Gurugram-based used car platform Spinny has raised $131 million in a new funding round led by US-based Accel Leaders Fund, sources familiar with the deal confirmed.

According to insiders, the funding includes $110 million in primary capital, while $21 million will go towards secondary transactions, including ESOP buybacks and exits for early investors. Accel Leaders has reportedly contributed $75 million, with additional participation from Elevation Capital, Tiger Global, Fundamentum, and other existing investors.

Regulatory filings indicate that Accel Leaders Holdings invested approximately $49 million, while Fundamentum contributed $3 million. The fresh capital infusion is expected to push Spinny’s post-money valuation to around $1.5 billion.

Spinny operates on a full-stack model, overseeing the entire used car sales process, from vehicle inspection and refurbishment to documentation and financing. The platform reportedly sells around 7,000 cars per month, with an average transaction size of ₹6 lakh. Additionally, its B2B auction platform facilitates the sale of approximately 5,000 cars monthly.

According to startup intelligence platform TheKredible, Spinny has raised around $500 million to date, with Tiger Global and Accel holding 14.25% and 13.25% stakes, respectively.

Financially, the company posted a revenue of ₹3,725.02 crore for FY24, up from ₹3,259.78 crore in FY23, while its losses narrowed by 28% to ₹590.37 crore.

Entrackr, which first reported on the funding in January, has reached out to Spinny for further comments.