Niraj Singh and Ramanshu Mahaur were chatting over coffee about how many of their friends had bought used cars. The stories were the same: dealer after dealer, unclear prices and a lingering doubt about quality. They took the idea to Mohit Gupta and Ganesh Pawar, and Spinny began in 2015.
The first version was a marketplace where owners listed cars for other individuals to buy. It did not build trust. In 2017 the team changed course. Spinny bought cars, put each through a 200-point inspection, priced it with its own engine, offered a money-back guarantee and handled the paperwork and financing.
The retail model needed far more capital. Spinny lost 820 crore rupees in FY23. By FY25 revenue had risen 25 percent to 4,657 crore rupees and the net loss had narrowed 28 percent to 424 crore rupees.
Spinny raised about 283 million dollars in December 2021 and a 170 million dollar Series F in June 2025 led by Accel. In 2026 it was reported to have filed IPO papers confidentially.