Spinny raises 1 million in Accel-led round amid booming used-car market

Used-car marketplace Spinny has raised $131 million in a funding round led by Accel Leaders Fund, according to news reports.

The fundraising comes amid increased activity in the used-car marketplace, following Droom’s recent $3 million funding round, which, according to reports, was co-led by India Accelerator and Finvolve, as the company prepares for an IPO.

Existing investors, including Elevation Capital, Think Investments, Tiger Global, and Fundamentum Partnership, also participated in the funding round.

This fundraising comes at a time when the used-car market, which recorded 4.6 million sales in 2023, is projected to reach 10.8 million by 2030, growing at a compound annual rate of 13 per cent, according to a CARS24 report. The expansion is driven by rising demand across both urban centres and smaller towns

Founded in 2015, the online used-marketplace, the company previously raised $108 million in its Series D funding round in 2021 from new and existing investors, led by Tiger Global. Another new investor in the round is New York-based Avenir Growth.