Everyone dreams of owning a car, but due to various reasons and circumstances, many cannot afford a brand-new one. Yet, owning a car remains a dream for millions of people across the world. The demand for cars is massive, not just in India, but globally. Even the numbers reflect this trend. In India, the pre-owned car sales market is expected to reach a staggering 1.09 crore units, valued at over $73 billion by 2028. In FY23 alone, the demand stood at 51 lakh units, meaning it has almost doubled in just a few years
But here comes the first major question when it comes to buying a used car: Though people want to buy a used car, a hundred doubts flood their minds, leaving them confused. From trust issues to concerns about quality, services, and other hidden obligations, people are left rethinking their decision. Thousands of customers have been misled by buying used cars from online platforms, only to face regrets later. This is where a game-changing company stepped in, tackling these core problems. The company I am referring to is Spinny.
The idea for Spinny was born out of the personal frustrations of its founders, Niraj Singh, Ramanshu Mahaur, and Mohit Gupta. They had personally faced how complicated and unreliable India’s used car market could be. Buying a pre-owned car in India often meant dealing with shady middlemen, hidden pasts of vehicles, and unfair pricing. This experience inspired them to build a solution that would make used car buying simple, trustworthy, and transparent for everyone. Spinny emerged as a solution built on trust, technology, and transparency. This company was founded in 2015 and started with a simple goal: to make buying and selling used cars easy and worry-free.
What made Spinny different from the very beginning was its focus on solving the biggest problems in the used car market, such as unclear pricing, poor car quality, unreliable dealers, and a general lack of trust. Instead of just being another platform that connects buyers and sellers, Spinny took control of the entire process to make sure people could buy used cars without any fear or confusion.
There are multiple reasons why Spinny worked so well; let’s understand different aspects of why it worked. First is its full-stack business model. Unlike other platforms that connect buyers and sellers, Spinny built a full-stack model. Spinny buys used cars directly from sellers, performs quality checks, refurbishes them, and sells them directly to customers. It offers both an online platform to browse cars and offline Spinny hubs where customers can inspect and test vehicles. This control over the entire value chain ensures standardized quality, trusted service, and customer experience.
Because of this full-stack model, it helps companies to reduce fraud and trust issues inherent in used car transactions. Customers don’t have to bargain or deal with individual sellers who may hide defects, and also it enables consistent customer experience and stronger brand trust. Spinny also offers additional services such as financing options directly through its platform, which makes it easy for customers to buy cars on loans. This removes the hassle of third-party financing and reduces the additional work for customers. The above reasons have contributed to the tremendous growth of Spinny, and eventually it led to the rise of its share.
Today, Spinny has crossed significant milestones. It now serves over 2 lakh customers, operates with a team of around 1,000 employees across 11 cities, and has plans to expand to 6 more cities by the end of 2021. Initially focusing on cars in the ₹4–8 lakh price range, Spinny is steadily broadening its offering to include both more affordable options and premium vehicles.
Fast forward to 2024, Spinny now sells over 7,000 cars every month. A major shift in their business is the rise of online sales, which now account for 70% of the total sales, growing by 13% recently. This steady growth shows how Spinny’s strong focus on trust, quality, and convenience has helped it capture a large and growing share of the used car market.
Spinny has raised a total of $687 million across 14 funding rounds. Its first funding round took place in June 2017, and the most recent was a Series F round in June 2025, where the company raised $40 million. Some of the most prominent investors supporting Spinny include WestBridge Capital, Norwest Venture Partners, Elevation Capital, and Sequoia Capital. Additionally, the company has backing from 14 angel investors, helping it fuel its rapid growth and ambitious expansion plans.
And when we look at the revenues of the company, it shows how big the company has grown. Spinny’s revenue from operations reached ₹3,725.02 crore in FY24 from ₹3,259.78 crore in FY23, according to the company’s annual filings submitted to the Registrar of Companies. The majority of this revenue comes from vehicle sales, along with additional income from value-added services such as registration support, insurance assistance, and platform service fees.
This company still has a lot of potential to grow, as the demand for used cars is about double from last year’s numbers. Let’s see how this company will attain market share in trust-led business.
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