Funding
Spinny raises $131 million led by Accel Leaders Fund
By Startup Enthusiast ·
- Date
- Company
- Spinny
- What it does
- Accel Leaders Fund
- Kind
- Funding
- Amount
- $131 million
- Stage
- Series F
- Based in
- Gurugram
- Founded
- 2015
What they do
US-based Accel Leaders Fund led a $131 million round at an unchanged valuation, joined by Elevation, Think, Tiger Global and Fundamentum
What happened
Filings showed Accel put in about $49 million in the first part and Fundamentum about $3 million
Why it matters
Around $110 million was to be new money, with the rest bought from existing shareholders
The details
- Spinny raised $131 million in Series F.
- Accel Leaders Fund led.
- Valuation stayed flat.
- Accel invested about $49 million in tranche one.
- About $110 million planned as fresh capital.
- Reports tied the money to its lending arm.
The bigger picture
- It was its first big round since 2021.
- A flat valuation showed a cooler market than 2021.
- India’s used-car market was growing about 13% a year.
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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