SPINNY
This Gurgaon couple bought a car for family road trips with their parrot
Asanka and Monisha, who relocated to Gurugram from Kolkata, purchased a pre-owned Toyota Urban Cruiser. They sought a car that could accommodate long road trips and their pet parrot, Jelly. Prior to buying, Asanka ensured the vehicle was inspected and serviced at a Toyota service center. By choosing a pre-owned model, they saved ₹7-8 lakh compared to purchasing a new one.
Spinny delivers 1,370 used cars on Navratri day 1, sets new record: Founder and CEO Niraj Singh
Spinny said it recorded its highest-ever single-day car deliveries on the first day of Navratri. The company delivered 1,370 vehicles, reflecting a significant increase compared to the previous year. Pune was the leading city for deliveries, followed by Delhi-NCR and Maharashtra. Half of the car buyers opted for financing, and many vehicles had only one previous owner. Women represented 18% of buyers, with a notable 29% in Bengaluru.
Irish company tax ruling offers capital gains relief hope to foreign investors
In a noteworthy decision, the Income Tax Appellate Tribunal has exempted Fireeye, an Irish company, from capital gains tax on an indirect transfer, setting it apart from a recent Supreme Court ruling involving Tiger Global. This ruling has stirred discussions about the effectiveness of tax residency certificates for foreign investors.
Banks rethink UPI play; Big Tech's AI pivot dents Indian IT
Happy Wednesday! The return of MDR on UPI is pushing banks to rethink products and budgets. This and more in today’s ETtech Morning Dispatch.
Spinny books IPO ride; UPI subsidies may end
Spinny has confidentially filed for its initial public offering. This and more in today’s ETtech Top 5.
Tiger Global-backed used-car sales platform Spinny files confidentially for Rs 3,000-crore IPO
The company, which competes with the likes of SoftBank-backed Cars24, is in expansion mode and may utilise the fresh capital from its public offering to broaden its footprint across the country, one of the persons cited above said.
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From Mamaearth to Phool: Shilpa Shetty, MS Dhoni, Sachin Tendulkar, Alia Bhatt among celebrity investors to back startups
Celebrity investments: Bollywood stars and cricket legends are increasingly backing Indian startups. A Tracxn report identifies 10 celebrities investing in 34 startups and 49 funding rounds worth $458 million collectively across diverse sectors.
Shilpa Shetty beats Virat Kohli, MS Dhoni: 10 celebrities with the highest number of startup investment rounds
Shilpa Shetty Kundra leads Tracxn’s ranking of celebrity startup investors with 10 disclosed funding rounds between 2021 and 2026 YTD. MS Dhoni and Sachin Tendulkar follow with six each, while Virat Kohli has five. Their investments span food, fashion, mobility, technology, wellness and consumer brands, highlighting the growing role of Bollywood stars and cricketers in India’s startup ecosystem and beyond.
CarTrade Tech partners Spinny to expand used-car marketplace across CarWale, OLX India
CarTrade Tech and Spinny have formed a strategic partnership. This collaboration aims to improve the used car buying and selling experience. Consumers selling cars on CarWale and OLX India will gain new selling options. Spinny will list its inspected used cars on both platforms. This integration offers buyers a wider selection of quality vehicles.
Fidelity, Accel lead $160–170 million investment round in Spinny
Spinny has secured 160–170 million in a funding round led by US-based investors Fidelity and Accel Leaders Fund. The deal includes 90 million of primary capital, while Blume Ventures and Fundamentum sold shares, with other existing investors joining. Fidelity’s investment received CCI approval on Thursday, valuing the company at 1.4–1.5 billion.
Spinny trims losses in FY25 as revenue grows 25% to Rs 4,657 crore
The Gurugram-based Used-car sales platform’s net loss for FY25 came in at Rs 424 crore, down 28% from FY24, making it the second consecutive year of losses coming down. In FY23, it had reported a net loss of Rs 820 crore. Following a long funding winter, used-car platforms have been consolidating their businesses and sharpening their focus on margins.
Spinny closes $131 million funding round from existing investors led by Accel Leaders Fund
Spinny had last raised $283 million in December 2021 led by Abu Dhabi-based ADQ, Tiger Global and Avenir Growth – in a round that catapulted it into the unicorn club. The company was valued around $1.8 billion then.
Spinny cuts FY24 losses; revenue's up 14% on-year
The Tiger Global-backed company reported a 14% year-on-year increase in operating revenue to Rs 3,725 crore for FY24, according to its financial documents sourced from Tofler.
Spinny's losses swell to Rs 820 crore in FY23, revenue surges 30X
Tiger Global-backed Spinny's gross revenue surged 30 times to Rs 3,262 crore in FY23 from Rs 109 crore in FY22, according to its financial statements with the Registrar of Companies (RoC).
Used car startup Spinny lays off around 300 employees
The layoffs are part of a restructuring exercise that will also see its budget and luxury car offerings — Truebil and Spinny Max — being merged into the main Spinny platform.
Spinny announces launch of stock option plan for all employees
“Since the inception, we have focussed on nurturing a healthy working environment and a robust value system where we work to build a trusted relationship amongst all team members," Niraj Singh, founder & CEO, Spinny said. "Our reward philosophy is centered around modern thinking fuelled by compassion, team-work, and shared ownership. Nothing is more important to us than bringing the right solutions for our customers and creating value for the team members.”
Spinny acquires AI-powered car connectivity startup Scouto
As part of the acquisition, Scouto’s founders will join Spinny’s team and help build and drive the used car retailing platform’s connected car offerings.
Spinny completes ESOP buyback worth $12 million
This is the first ESOP buyback that Spinny, which recently onboarded former cricketer Sachin Tendulkar as a strategic investor, has facilitated.
Sachin Tendulkar joins Spinny as strategic investor, lead brand endorser
"Having him onboard with Spinny is absolutely heart-warming, and we are proud to welcome our newest captain of squad Spinny, Sachin Ramesh Tendulkar," said Niraj Singh, founder-CEO, Spinny.
Spinny joins unicorn club with $283 million funding led by ADQ, Tiger Global, Avenir Growth
Existing investors Feroz Dewan’s, Arena Holdings and Think Investments, too, participated in the round that valued Spinny at around $1.8 billion.
Spinny turns unicorn after raising $285 million from ADQ, Tiger Global and others
The company’s valuation of $1.5 billion pre-money has nearly doubled since it raised $108 million from Tiger Global and others in July. It was valued at $740 million in the previous round.
Spinny onboards PV Sindhu as brand ambassador
Spinny’s intent is to create something that inspires young India to achieve more and more. With this association, Sindhu will now sport the Spinny logo on her competition jersey.
Spinny gets $108 million funding from Tiger Global, others
The fundraise, a mix of primary capital ($105 million) and secondary share sale ($3 million), values the Gurugram-based used cars reseller at $750-800 million, according to a senior company official.
Spinny gets $65 million funding at a valuation of $350 million
Spinny, with its 900 employees, currently operates in nine cities and plans to expand to six more in 2021. It sells used cars in the Rs 4-8 lakh price bracket.
Spinny reports 20% rise in sales to 1,000 units in festive season
People have increasingly started to prefer personal mobility solutions and the used-car market has proven to be a viable option amid the pandemic.
Spinny sells 300 used cars in lockdown, expects to return to pre-corona level volume by next month
Its online-to-offline (O2O) model allows customers to discover cars online on Spinny's website and make the final purchase offline at a Spinny Car Hub.
Spinny raises Rs 315 crore from Fundamentum Partnership, others
The round values the company at nearly $140-150 million, people familiar with the matter said.
Spinny raises $43.7 mn funding led by Fundamentum Partnership
Spinny had raised its seed round from Blume Ventures and Simile Ventures, and most recently it had closed its Series A round of $13.2 million co-led by SAIF Partners and Accel in April last year.
SAIF, Accel Partners & others invest in used-car retailing platform Spinny
The Series-A round also saw participation from venture debt firm Alteria Capital as well as Spinny’s existing investors Blume Ventures and Simile Ventures.
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