New Delhi: Used-car retail technology platform Spinny is in advanced discussions to raise between $160 million and $165 million in a new financing round co-led by existing investor Accel Leaders Fund, according to industry sources familiar with the matter.
If completed, this fresh round would bring Spinny’s total capital raised in 2025 to more than $320 million, underscoring strong investor confidence in the company’s growth strategy and business performance.
People close to the talks say the proposed funding will be a fresh round separate from earlier capital raised this year, including a $160 million fundraise that also featured a $30 million top-up.
A significant portion of the primary capital — about $90 million — is expected to be deployed toward operational expansion, including bolstering supply chain, service capability, and strategic initiatives such as the recent acquisition of GoMechanic.
The remaining amount is earmarked for secondary share transactions, allowing partial liquidity for select early and mid-stage investors.
Regulatory filings reviewed by sources show that Spinny’s board has already approved the issuance of approximately 10.45 lakh Series G preference shares, reflecting the company’s intent to raise around ₹395 crore from this round.
The startup is anticipated to maintain a flat post-money valuation in the range of $1.5 billion to $1.8 billion, suggesting stability in its market positioning even amid broader funding scrutiny in the startup landscape.
Spinny — headquartered in Gurugram — operates a full-stack used-car marketplace covering inspection, refurbishment, documentation, financing, and sales. The company sells more than 12,000 vehicles per month across both consumer and business channels, with an average transaction value of about ₹6 lakh, signaling solid market traction.
The new funding comes as Spinny continues to demonstrate improving financial metrics. According to market reports, the company’s operational revenue grew by around 25% in the fiscal year ending March 2025, while net losses narrowed by roughly 28% over the same period, suggesting a stronger operational discipline and revenue trajectory.
Leading global investors, including Tiger Global and Accel, have been major supporters of Spinny’s growth through multiple financing rounds. Before this potential round, the company had raised about $676 million in total funding over time.
With this fresh capital, Spinny aims to deepen its foothold in India’s rapidly expanding used-car ecosystem, enhance customer experience, and pursue strategic milestones that could pave the way for longer-term prospects, including potential public market ambitions.
