Spinny
Overview
Spinny is an online platform for buying and selling pre-owned cars, founded in 2015 by Niraj Singh, Ramanshu Mahaur, and Mohit Gupta. Based in Gurugram, India, Spinny aims to provide a transparent and hassle-free experience in the used-car market. As a full-stack retailer, Spinny manages the entire process from car procurement to sale, including inspection, refurbishment, and documentation. As of June 2025, Spinny has raised over $630 million in funding, with significant investments from backers like Tiger Global, Accel Partners, and Elevation Capital.
Recent Developments
- June 2025: Spinny raised $30 million from WestBridge Capital, bringing its Series F funding to a total of about $170 million. The funds are set to enhance Spinny's NBFC arm and further expand operations.
- April 2025: Spinny reported a significant increase in digital transactions and hinted at a growing interest in electric and hybrid vehicles, emphasizing changes in consumer behavior and market demands.
- March 2025: Spinny expanded its funding round with a $131 million raise led by Accel Leaders Fund. The funding primarily aims to develop new services and enhance their non-banking financial component.
- January 2025: The company's reports showed a notable increase in women buyers and a shift towards automatic and electric vehicles.
- 2024: Spinny revolutionized its operating model by including direct vehicle sale prices in revenue recognition, boosting operational revenue to Rs 3,725.02 crore while reducing losses by 28%.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2015 |
| Headquarters | Gurgaon, Haryana, India |
| Founders | Niraj Singh, Ramanshu Mahaur, Mohit Gupta |
| Revenue | Rs 3,725.02 crore for FY24 |
| Profits | Loss of Rs 590.37 crore for FY24 |
| Key Investors | Tiger Global, Accel, Elevation Capital, WestBridge |
| Industry | Automotive (Retail Motor Vehicles) |
| Number of Employees | Approximately 4,000 |
Early History
Spinny was conceived by its founders in response to the chaotic and non-transparent nature of the used car market in India, which heavily relied on unorganized dealers. The platform initially operated as a marketplace connecting C2C transactions but soon pivoted to a full-stack model to have more control over the customer experience. This transition allowed Spinny to assure quality with its "Spinny Assured" program, featuring a 200-point inspection and warranties, revolutionizing trust in used car transactions.
Company Profile and Achievements
Spinny operates using a full-stack business model, which allows it to control the entire value chain from sourcing to selling vehicles. This model addresses typical industry issues such as price uncertainty and lack of trust by providing transparency and consistency. It introduced market innovations like online car buying, home test drives, a 5-day money-back guarantee, and one-year warranties.
- 2015: Launch of Spinny as a C2C marketplace.
- 2017: Shift to a full-stack model, gaining control over all transaction aspects.
- 2021: Entry into unicorn status after raising $283 million in a funding round led by ADQ.
- 2023: Adjusted business model for direct sales, elevating revenue recognition and refining its financials.
Current Operations and Market Position
As of 2025, Spinny operates in 22 major cities in India with a robust digital and physical presence that enables it to serve a wide demographic, including younger consumers and first-time car buyers. The company's focus on customer trust, facilitated by its comprehensive inspection processes and quality guarantees, has cemented its position as a market leader. Continuous investment in technology and consumer services, such as financing and insurance, fortifies Spinny's competitive edge over traditional and online automotive marketplaces.
Conclusion
Spinny has become a pivotal player in India's pre-owned car market by consistently addressing market pain points and improving consumer trust through rigorous quality assurance and a full-stack business model. As the company continues to innovate and integrate services like financing, it positions itself to capitalize on growing trends towards digital transactions and electric vehicles. With continued investment and expansion into new markets, Spinny is set to further solidify its status as a leading force in the automotive sector.