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.
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 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.
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 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 $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.
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