 further sales each month through its B2B auction service.
According to various data intelligence platforms for startups, Spinny has raised close to $500 million in total to date. Tiger Global and Accel are its principal investors, retaining stakes of 14.25% and 13.25%, respectively.
For the fiscal year ending March 2024, Spinny’s operational revenue has increased to Rs 3,725.02 crore from Rs 3,259.78 crore during FY23. Furthermore, during this timeframe, its losses have decreased by 28% to Rs 590.37 crore.
