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Exclusive: Spinny in talks to mop up over $100 Mn in internal round

EntrackrEntrackr · 1y ago
Exclusive: Spinny in talks to mop up over $100 Mn in internal round
Medial

Exclusive: Spinny in talks to mop up over $100 Mn in internal round Tiger Global-backed Spinny is in talks to raise over $100 million in a new round mostly financed by existing investors, said three sources aware of the contours of the deal. Used car platform Spinny is preparing for a new round almost after a gap of over three years. The Tiger Global-backed company is in talks to raise over $100 million in a new round mostly financed by existing investors, said three sources aware of the contours of the deal. “Spinny could raise up to $120 million from internal investors including Elevation Capital, Abu Dhabi Growth Fund, General Catalyst and Accel among others,” said one of the sources on condition of anonymity. Sources assert that the talks are in an early stage and it may take a quarter to materialize. If the deal gets through, Spinny would be the first used car platform to raise a new round since late 2021. As per sources, its valuation more or less remains unchanged in the potential round. Market analysts point out that Spinny has emerged as a clear leader with a large delta in the used car retail space as the company appears to have cracked demand first transaction model. It has achieved this on the back of one of the lowest consumer acquisition costs and better gross margin. The Gurugram-based company also scaling auction-based verticals for dealers and car-financing businesses. Most of the money from the new round is likely to be deployed to grow the lending biz, said sources. “Spinny sells close to 7,000 cars every month with an average transaction size of around 6 lakhs. It also sells around 5000 more cars every month on its B2B auction platform,” said the source mentioned above. Queries sent to Spinny, Accel, Elevation and General Catalyst did not elicit an immediate response. According to startup data intelligence platform TheKredible, Spinny has raised around $500 million to date. Tiger Global and Accel are its largest stakeholders with 14.25% and 13.25% holding respectively. For the fiscal year ended in March 2024, Spinny’s revenue from operations increased to Rs 3,725.02 crore from Rs 3,259.78 crore in FY23​. During the period, its losses reduced by 28% to Rs 590.37 crore.

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Exclusive: Spinny to raise $165 Mn as Accel Leaders Fund doubles down

EntrackrEntrackr · 1m ago
Exclusive: Spinny to raise $165 Mn as Accel Leaders Fund doubles down
Medial

Exclusive: Spinny to raise $165 Mn as Accel Leaders Fund doubles down Used car retailing platform Spinny is in late-stage talks to raise a $160–165 million round co-led by its existing investor, Accel Leaders Fund, according to three people aware of the development. With this, the Gurugram-based company will end up raising over $320 million in 2025. “This will be a fresh round, separate from the $160 million raised earlier this year including the $30 million top up,” said one of the sources, requesting anonymity. “A significant portion of the primary infusion is earmarked for payouts related to Spinny’s recent acquisition of GoMechanic and to support its smooth operations.” According to sources, about $90 million of the new round will be primary capital, while the remaining proceeds will facilitate complete or partial exits for some early and mid-stage investors. Entrackr has reviewed the company’s latest regulatory filings, which show Spinny’s board approving the issuance of 10.45 lakh Series G preference shares to raise Rs 395 crore. As indicated earlier, the primary capital from the broader $160–165 million round is expected to land soon. As per sources, the round also keeps Spinny’s valuation flat at $1.5 to $1.8 billion post-money. “Apart from Accel Leaders Fund, a new investor is likely to participate in the round,” said the person quoted above. Messages to Spinny CEO Niraj Singh went unanswered, and Accel did not offer an immediate response. The company operates a full stack model covering inspection, refurbishment, documentation and financing of used cars. Spinny currently sells more than 12,000 cars a month, combining both B2B and B2C, with an average transaction value of about Rs 6 lakh. Data sourced from the startup data intelligence platform TheKredible shows Spinny has raised about $676 million prior to this round. Tiger Global and Accel are its largest shareholders. Spinny’s operating revenue rose by 25% to Rs 4,657 crore from Rs 3730 crore in the fiscal year ending March 2025, while its losses narrowed 28% to Rs 423 crore during the last fiscal year.

Exclusive: Lendingkart set to raise $100 Mn in Series F

EntrackrEntrackr · 2m ago
Exclusive: Lendingkart set to raise $100 Mn in Series F
Medial

Exclusive: Lendingkart set to raise $100 Mn in Series F Lendingkart, a non-banking financial company (NBFC), provides working capital and business loans to SMEs across India, typically with average ticket sizes ranging between Rs 5–6 lakh. Temasek-owned Fullerton’s newly acquired fintech firm Lendingkart is set to raise Rs 850 crore (about $100 million) in its Series F round. This will be the company’s first significant fundraise since Fullerton bought a majority stake in March. As per regulatory filings sourced from the Registrar of Companies, the board of Lendingkart has approved the issuance of 9,04,160 Series F preference shares at Rs 9,401 per share to mop up the proposed capital. Fullerton Financial will spearhead the round with Rs 511 crore, while Bertelsmann Nederland, Mayfield India, and Saama Capital will contribute Rs 71 crore, Rs 60 crore, and Rs 47 crore, respectively. Grand Anicut, Sistema Asia Fund, India Quotient, Darrin Capital, and a clutch of angels such as co-founders Raichand Lunia and Harshvardhan Lunia, along with Mukul Sachan, will also join the round. According to the filing, the proceeds will be deployed towards expansion and growth initiatives across the firm and its subsidiaries, including its wholly owned unit Lendingkart Finance, along with general corporate purposes. Post-allotment, Fullerton Financial will command 58.35% of the company’s shareholding, while Bertelsmann Nederland, Mayfield India, and Saama Capital will hold 8.20%, 7.25%, and 5.40%, respectively. In a response to Entrackr's queries, a Lendingkart spokesperson said, "Fullerton Financial Private Limited acquired a circa 56% stake in Lendingkart on 27 March 2025. Lendingkart is proposing to raise up to INR 850 crores in its latest capital raise vide preferential offer led by Fullerton Financial Private Limited for its expansion and growth." Lendingkart, a non-banking financial company (NBFC), provides working capital and business loans to SMEs across India, typically with average ticket sizes ranging between Rs 5–6 lakh. The firm claims to have disbursed over Rs 18,700 crore to 300,000+ businesses to date. Before the acquisition, Lendingkart mopped up Rs 1,050 crore ($126 million) in equity capital from investors like Fullerton, Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, and India Quotient. For FY24, the company reported a 36% year-on-year rise in revenue to Rs 1,090 crore, while its profits dipped 5.9% to Rs 175 crore. The firm has not yet filed its FY25 financials.

Vedantu raises $11 Mn from internal investors in ongoing round

EntrackrEntrackr · 4m ago
Vedantu raises $11 Mn from internal investors in ongoing round
Medial

Vedantu raises $11 Mn from internal investors in ongoing round Edtech company Vedantu has raised $11 million in fresh funding from internal investors as part of a larger ongoing round led by ABC World Asia with participation from Accel India and Omidyar. The round is structured as a convertible one and also includes discussions for a secondary component aimed at providing exits to some early investors including Chinese and legacy shareholders. The new funds will be used for category expansion through both organic and inorganic opportunities along with investments in technology, artificial intelligence, and adaptive content to improve personalization and learning outcomes, Vedantu said in a press release. The notable funding comes after a gap of four years for the Bengaluru based company. Last year, it raised $2.3 million in debt and equity from Stride Ventures. Its $100 million unicorn round took place in September 2021. “This internal round is a strong vote of confidence from our investors as we prepare for the next chapter of Vedantu’s journey. Over the last 18 months, we have demonstrated disciplined growth and a clear path to profitability. The upcoming external round and secondary process will further strengthen our balance sheet, align our shareholder base and set us up for a potential public market listing in calendar year 2027,” said Vamsi Krishna, co-founder and chief executive officer of Vedantu. According to Vedantu, it turned profitable in the fourth quarter of FY25, posting collections of Rs 90 crore, a 67% year on year increase, and generating over Rs 6 crore in free cash flow. The company added that it recorded Rs 110 crore in collections during April to June 2025 and has remained cash flow positive for the past six months. For FY25, total collections grew 55% to Rs 284 crore while cash burn was reduced by 30%. While Vedantu has not yet filed its FY25 results, it had reported a loss of Rs 157 crore in FY24. Vedantu has also expanded its hybrid learning model with more than 100 offline centres and the onboarding of franchise partners. It serves more than two lakh paid students with a network of 1,200 teachers. Its platform attracts more than 10 million monthly users while its YouTube channel garners more than one billion annual views, the second highest in India’s K12 segment.

Spinny’s Q1 metrics driven by younger demographics and occasion-based car buying

EntrackrEntrackr · 10m ago
Spinny’s Q1 metrics driven by younger demographics and occasion-based car buying
Medial

Spinny, the used car platform, has released its Q1 2025 report, highlighting strong growth and shifting buyer trends. According to the report, hub deliveries increased from 74% in 2024 to 78% in early 2025. Occasion-based buying is gaining traction, with over 700 cars sold on the first day of Navratri 2025—a 20% increase from the previous year. In Q1 2025, 20% of buyers at Spinny opted for zero depreciation insurance, while 30% selected extended warranties. Spinny’s exchange program is also seeing increased interest. The report further noted that younger buyers are now leading the market, with the average customer age falling to 32. First-time buyers made up 74% of customers in Q1 2025, slightly up from 73% in 2024. Looking ahead, Spinny plans to enhance its digital services, with a greater focus on loans and warranties. Interest in compact SUVs and automatic cars remains high. The company also identifies electric and hybrid vehicles as a key growth area, driven by evolving needs such as family expansion or relocation. Founder and CEO Niraj Singh said Spinny is committed to providing value and building trust, helping buyers make more informed car choices. Spinny operates in 22 cities across India with 57 car hubs and is backed by Sachin Tendulkar as a strategic investor. The company is on the verge of closing a new funding round worth $130 million, comprising both primary and secondary transactions.

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