Spinny

Spinny

Online marketplace for purchasing pre-owned cars.

Founded

2015

Headquarters

Gurugram (India)

Status

Series E

Company Details

Website

https://www.spinny.com/

Socials

Email

contact@spinny.com

Phone

727-727-7275

Spinny is a company based in India, known for its innovative digital platform that revolutionizes the buying and selling of used cars. The company operates at the heart of India’s burgeoning used car market, a sector valued at over $100 billion (reflecting recent market trends) and has rapidly established itself as a leading digital-first platform for buying and selling pre-owned vehicles.

Core Products and Services

  • Certified Pre-Owned Car Sales: Spinny buys used vehicles from individuals, auctions and dealerships, refurbishes them to high standards and resells them to customers with a certified guarantee.

  • Value-Added Services: These include handling RC (Registration Certificate) transfers, providing insurance and offering extended warranties—each available for an additional fee.

  • Financing Solutions: Spinny partners with leading financial institutions to offer car loans and EMI options, earning commissions and processing fees in the process.

  • Subscription Plans: A newer initiative, Spinny is piloting car subscription models that allow customers to lease vehicles for a monthly fee.

  • Platform Commissions: Spinny facilitates third-party sales between individuals, earning a commission (typically 2–5% of transaction value) for each successful deal.

    key milestones

    • 2015: Founded as a digital-first used car marketplace.
    • 2018: Launched certified pre-owned car sales with a 200-point inspection process.
    • 2020: Expanded rapidly across India, opening multiple new hubs.
    • 2021: Secured significant funding rounds, surpassing unicorn valuation.
    • 2023: Reported over ₹3,250 crore in annual revenue.

    • Business Model & Revenue Streams

    • Car Sales Margin: The primary driver, accounting for the bulk of revenue. While exact percentages are not publicly disclosed, industry estimates suggest this segment dominates, with value-added services and commissions contributing incrementally.

    • Value-Added Services: Includes insurance, warranties and inspection fees. These services are gaining traction as customers seek peace of mind and convenience.

    • Financing Commissions: Spinny earns a percentage of the loan amount disbursed through its financial partnerships, with the Indian used car loan market valued at $20 billion in 2024.

    • Platform Commissions: Spinny facilitates private sales and earns a commission, typically 2–5% of the transaction value.

    • Subscription Plans: Still in early stages, these provide recurring revenue but are not yet a major contributor.

    Top Clients & Partnerships

    • Major Banks: Collaborations with leading Indian banks (such as HDFC Bank, ICICI Bank, and Axis Bank) for car financing solutions.

    • Insurance Providers: Partnerships with top insurers (including ICICI Lombard, HDFC Ergo) to offer bundled insurance products at the point of sale.

    • Dealerships and Auctions: Sourcing agreements with established dealerships and auction platforms to ensure a steady supply of inventory.

    • Service Providers: Tie-ups with third-party service providers for vehicle inspection, refurbishment, and after-sales support.

    Future Outlook & Strategic Priorities

    • Market Expansion: Continued geographic penetration across India, targeting both urban and semi-urban markets (where the used car market is underpenetrated and growing rapidly).

    • New Product Development: Expansion of subscription models, digital-first financing solutions, and enhanced after-sales services to capture a larger share of customer lifetime value.

    • M&A Pipeline: Potential for targeted acquisitions to expand capabilities in technology, logistics, or customer acquisition.

    Key People

    Niraj Singh

    Ramanshu Mahaur

    Mohit Kataria

    Shweta Singh

    Mohit Gupta

    Key Metrics

    Total Equity Funding

    $661 Million

    No. of Funding Rounds

    15

    Latest Funding Round

    $30 Million, Series F

    as of June 25, 2013

    Post Money Valuation

    $1.67 Billion

    as of November 1, 2024

    Funding Multiple

    2.53×

    as of November 1, 2024

    Investors

    Accel

    and 3 more

    Employee Count

    4007

    Similar Companies

    Hala Mobility

    Exit Details

    N/A

    All Funding Rounds

    DateRound NameAmountValuationRevenueRevenue Multiple
    Investors
    June 25, 2013Series F$30 Million---WestBridge Capital
    April 1, 2025Series E$110 Million---Accel, Elevation Capital, Tiger Global Management, Fundamentum
    November 24, 2021Series E$283 Million$1.67 Billion-- Tiger Global Management, Avenir Growth Capital, Arena Holdings, Timf Holdings, Somerville, Think Investments
    July 8, 2021Series D$108 Million$687 Million-- Tiger Global Management, Avenir Growth Capital, Simile Venture Partners, FJ Labs, General Catalyst, Kaiser Permanente Ventures, Somerville
    March 22, 2021Series C$65 Million$280 Million-- General Catalyst, Timf Holdings, Elevation Capital, Fundamentum, Arena Holdings, Blume Ventures, Somerville, Think Investments
    February 5, 2021Series B$58.5 K$118 Million--xto10x
    February 25, 2020Series B$4.9 Million$120 Million-- KB Investment
    September 28, 2019Series B$43.7 Million$120 Million-- Fundamentum, Accel, Norwest Venture Partners, General Catalyst, Blume Ventures, Alteria Capital, Elevation Capital
    April 19, 2019Series A$13.2 Million$24.7 Million-- Accel, Elevation Capital, Alteria Capital, Blume Ventures, Simile Venture Partners
    June 6, 2017 Seed$1.4 Million--- Blume Ventures, Indian Angel Network

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