Spyne, an AI-powered visual merchandising platform in India for the automotive industry, has raised $16 million in a Series A funding round led by Vertex Ventures.
Existing investors Accel, Storm Ventures, and Alteria Capital joined the round.
This investment will fuel Spyne’s growth trajectory, focusing on expansion in the US and developing its next-generation AI solutions designed to transform automotive retail.
With a strong foothold in the Indian and global markets, Spyne plans to expand its dealer base from 1,500 to over 20,000 rooftops worldwide in the coming years.
“This investment marks a pivotal moment for Spyne as we accelerate our US expansion and push the boundaries of what AI can do for automotive retail,” Sanjay Varnwal, Co-Founder and CEO of Spyne, said in a statement.
“Our vision is to make digital vehicles showcasing smarter, faster, and more immersive for dealerships worldwide.”
Meanwhile, Piyush Kharbanda, General Partner at Vertex Ventures SE Asia and India, added: “At Vertex, we have had a longstanding thesis around specialised AI applications solving vertical use cases. Spyne has proven this in solving a fundamental pain point for auto dealerships leveraging AI to optimize vehicle merchandising and retail operations at scale
Founded in 2020, a merchandising platform serving multiple industries, including automotive, food, eCommerce, and real estate, among others.
In 2023, the company shifted its focus entirely to automotive, launching India’s first AI-powered visual merchandising platform.
Over the past 15 months, Spyne claims to have experienced 5X growth and is targeting an ambitious 3X revenue increase in FY 2025-26.
