Spyne, India’s leading AI-powered visual merchandising platform for the automotive industry, has raised $16 million in a Series A funding round led by Vertex Ventures. Existing investors, including Accel, Storm Ventures, and Alteria Capital, also participated, reaffirming their confidence in the startup’s vision. The fresh capital will be used to drive aggressive U.S. expansion and further develop next-generation AI solutions to revolutionize automotive retail.
Scaling Dealer Network and AI Capabilities
With a strong presence in India and international markets, Spyne aims to expand its dealer network from 1,500 to over 20,000 rooftops globally. The funding will fuel technology enhancements, infrastructure expansion, and entry into high-growth regions across EMEA and APAC.
Beyond visual merchandising, Spyne is evolving into a unified GenAI and LLM-powered Automotive Retail Suite. This comprehensive solution will empower small and medium-sized dealerships by optimizing the entire retail process—from vehicle sourcing and pricing to digitization, distribution, and AI-driven customer management. With the integration of Agentic AI, dealerships can streamline operations and enhance customer engagement like never before.
Strengthening U.S. Market Presence
As part of its expansion strategy, Spyne is setting up a dedicated U.S. business development team led by an experienced country head, alongside account executives and customer success professionals. This move will strengthen relationships with dealerships, OEMs, and marketplaces, helping the company establish a strong foothold in the competitive U.S. market.
Leadership Quotes
Sanjay Varnwal, Co-Founder and CEO of Spyne, expressed his vision for the company, “This investment marks a pivotal moment for Spyne as we accelerate our U.S. expansion and push the boundaries of what AI can do for automotive retail. Our vision is to make digital vehicles showcasing smarter, faster, and more immersive for dealerships worldwide. We’re thrilled to have Vertex Ventures on board, alongside the unwavering support of our existing investors Accel and Storm, as we build a category-defining Retail AI platform for the industry.”
Piyush Kharbanda, General Partner at Vertex Ventures SEAI, commented, “At Vertex, we have had a longstanding thesis around specialized AI Applications solving vertical use cases. Spyne has proven this in solving a fundamental pain point for auto dealerships leveraging AI to optimize vehicle merchandising and retail operations at scale. We are excited to lead Spyne’s Series A and support their journey as they transform how cars are bought and sold online and scale to be a standout market leader in the space.”
Pratik Agarwal, Principal at Accel, added, “Spyne’s decision to focus on vertical SaaS for auto has been a masterclass in execution—turning a moving ship while continuing to scale. The team’s resilience in solving GTM, combined with their capital-efficient approach, has brought them close to profitability. More importantly, we’ve witnessed firsthand the founders and management team evolve, deepening our conviction in their ability to execute on an ambitious, transformative vision for the industry. With an industry-leading product and roadmap, Spyne is poised to redefine how auto commerce operates globally, and we’re excited to continue supporting their journey.”
Record Growth and Future Outlook
Over the past 15 months, Spyne has achieved 5X growth and is now targeting an ambitious 3X revenue increase in FY 2025-26. The company is also replicating its successful U.S. go-to-market strategy in EMEA and APAC, further driving global adoption of its AI-powered solutions. With its latest funding and strategic roadmap, Spyne is set to redefine the future of automotive retail through AI-driven innovation.
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