In 2015, buying a used car in India was often a risky affair. The market was dominated by unorganised dealers and word-of-mouth deals. Experts noted that buyers regularly faced issues such as tampered odometers, undisclosed accident damage and complicated paperwork that surfaced only after the money had changed hands.
Spinny’s founders – Niraj Singh, Mohit Gupta and Ramanshu Mahaur – realised that the biggest hurdle holding the sector back was not the availability of cars, but the deep lack of trust. The company began as a peer-to-peer platform, but it soon became clear that shifting classifieds online did little to ease concerns around vehicle quality and reliability.
“In 2017, Spinny made a decisive move that shaped its long-term strategy. It shifted to a full-stack, inventory-led model, where the company itself started buying cars instead of merely connecting buyers and sellers,” Niraj Singh, CEO, Spinny said.
Managing a large inventory of cars required a strong physical presence. Spinny set up facilities known as Spinny Hubs and Spinny Parks across major cities and tier-2 markets. According to the company’s Q2 2025 report, around 80% of customers now complete their purchase journey online, a sharp rise from earlier years. “Even so, physical Parks continue to play a crucial role, with nearly 80% of buyers choosing to take delivery of their cars in person to get a final touch-and-feel experience,” Singh explained.
Customer data also highlights how the profile of used-car buyers is changing. Spinny claims that nearly 70% of its customers are first-time car owners, showing that the platform is attracting people who earlier avoided the second-hand market. Women now account for about 26% of buyers, more than double the share seen three years ago. At the same time, tier-2 cities such as Jaipur and Coimbatore are seeing strong demand for premium vehicles, with the luxury-focused Spinny Max segment growing by over 30%, driven by professionals upgrading at lower costs, according to the company.
Financial trajectory and expansion
The full-stack model is capital-heavy, and Spinny has relied on large funding rounds to scale. In late 2025, the company claims to have moved to raise between $160 million and $165 million in a Series G round led by Accel Leaders Fund. A significant portion of this capital is aimed at acquiring car-service startup GoMechanic.
By bringing servicing and maintenance under its own umbrella, Spinny wants to manage the entire life cycle of a vehicle, from inspection and sale to long-term upkeep. Financial numbers suggest the strategy is helping the company grow more efficiently. In FY25, revenue climbed to Rs 4,657 crore, marking a 25% rise over the previous year. During the same period, net losses narrowed by 28% to Rs 423 crore, pointing to tighter cost control, according to the company’s financial statements.
A changing landscape
India’s used-car market is currently estimated to be worth around Rs 4 trillion, with analysts expecting annual growth of 8 to 10% in 2026. By standardising inspections and offering warranties—adopted by about 30% of buyers under the Assured+ programme.
Challenges remain, especially high logistics and procurement costs that make up more than 83% of overall spending.
