India’s Used Car Market – A Growth Story
In India’s burgeoning used car market, platforms like Spinny are playing a crucial role. This market is already larger than the new car market and is projected to double by 2030 to $73.5Bn. With 1.3 pre-owned cars sold for every new car, demand is being driven by:
- Affordable pricing vs new cars
- Easier financing & digital-first discovery
- Increasing trust in organized players
Yet, nearly 70% of sales still occur through unorganized dealers, leaving massive headroom for structured platforms like Spinny to capture value.
About Valuedrive Technologies (Spinny)
Founded in 2019 by Niraj Singh (CEO), Ramanshu Mahaur (CTO), and Mohit Gupta, Valuedrive Technologies Private Limited. operates under the brand Spinny.
Key Highlights:
- Full-stack used car retailer with 200-point inspections
- 5-day no-questions-asked return & 1-year warranty
- Active in 15+ cities, including Delhi NCR, Bengaluru, Mumbai & Chennai
- 35% of customers come via referral, and the app rating is 4.8/5
Spinny’s mission: “Make used car buying as easy and trustworthy as buying new.”
Financial Snapshot – FY2021 to FY2024
Spinny has grown at a 3-year CAGR of 358%, but continues to invest heavily in scale and operations.
Insight: Spinny’s revenue rocketed from ₹40 Cr in FY21 to ₹3,822 Cr in FY24 (~96x growth), with hyper-growth in FY23 and a shift to steady scaling in FY24.
Fundraising & Valuation Journey
Spinny has raised ₹34.3 billion ($430 million) to date and is currently valued at around $1.6–1.7 billion.
Notable Investors
- Tiger Global, Accel India, Elevation Capital, General Catalyst, WestBridge, Avenir Growth, ADG, Kaiser Permanente.
- Sachin Tendulkar – investor & brand ambassador.
- Angels: Kunal Shah (CRED), Sriharsha Majety (Swiggy), Haresh Chawla, Raghunandan Gangappa.
Conclusion – Road Ahead
Spinny is redefining India’s used car industry by infusing trust, transparency, and technology into a traditionally fragmented market. Backed by:
- Explosive revenue growth over the past four years
- Strong investor confidence across global funds and marquee angels
- Expanding service portfolio spanning finance, insurance, and subscriptions
…the company is strategically positioned to capture a significant share of India’s $70Bn+ used car opportunity.
Final Thought
Spinny epitomizes the #StartupIndia success story, scaling rapidly, bridging critical trust gaps, and steering toward sustainable growth in #AutoTech.
This analysis and insights report has been prepared using PrivateCircle data and intelligence..