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Spinny, founded in 2015 by Niraj Singh, Ramanshu Mahaur, and Mohit Gupta, is a fast-growing used car retailing platform in India. Known for its full-stack approach to car sales and services, Spinny ensures quality and trust in the pre-owned automobile segment. The company offers vehicle inspection, certification, financing, and doorstep delivery, revolutionizing the way Indians buy and sell cars. With strategic backing from marquee investors and a unicorn valuation, Spinny continues to expand across major cities with advanced tech-led solutions and a customer-first approach.
| Founding Year | 2015 |
|---|---|
| Headquarters | Gurugram, India |
| Valuation | $1.8B+ |
| Total Funding | $530M+ |
| Users | 1M+ |
| Employees | 2300+ |
| Revenue FY23 | ₹428 Cr |
| Net Profit (PAT) | –₹387 Cr |
| EBITDA Margin | –68% |
| ROCE | –21% |
| Round | Date | Amount | Valuation | Investors |
|---|---|---|---|---|
| Series E | 12 May 2025 | ₹81.5 Cr | Unicorn | Undisclosed |
| Series D | 24 Nov 2021 | Undisclosed | Undisclosed | Undisclosed |
Spinny's revenue has grown nearly tenfold from FY21 to FY23, reflecting rapid expansion in the used car market and geographical scale. However, the company continues to operate at deep losses due to high marketing, logistics, and operational costs.
Spinny's EBITDA margins have remained negative and worsened in FY23, touching –68%. Expense-to-revenue ratios have consistently increased, driven by infrastructure investments and customer acquisition efforts.
Employee strength has almost doubled since FY21, underscoring Spinny’s commitment to in-house operations, customer service, and tech development amid nationwide expansion.
In 2024, Spinny acquired ScoutMyCar to bolster its AI-based valuation technology, enhancing customer trust and vehicle inspection standards.
| Metric | Details |
|---|---|
| Employees | 2300+ (growth driven by expansion) |
| Revenue | ₹428 Cr (9x growth over 3 years) |
| PAT | –₹387 Cr (deepening losses) |
| EBITDA Margin | –68% (inefficient cost structure) |
| Strategic Investments | AI integration & acquisitions |
| IPO Status | Planned post FY25 |
| Expansion Focus | Tier-2 city penetration |
| Latest News | Acquired ScoutMyCar in 2024 |
Spinny has transformed the used car buying journey in India with a tech-driven, customer-centric model. While profitability remains a challenge, its aggressive scaling, investments in AI, and nationwide presence position it for strong future growth.
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