Spinny Drives Forward with $131M Funding Round

India-based used-car marketplace Spinny has successfully raised $131 million in its latest funding round, spearheaded by existing investor Accel Leaders Fund. The financial boost, detailed by the Times of India, comprises primary transactions worth $107 million along with secondary deals amounting to approximately $23-24 million. Notably, Spinnys recent regulatory filings indicate that $52 million have already been invested by Accel and another significant investor, Fundamentum, with another tranche anticipated by April. Part of the secondary transactions includes early investors cashing out and Spinny repurchasing shares through its employee stock ownership plan (ESOP), following an expansion of this pool to over 170 million stock options last year. The fresh capital injection continues to uphold Spinny’s valuation at an estimated $1.7-1.8 billion, aligning with its Series E valuation concluded in November 2021. The newly obtained capital is primarily intended to enhance Spinny’s financing vertical. Concurrently, the firm reported a reduction in losses by 28% year-over-year, totaling $69 million in the fiscal year ending March 2024 (FY23-24). Founded in 2015 by entrepreneurs Niraj Singh, Mohit Gupta, and Ramanshu Mahaur, Spinny initially operated as a consumer-to-consumer classified platform. The firm shifted to direct transactions in 2017 to capture a larger market share. This past March, Spinny acquired premium automotive publications including Autocar India, Autocar Professional, and What Car? in India, financed through a combination of cash and equity.