Exclusive: Spinny receives $30 Mn from WestBridge

Used car platform Spinny secured Rs 260.76 crore or $30.6 million in an ongoing Series F round from new investor WestBridge Capital.

Entrackr exclusively reported the development last week. Spinny has expanded its ongoing funding round to around $161 million including $131 million led by Accel Leaders Fund.

The board at Spinny issued 7,73,09,247 Series F CCPS at an issue price of Rs 33.73 apiece to raise the aforementioned amount, its regulatory filing accessed from Registrar of Companies (RoC) shows.

WestBridge Capital invested the above mentioned amount through its investment arms Setu AIF Trust, MMPL Trust and Konark Trust.

The firm enables both the buying and selling of quality used cars through a full-stack platform model. It manages the entire supply chain, including vehicle inspection, refurbishment, documentation, and financing.

According to startup data intelligence platform TheKredible, Spinny has raised around $676 million to date including investors like Tiger Global, Accel, Elevation Capital and others. In December 2021, the company also roped in cricket icon Sachin Tendulkar as a strategic investor and brand ambassador.

Following the allotment of this round, WestBridge Capital will own a 2.74% stake in the company.

The company recently expanded its portfolio by acquiring Autocar India, an auto media and car content platform, and also launched the operations of its fully owned NBFC subsidiary.

While it is yet to disclose its numbers for FY25, for the fiscal year ending March 2024, Spinny’s operating revenue grew to Rs 3,725.02 crore, up from Rs 3,259.78 crore in FY23, while its losses narrowed by 28% to Rs 590.37 crore.