Exclusive: Spinny to raise $165 Mn as Accel Leaders Fund doubles down

Used car retailing platform Spinny is in late-stage talks to raise a $160–165 million round co- led by its existing investor, Accel Leaders Fund, according to three people aware of the development. With this, the Gurugram-based company will end up raising over $320 million in 2025.

“This will be a fresh round, separate from the $160 million raised earlier this year including the $30 million top up,” said one of the sources, requesting anonymity. “A significant portion of the primary infusion is earmarked for payouts related to Spinny’s recent acquisition of GoMechanic and to support its smooth operations.”

According to sources, about $90 million of the new round will be primary capital, while the remaining proceeds will facilitate complete or partial exits for some early and mid-stage investors.

Entrackr has reviewed the company’s latest regulatory filings, which show Spinny’s board approving the issuance of 10.45 lakh Series G preference shares to raise Rs 395 crore. As indicated earlier, the primary capital from the broader $160–165 million round is expected to land soon. 

As per sources, the round also keeps Spinny’s valuation flat at $1.5 to $1.8 billion post-money. “Apart from Accel Leaders Fund, a new investor is likely to participate in the round,” said the person quoted above.

Messages to Spinny CEO Niraj Singh on Wednesday went unanswered, and Accel did not offer an immediate response.

For the uninitiated, the company operates a full stack model covering inspection, refurbishment, documentation and financing of used cars. Spinny currently sells more than 12,000 cars a month, combining both B2B and B2C, with an average transaction value of about Rs 6 lakh.

Data sourced from the startup data intelligence platform TheKredible shows Spinny has raised about $676 million prior to this round. Tiger Global and Accel are its largest shareholders.

Spinny’s operating revenue rose by 25% to Rs 4,657 crore from Rs 3730 crore in the fiscal year ending March 2025, while its losses narrowed 28% to Rs 423 crore during the last fiscal year.