Spinny Raises $131 Mn To Expand NBFC Arm: Report

Tiger Global-backed used-car marketplace unicorn Spinny has reportedly raised $131 Mn (about INR 1,121 Cr) in a round led by US-based Accel Leaders Fund. 

The round, which was a combination of primary and secondary transactions, also saw participation from Nandan Nilekani’s Fundamentum. The car-reselling startup was valued between $1.7 Bn to $1.8 Bn on a post-money basis, the Economic Times reported.

This is a flat valuation compared to its previous $1.8 Bn valuation in December 2021, when the startup joined the unicorn club after raising $283 Mn in a round led by Abu Dhabi-based ADQ, Tiger Global and Avenir Growth.

While $107 Mn was primary investment in the latest funding round, the remaining was for secondary shares and buyback of employee stock options (ESOPs). 

Accel and Fundamentum have pumped in about $52 Mn in primary capital in Spinny so far, as per the startup’s MCA filings accessed by Inc42. The second tranche of the primary capital portion is likely to come through by April-end.

Existing investors Tiger Global, Elevation Capital and General Catalyst are also expected to participate in the round.

Spinny is likely to deploy the proceeds from the fundraise towards expansion of its newly-launched non-banking financial arm, the report said.

The move is aimed at diversifying into lending and ancillary services. It would also allow the used-car retailing platform to improve its gross margins and unlock new revenue streams.

Inc42’s queries sent to Spinny cofounder and CEO Niraj Singh didn’t elicit any response till the time of publishing this article.

In November last year, Singh said that the startup was eyeing a 35% to 40% revenue growth in the fiscal year ended March 2025 (FY25), with ancillary services such as lending expected to grow their share in the business.

Spinny managed to narrow its net loss by 28% to INR 590 Cr in FY24 from INR 819.8 Cr in the previous fiscal year. Revenue from operations rose 14.2% to INR 3,725 Cr during the year from INR 3,259.7 Cr in FY23. 

Used-Car Selling Startups On Funding & Expansion Spree 

This comes at a time when the demand for pre-owned cars is on the rise in the country. Sales of used cars surpassed new cars in 2024, with 54.12 Lakh units sold versus 41.63 Lakh new cars, as per a report by Cars24.

As a result, startups in the space are seeing increased investor interest. For instance, Cars24 raised INR 250 Cr from its Singapore-based parent entity Global Car Group Limited last July. In March 2025, IPO-bound Droom raised $3 Mn in a round co-led by India Accelerator and Finvolve.

Meanwhile, CarDekho is also gearing up for its potential $500 Mn initial public offering (IPO).

The startups in the segment are also expanding into new verticals to boost their revenues. 

Last month, Cars24 made its entry into the “new cars” market with the launch of a new aggregator platform for dealerships and OEMs. The move aligns with its broader strategy to streamline the car buying process by bringing everything under a single super app.

Prior to that, the startup also rolled out a discovery platform ‘Cars24 Driving School’ to find nearby driving schools on its app.

Spinny and CarDekho have also adopted a similar strategy and expanded into new verticals.