Team StartupCity

• Spinny set to raise $160-165 Milliion led by Accel Leaders Fund
• About $90 Mn will be fresh capital; rest will fund investor exits
• Funding supports GoMechanic acquisition and strengthens operations

Used car retail platform Spinny is close to securing a new $160-165 million funding round, with Accel Leaders Fund doubling down on its investment, according to people familiar with the talks. This upcoming round will take the Gurugram-based startup’s total fundraise in 2025 to more than $320 million.

Sources say this is a completely new round, separate from the earlier $160 million raised this year, which included a $30 million top-up. Around $90 million from the latest round will be fresh primary capital, aimed at settling payout commitments linked to Spinny’s recent GoMechanic acquisition and ensuring smooth integration and operations. The remaining amount will enable partial or complete exits for some early and mid-stage investors.

Regulatory filings reviewed by Entrackr show Spinny’s board has approved the issuance of 10.45 lakh Series G preference shares to raise Rs 395 crore, indicating that the primary infusion from the broader round will arrive soon.

The deal is expected to keep Spinny’s valuation unchanged at $1.5-1.8 billion post-money. Apart from Accel Leaders Fund, at least one new investor is likely to join the round, sources added. Spinny and Accel declined to comment on the development.

Also Read: NeoSapien Secures $2 Million Seed Funding to Advance AI Wearables

Spinny runs a full-stack model that handles inspection, refurbishment, paperwork, and financing of used cars. The company sells over 12,000 cars a month across B2B and B2C channels, with an average ticket size of Rs 6 lakh.

Before this round, Spinny had raised about $676 million, with Accel and Tiger Global holding the largest stakes. The company’s operating revenue rose 25% to Rs 4,657 crore in FY25, while losses fell 28% to Rs 423 crore.