Spinny Likely to Raise $165 Million in New Funding Round Led by Accel Leaders Fund

According to Entrackr report, Spinny, a prominent used car retailing platform based in Gurugram, is finalising a $165 million funding round.  

This round is co-led by Accel Leaders Fund, an existing investor, marking a significant financial boost for the company. 

Details of the Funding Round 

The latest funding round for Spinny is set to bring in $160-$165 million, with Accel Leaders Fund taking a leading role. This fresh capital is distinct from the $160 million raised earlier this year, which included a $30 million top-up.  

A substantial portion of the new funds is allocated for payouts related to Spinny's acquisition of GoMechanic and to ensure smooth operations. 

Approximately $90 million of this round will be primary capital, while the remainder will facilitate exits for some early and mid-stage investors. The company's regulatory filings reveal the board's approval for issuing 10.45 lakh Series G preference shares to raise ₹395 crore. 

Valuation and Investor Participation 

As per report, Spinny's valuation remains steady at $1.5-$1.8 billion post-money. Alongside Accel Leaders Fund, a new investor is expected to participate in this round. Spinny has previously raised about $676 million, with Tiger Global and Accel as its largest shareholders. 

Spinny's Business Model and Performance 

Spinny operates a comprehensive model that includes inspection, refurbishment, documentation, and financing of used cars. The company sells over 12,000 cars monthly, combining both B2B and B2C transactions, with an average transaction value of approximately ₹6 lakh. 

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Financial Performance 

In the fiscal year ending March 2025, Spinny's operating revenue increased by 25% to ₹4,657 crore from ₹3,730 crore. Additionally, the company's losses narrowed by 28% to ₹423 crore during the last fiscal year. 

Conclusion 

Spinny's recent funding round, led by Accel Leaders Fund, underscores the company's continued growth and strategic financial management. With a stable valuation and a robust business model, Spinny remains a significant player in the used car retailing sector. 

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