Electric vehicle (EV) maker Tesla has named used-car retailer Spinny as a “preferred exchange partner” for its recently launched Switch and Save program in India.
“Spinny will facilitate a combined platform where customers can sell their existing vehicles and purchase a Tesla through a unified digital process,” according to a AutoCar Pro. The latter is a media company that was acquired by Spinny — alongside Autocar India and What Car? — from U.K.-based Haymarket Media Group in March 2025.
An initiative to exchange internal combustion engine (ICE) cars for EVs, Switch and Save by Tesla primarily involves its Model Y. Exchanging an ICE car entitles the seller to an INR300,000 ($3,317) bonus. Additionally, the program is being offered with a loan of up to seven years with an APR of 8.5% for those with an INR600,000 down payment.
Tesla is also providing a complimentary wall connector for home charging as part of the program. If those using Switch and Save opt for Spinny, they are eligible for an additional exchange bonus of INR25,000 upon delivery. The joint offering is available through any of Spinny’s 57 car hubs, as well as the Spinny app.
Spinny founder and CEO Niraj Singh said, “The collaboration combines Spinny’s technology-driven platform with Tesla’s electric vehicle offerings to create an integrated upgrade experience for consumers.”
Spinny cited SIAM data that passenger EV sales are expanding 40% year on year in India. However, this is from a low base, as EVs currently account for just 3.0% of total passenger vehicle sales in the country.
In December 2025, Spinny raised $165 million in a funding round led by Accel at a post-money valuation of $1.8 billion. Some of the proceeds of this funding round may be earmarked for the acquisition of car-servicing startup GoMechanic.
Later in the same month, Spinny launched Spinny Circle — an app to help new-car dealers optimize the used-car exchange process.
Founded in 2015 by Niraj Singh, Mohit Gupta and Ramanshu Mahaur, Spinny was initially a c-to-c classifieds business but pivoted to transactions in 2017. It offers a 200-point vehicle inspection, a one-year warranty and a five-day money-back guarantee, among other value propositions. The company posted INR46.5 billion in operating revenue for the 12 months to March 2025.
