Spinny built a full-stack used-car platform focused on vehicle inspection, certification, transparency and customer trust.
Discover how Niraj Singh, Ramanshu Mahaur and Ganesh Pawar built Spinny into a leading used-car platform by bringing transparency, vehicle certification and technology to India’s pre-owned car market.
Written by TFN Research Desk | covering startups, technology, venture capital, and business strategy
Quick Facts
| Founders | Niraj Singh, Ramanshu Mahaur, Ganesh Pawar |
| Education | Niraj Singh, Ramanshu Mahaur – IIT Delhi; Ganesh Pawar – IIM Ahmedabad |
| Prior Ventures | Niraj Singh – Co-Founder, Locus Education and TechMonkey; Founding Partner, Outbox Ventures; Ramanshu Mahaur – Adobe; Ganesh Pawar – Senior Manager, Business Development, Flipkart |
| Role | Co-Founder and CEO, Spinny (Niraj Singh); Co-Founder and CTO (Ramanshu Mahaur) |
| Founded | 2015 |
| Sector | Used Car Marketplace |
Introduction
Niraj Singh grew up in the small town of Daltonganj, Jharkhand, completing his early schooling in Hindi medium before eventually making his way to IIT Delhi. (Jobaaj Stories) By the time he founded Spinny in June 2015, alongside Ramanshu Mahaur and Ganesh Pawar, it was already his third startup attempt. (Jobaaj Stories) The trio set out to fix what they saw as a deeply broken used-car market, and over a decade later, Spinny has grown into one of India’s largest organised used-car retailers, preparing for a public listing. (D2C Insider Pulse)
The Spinny Story
Before founding Spinny, Singh had already tried entrepreneurship twice, first with Locus Education, an online IIT-JEE preparation platform, and then with TechMonkey, an internet media company, alongside working as a founding partner at Outbox Ventures. (Jobaaj Stories) Mahaur, his fellow IIT Delhi graduate, brought nearly five years of engineering experience from Adobe, while Pawar had spent time in business development at Flipkart. (YourStory)
The founders’ core insight was that India’s used-car market suffered from severe information asymmetry: buyers had no reliable way to verify a car’s condition, and sellers had no fair, transparent way to price their vehicles. (Inc42) Spinny’s answer was to build a fully managed, tech-enabled marketplace, inspecting every vehicle across its major systems, certifying only cars that passed, and backing purchases with a return window and warranty, rather than simply connecting buyers and sellers as a classifieds listing site would. (UpForge)
That full-stack, quality-assured approach helped Spinny stand apart from listings-only rivals, and the company scaled rapidly through the following years, eventually becoming a unicorn following a $283 million Series E round led by Tiger Global in 2021, which valued the company at $1.8 billion. (UpForge) After a period of aggressive, capital-intensive expansion, Spinny shifted its strategy post-2022 toward improving unit economics and working steadily toward EBITDA breakeven. (UpForge)
Business Model
Spinny earns revenue primarily through used car sales, supplemented by financial and support services:
| Revenue Stream | How It Works |
|---|---|
| Used car sales | Direct sale of Spinny Certified cars; ~98% of operating revenue |
| Financing and insurance | Loan facilitation through its own NBFC subsidiary and insurance commissions |
| Support services and advertising | Ancillary services and platform advertising revenue |
(Sourced from BW Disrupt)
Funding and IPO History
| Round | Year | Amount | Key Investors |
|---|---|---|---|
| Series D | 2020 | $65 million | Fundamentum, General Catalyst, Elevation Capital |
| Series E | Aug 2021 | $283 million | Tiger Global (lead) ($1.8B valuation) |
| Series F | Mar 2025 | $170 million | Accel Leaders Fund, Fidelity Investments |
| Series G / Secondary | Dec 2025–Feb 2026 | ~$170 million | Fidelity Investments, WestBridge Capital |
(Sourced from Tracxn and IPO Central)
Overall, Spinny has raised approximately $780 million to date, reaching a valuation of $1.5-1.8 billion, and has converted to a public limited company as it prepares to file a Draft Red Herring Prospectus, with Kotak Mahindra Capital and Jefferies reportedly among the bankers advising the IPO. (D2C Insider Pulse; IPO Central)
Revenue and Growth
| Metric | FY24 | FY25 |
|---|---|---|
| Consolidated Revenue | ₹3,730 crore | ₹4,657 crore (up 25%) |
| Consolidated Net Loss | ₹590 crore | ₹423 crore (down 28.3%) |
(Sourced from BW Disrupt)
Notably, Spinny’s expense-to-revenue ratio improved to ₹1.11 spent for every rupee of revenue earned in FY25, and the company expects to close FY26 with revenue nearing ₹6,000 crore. (D2C Insider Pulse) It’s worth noting that on a standalone basis, excluding subsidiaries, Spinny’s FY25 loss actually widened 34.4% to ₹673.8 crore, a divergence from the improving consolidated picture that reflects how recently acquired units like Autocar India are being folded into the group’s overall results. (YourStory)
Spinny vs Competitors
Spinny competes with CarTrade (and its CarWale unit), CarDekho, and Cars24 in India’s used-car marketplace. (YourStory) Unlike listings-focused rivals, Spinny’s full-stack, inventory-owning model gives it tighter control over vehicle quality and pricing, though it also means carrying more direct cost and inventory risk than a pure marketplace.
Key Takeaways
- Niraj Singh, Ramanshu Mahaur, and Ganesh Pawar founded Spinny in June 2015 to bring transparency to India’s used-car market.
- The company became a unicorn in 2021 at a $1.8 billion valuation, following a $283 million Series E round led by Tiger Global.
- Spinny has raised approximately $780 million to date and has converted to a public limited company ahead of a planned IPO.
- Consolidated FY25 revenue grew 25% to ₹4,657 crore, while net loss narrowed 28.3% to ₹423 crore.
- The company competes with CarTrade, CarDekho, and Cars24 in India’s used-car marketplace.
FAQs
Who founded Spinny?
Niraj Singh, Ramanshu Mahaur, and Ganesh Pawar founded Spinny in June 2015.
Is Spinny profitable?
Not yet on a consolidated basis, though losses have narrowed significantly as the company works toward EBITDA breakeven.
How much funding has Spinny raised?
Approximately $780 million to date, reaching a valuation of $1.5-1.8 billion.
Who are Spinny’s competitors?
CarTrade, CarDekho, and Cars24 in India’s used-car marketplace.
© The Founder Nation | Written by TFN Research Desk
