US-based Accel Leaders Fund has led the $131 million that used automobile site Spinny has raised. As per the regulatory documents, Fundamentum contributed $3 million and Accel Leaders Holdings contributed about $49 million. According to sources, Spinny's post-money valuation will be approximately $1.5 billion.
Gurugram-based Spinny uses a full-stack business strategy, managing the whole used automobile sales supply chain. Its platform makes it easier to finance, document, examine, and restore vehicles.
The platform sells around 7,000 cars each month, with an average transaction size of about 6 lakhs, according to sources. Additionally, it sells an additional 5,000 cars each month through its B2B auction site.
According to TheKredible, a startup data analytics platform, Spinny has raised almost $500 million to date. With 14.25 percent and 13.25 percent, respectively, Tiger Global and Accel continue to be its biggest investors.
Spinny's operating revenue increased from Rs. 3,259.78 crore in FY23 to Rs. 3,725.02 crore for the fiscal year that ended in March 2024. Its losses decreased by 28% to Rs. 590.37 crore throughout this time.
“Spinny is raising $110 million as primary funding, while the remaining $21 million will be secondary, which includes ESOP buybacks and exits for early backers. Accel Leaders has contributed $75 million, with the rest coming from Elevation, Tiger Global, Fundamentum, and other existing investors”, relevant sources said.
