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

EntrackrEntrackr · 6m 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.

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

EntrackrEntrackr · 4m 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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