New Delhi: Spyne, India’s first and leading AI-powered visual merchandising platform for the automotive industry, has raised $16 million in a Series A funding round led by Vertex Ventures. The round also witnessed participation from existing investors, including Accel, Storm Ventures, and Alteria Capital, which doubled down on their investments in the startup. This investment will fuel Spyne’s growth trajectory, focusing on aggressive expansion in the U.S. and developing its next-generation AI solutions designed to transform automotive retail.
With a strong foothold in the Indian and global markets, Spyne plans to expand its dealer base from 1,500 to over 20,000 rooftops worldwide in the coming years. The fresh capital will enable the company to enhance its AI-powered platform, broaden its technology infrastructure, and expand into new international markets, including high-growth regions across EMEA and APAC.
Further, Spyne is evolving beyond its core visual merchandising capabilities to build a unified GenAI and LLM-powered Automotive Retail Suite. This comprehensive solution will empower small and medium-sized dealers by addressing every aspect of their retail journey — from vehicle sourcing and pricing to digitization, distribution, and AI-driven customer management, transforming how dealerships will operate using Agentic AI.
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.”
To support this ambitious goal, Spyne is establishing a dedicated U.S. business development team, led by an experienced country head, alongside a team of account executives and customer success professionals. This strategic move will further build the startup’s brand presence in the country and foster deeper connections with dealerships, OEMs, and marketplaces.
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.”
Over the past 15 months, Spyne has experienced 5X growth and is targeting an ambitious 3X revenue increase in FY 2025-26. The company continues to expand into new international markets, including high-growth regions in EMEA and APAC, replicating its successful U.S. go-to-market strategy to drive further global adoption.
About Spyne:
Founded in 2020 by Sanjay Varnwal and Deepti Prasad, Spyne started as a merchandising platform serving multiple industries, including automotive, food, eCommerce, real estate, etc. In 2023, the company shifted its focus entirely to automotive, launching India’s first AI-powered visual merchandising platform — enabling dealerships to create studio-quality images, 360-degree spin videos, and automated marketing videos. Today, Spyne’s AI-driven solutions empower independent dealers, large dealerships, and marketplaces to create professional, high-quality visuals at scale, at one-quarter of the cost, and with unmatched speed using AI. The company aims to transform automotive retail by leveraging cutting-edge AI to enhance vehicle showcasing, streamline operations, and drive dealer profitability.
About Vertex Ventures South East Asia and India
Vertex Ventures Southeast Asia & India is a leading early stage venture capital firm focused on partnering with high-growth startups across Southeast Asia and India. With a strong network and strategic expertise, they have invested in successful companies such as Grab, FirstCry, Nium, Licious, Kuku FM and PatSnap, driving innovation and scaling businesses across various sectors.
To know more about Spyne, visit: www.spyne.ai
