Spinny Secures $131 Million in Funding Led by Accel Leaders Fund

Funding to Boost Expansion of Spinny’s NBFC Arm

Used-car retail platform Spinny has raised $131 million (Rs 1,120 crore) in a fresh funding round, led by US-based Accel Leaders Fund, at a valuation of approximately $1.7-1.8 billion, according to media reports.

The latest funding round comprises $107 million in primary investment, where the company is issuing new shares to raise capital. The remaining portion comes from secondary transactions, which include early investors selling their stakes and some employee stock buybacks.

A source familiar with the matter revealed that the first part of the primary investment came from Accel and Nandan Nilekani’s Fundamentum Partnership. The second tranche is expected to close by the last week of April 2025.

Competitive Landscape in the Used-Car Market

Spinny’s funding comes at a time when competition in the used-car marketplace is intensifying. Recently, Droom secured a $3 million investment, reportedly co-led by India Accelerator and Finvolve, as it prepares for an initial public offering (IPO).

Existing investors in Spinny, including Elevation Capital, Think Investments, Tiger Global, and Fundamentum Partnership, also participated in this round.

Regulatory filings confirm that Accel and Fundamentum have collectively invested $52 million in this round.

Spinny’s Growth Journey & Past Investments

Spinny previously raised $283 million in December 2021 in a funding round led by ADQ, Tiger Global, and Avenir Growth, a milestone that helped the company achieve unicorn status.

The company is now channeling its fresh funds towards scaling its newly launched non-banking financial company (NBFC), aimed at streamlining the financing process for used-car buyers.

About Spinny

Founded in 2015 by Niraj Singh, Spinny operates on a full-stack model, overseeing every aspect of the used-car buying and selling process. The Gurugram-based platform manages vehicle inspection, repairs, documentation, and financing, ensuring a seamless experience for customers.

With this latest capital infusion, Spinny is poised to strengthen its market presence, refine its financial services, and compete aggressively in the expanding used-car ecosystem.


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