Funding
Spinny raises $43.7 million led by Fundamentum
By Startup Enthusiast ·
- Date
- Company
- Spinny
- What it does
- Fundamentum, General Catalyst
- Kind
- Funding
- Amount
- $43.7 million
- Stage
- Series B
- Based in
- Gurugram
- Founded
- 2015
What they do
Nandan Nilekani and Sanjeev Aggarwal’s growth fund Fundamentum led a $43.7 million Series B in the four-year-old used-car platform
What happened
General Catalyst and Korea’s KB Financial Group came in, alongside Accel, SAIF Partners and Alteria Capital
Why it matters
Total funds raised reached about $57 million, and the money was for expanding into more Indian cities
The details
- Spinny raised $43.7 million in Series B.
- Fundamentum Partnership led.
- General Catalyst and KB Financial were new.
- Accel, SAIF and Alteria returned.
- Total raised: about $57 million.
The bigger picture
- It came just before Covid lockdowns hit car sales.
- Well-known tech founders backing it lifted its profile.
- It set up expansion to new cities.
About the business
- Spinny buys, checks and resells used cars online and through its own car hubs.
- Almost all revenue (about 98%) comes from selling cars; the rest from commissions, services and ads.
- It also runs car loans, the GoMechanic servicing business and the Autocar India titles.
Investors
Founders
- Niraj Singh, Founder and CEO
- Mohit Gupta, Co-founder
- Ramanshu Mahaur, Co-founder and CTO
About Spinny
- Product
- A platform that helps consumers buy, sell, and exchange used cars.
- Customers
- Individual car buyers and sellers, plus dealers and OEM partners.
- How it makes money
- It earns from car sale margins, exchange activity, and related services such as financing and warranties.
- What sets it apart
- Certified inspection and a managed, end-to-end transaction experience.
- Operations
- Operates an inventory-backed and platform-assisted used-car retail network.
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- Spinny reports FY26 revenue of ₹6,000 crore9 September 2026 · Results
- Spinny estimated to cross ₹6,000 crore in revenue for FY266 September 2026 · Milestone
- Spinny expands dealership exchange and features footballer Ryan Williams1 September 2026 · Launch
- Spinny converts to public company, plans IPO in 20273 August 2026 · IPO · ₹43 crore
- Spinny plans IPO by Q1 202728 April 2026 · IPO
- Nissan and Spinny launch 55-minute car exchange20 March 2026 · Partnership