The deal facilitates early investor exits and ESOP buybacks with USD 21 million in secondary transactions and USD 110 million in main funding. Elevation Capital, Tiger Global, Fundamentum, and other current investors took part in the round, and Accel Leaders committed USD 75 million.
The money will go into strengthening technology-driven solutions for used car buyers and sellers, increasing Spinny’s market presence, and improving its full-stack capabilities. “With the growing demand for pre-owned vehicles, Spinny is poised to scale operations and improve customer experience through better inspection, refurbishment, and financing services,” according to a source familiar with the transaction.
Spinny, which was founded in 2015 by Niraj Singh, Ramanshu Mahaur, Ganesh Pawar, and Mohit Gupta, uses a full-stack approach to handle used automobile transactions from start to finish. The platform provides end-to-end sales services, finance, documentation, car inspection, and refurbishing.
With an average transaction value of INR 6 lakh per car, it sells about 7,000 cars on its platform and 5,000 cars through its B2B auction network each month.
Prior to this deal, Tiger Global and Avenir Growth led Spinny’s 2021 Series D fundraising round, which garnered USD 108 million.
The company wants to use this most recent capital to expand into tier-II and tier-III locations, speed up expansion, and look into strategic acquisitions. Spinny is establishing itself as a market leader in the pre-owned vehicle sector as the used automobile market in India is expected to treble by 2030.
