Spinny, a used-car marketplace backed by Tiger Global, has secured 1,121 crore rupee (US$131 million) in funding. The round was led by Accel Leaders Fund, with participation from Nandan Nilekani’s Fundamentum.

It included both primary and secondary transactions, with US$107 million from primary investments. Accel and Fundamentum have contributed US$52 million so far, and additional investments are expected by April.

Existing investors like Tiger Global, Elevation Capital, and General Catalyst may also participate.

The new funding values Spinny at US$1.7 billion – US$1.8 billion, consistent with its December 2021 valuation.

Spinny plans to use the capital to expand its non-banking financial arm, diversifying into lending and ancillary services to boost margins and revenue.

Financially, the company reduced its net loss by 28% to 590 crore rupee (US$69.03 million) in FY24, while revenue grew 14.2% to 3,725 crore rupee (US$435.86 million).