Spinny Raises $131 Mn Funding Led By Accel Leaders Fund

Used-car sales platform Spinny has raised $131 million (Rs 1,120 crore) in a funding round led by US-based Accel Leaders Fund at a flat valuation of around $1.7-1.8 billion, as per media report.

The funding includes $107 million in primary transactions, where the company is issuing new shares to raise capital. The rest comes from secondary deals, where early investors are selling their stakes and some employee stock options are being bought back.

The first part of the primary funding came from Accel and Nandan Nilekani’s Fundamentum, according to a source. The second part is expected by the last week of April.

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This funding comes as competition grows in the used-car marketplace, following Droom’s recent $3 million round, reportedly co-led by India Accelerator and Finvolve, as it gears up for an IPO.

Existing investors like Elevation Capital, Think Investments, Tiger Global and Fundamentum Partnership also joined the round.

Regulatory filings show that Accel and Fundamentum have invested $52 million together.

In December 2021, Spinny raised $283 million in a funding round led by ADQ, Tiger Global and Avenir Growth, making it a unicorn.

The company will use the fresh funds to grow its recently launched non-banking financial company, according to a source.

About Spinny 

Founded in 2015 by Niraj Singh, the Gurugram-based Spinny follows a full-stack model, managing the entire process of selling used cars. Its platform handles inspection, repairs, paperwork and financing.

Sources say Spinny sells about 7,000 cars per month, with an average price of Rs 6 lakh. Additionally, it sells around 5,000 more cars each month through its B2B auction platform.

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