🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

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

EntrackrEntrackr · 9m 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 · 7m 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.

Exclusive: Spinny set to acquire GoMechanic after its turnaround

EntrackrEntrackr · 5d ago
Exclusive: Spinny set to acquire GoMechanic after its turnaround
Medial

Exclusive: Spinny set to acquire GoMechanic after its turnaround Spinny is set to acquire car servicing platform GoMechanic from the consortium that currently owns and operates it, according to two sources aware of the discussions. This will be one of the notable consolidations in the used-car and auto services segment in the past few years. This will be the Accel-backed firm’s fourth acquisition after Truebil, Scouto and Autocar-operator Haymarket’s automotive titles in India. “The terms of the deal have been finalised, and it is expected to close by the end of this month,” said one of the sources requesting anonymity. “Discussions have been underway for the past two months, and Spinny issued the term sheet in the last week of October.” Sources indicated that the deal would primarily be a cash transaction. Entrackr could not ascertain the deal size. The deal will pave Spinny’s entry into the largely unorganised vehicle service and maintenance space. “It’s a natural extension for Spinny and a way to engage and monetise customers even after selling cars through the platform,” said the source quoted above. GoMechanic is owned and operated by a consortium including Hero Group, Lifelong Group, Stride Ventures, and others. It runs a garage network across 150 cities in India, partnering with independent workshops to provide standardized car services with e-booking and transparent pricing. It’s worth noting that GoMechanic was embroiled in corporate governance issues, including financial irregularities, which led to its acquisition by a consortium led by Lifelong Group in May 2023. In November 2023, the company raised $6 million at a $20 million valuation, followed by a $9 million tranche last month from Hero Enterprises and others, according to its regulatory filings with the Registrar of Companies (RoC). After the takeover, the consortium replaced GoMechanic’s founding team, restructured operations, and rebuilt the company into a scaled car service platform. Sources added that GoMechanic has turned around its business in the past two years. “The firm currently clocks an annual recurring revenue (ARR) of around Rs 350 crore and is near break-even,” said the second source. The episode shows that sound governance and disciplined execution are crucial to stabilizing a business, proving that with the right leadership and focus, even struggling startups can recover. According to TheKredible, the Gurugram-based startup reported revenue of Rs 4,657 crore in FY25, reducing its losses by 28% compared to the previous year. In March, Spinny acquired Haymarket SAC’s automotive publications in India. The Niraj Singh-led company had earlier taken over connected car startup Scouto in February 2022 and used-car platform Truebil in August 2020. With Autocar and GoMechanic now under its fold, Spinny appears to have integrated the entire value chain from content and discovery to transaction and ownership. This move positions the company to cover the entire car ownership journey through one platform.

Spinny posts Rs 4,657 Cr revenue in FY25; cuts losses by 28%

EntrackrEntrackr · 1m ago
Spinny posts Rs 4,657 Cr revenue in FY25; cuts losses by 28%
Medial

Spinny posts Rs 4,657 Cr revenue in FY25; cuts losses by 28% Used car retailer Spinny posted a steady performance in FY25 with notable top-line growth and narrowing losses. The Gurugram-based company’s revenue from operations jumped 25% year-on-year to Rs 4,657 crore, up from Rs 3,730 crore in FY24, according to its consolidated financial statements filed with the Registrar of Companies (RoC). Spinny primarily generates its revenue from used car sales, accounting for 97.7% of its operating income (Rs 4,553 crore) from this segment, marking a 25.7% YoY rise during FY25. The balance came from commissions, support services, and advertising. Beyond operations, the company booked Rs 89 crore in non-operating income from interest on deposits, corporate bonds, mutual fund gains, and fair value adjustments. This pushed its total income to Rs 4,746 crore in FY25 from Rs 3,822 crore in FY24. For the used car retailer, the cost of procuring cars was naturally the largest cost center, accounting for 83.3% of the overall cost. In line with a 25% revenue surge, this cost grew 23% to Rs 4,309 crore in FY25. The firm cut its employee benefits by 13.8% to Rs 338 crore in the said year. Spinny’s direct cost stood at Rs 147 crore while its advertising and promotion costs reduced by 11.3% to Rs 125 crore in FY25. Other overheads, including information technology, legal, travelling, and rent, took the total cost to Rs 5,170 crore in FY25. The decent growth in its revenue helped Spinny to cut down its losses by 28.3% to Rs 423 crore in FY25 from Rs 590 crore in FY24. The company has also improved its per unit expense to revenue ratio in FY25, which was recorded at Rs 1.11. In March this year, the company closed $170 million round this year led by Accel Leaders Fund. According to startup data intelligence platform TheKredible, Spinny has raised around $676 million to date, including investors like Tiger Global, Accel, Elevation Capital, and others. The company expanded its portfolio by acquiring Autocar India, an auto media and car content platform, and started its own NBFC subsidiary.

Download the medial app to read full posts, comements and news.