In a significant move to consolidate its market leadership, Gurugram-based used-car unicorn Spinny closed a fresh funding round of $160–170 million on February 14, 2026. The round was co-led by U.S.-based investment giant Fidelity and existing backer Accel Leaders Fund, maintaining the company’s valuation at a “flat” range of $1.5 billion to $1.8 billion.
The deal received a green light from the Competition Commission of India (CCI) on February 12, allowing Fidelity to acquire an approximately 6–7% stake in the company.
Funding Structure: Primary Infusion & Secondary Exits
The round is a strategic mix of fresh capital for the company and liquidity for early investors, reflecting a maturing secondary market in the Indian startup ecosystem.
| Component | Amount | Purpose / Participants |
| Primary Capital | ~$90 Million | Funding the GoMechanic acquisition and platform expansion. |
| Secondary Sale | ~$70–80 Million | Early investors Blume Ventures and Fundamentum paring stakes. |
| Lead Investors | — | Fidelity (New) and Accel Leaders Fund (Existing). |
| Blended Valuation | $1.5B – $1.8B | Remains “flat” compared to the 2021 unicorn round. |
Strategic Rationale: A significant portion of the primary capital is earmarked for the final payouts related to Spinny’s ₹450-crore acquisition of GoMechanic (completed in November 2025). This move integrates after-sales servicing directly into Spinny’s used-car ecosystem, creating a “full-stack” ownership experience.
Financial Performance: Path to Profitability
Despite the broader “funding winter,” Spinny’s financial metrics showed marked improvement in the lead-up to this round.
- Revenue Growth: Operating revenue for FY25 hit ₹4,746 crore, up 25% from the previous year. The company is on track for 30% growth in FY26.
- Narrowing Losses: Net loss for FY25 was reduced by 28% to ₹424 crore, driven by better unit economics and reduced customer acquisition costs.
- Market Position: Spinny currently facilitates the sale of over 12,000 cars per month, with an average transaction value of ₹6 lakh.
The Pre-IPO Roadmap
This “flat” round is widely viewed as a bridge to an Initial Public Offering (IPO). Industry reports suggest Spinny is preparing to file its Draft Red Herring Prospectus (DRHP) by late 2026, targeting a listing in early 2027.
- Consolidation: Integrating Autocar India, What Car? India, and GoMechanic under the Spinny umbrella.
- Fintech Push: Expanding Spinny Capital, its NBFC arm, to provide in-house vehicle financing.
- Governance: Strengthening the board with independent directors to meet public market standards.
“Fidelity’s entry at a flat valuation is a sign of resilience. It shows that while the ‘growth-at-all-costs’ era is over, high-quality businesses with improving margins still command significant global capital.” — Venture Intelligence Analyst.
