India’s used-car retailing platform Spinny has raised $131 million in a fresh funding round led by US-based Accel Leaders Fund, as it looks to scale its newly launched non-banking financial company (NBFC) business.
The round also saw participation from Fundamentum Partnership, co-founded by Nandan Nilekani, according to a LinkedIn post by Ashish Kumar, Fundamentum’s co-founder.
This marks Spinny’s first major fundraise since its $283-million Series E round in December 2021. The round was led by Abu Dhabi-based ADQ and Avenir Growth, with participation from Tiger Global.
According to The Economic Times, the latest funding includes $107 million in primary capital, with the proceeds going to the company through the issuance of fresh shares. The remaining amount comprises secondary transactions, including early investor exits and employee stock buybacks.
A second tranche of funding is expected to close by the last week of April, the report added.
Media reports indicate that the company has raised the funds at a flat valuation of $1.7 billion to $1.8 billion.
Spinny competes with other used-car platforms in India such as Cars24, CarTrade, and CarDekho.
Per Tracxn, Spinny’s founders currently hold 14.83%, while funds collectively own 77.90%. The founders’ net worth was estimated at Rs 2,080 crore as of November 1, 2024.
