Used car platform Spinny has secured approximately Rs 260.76 crore (\$30.6 million) from WestBridge Capital in an extended Series F funding round. This investment adds to the previously reported \$131 million led by Accel Leaders Fund, bringing the total size of the ongoing round to about \$161 million.
According to regulatory filings accessed through the Registrar of Companies (RoC), the company allotted 7,73,09,247 Series F compulsorily convertible preference shares (CCPS) at an issue price of Rs 33.73 each to raise the funds. WestBridge made this investment through its entities Setu AIF Trust, MMPL Trust, and Konark Trust. Following the allotment, WestBridge Capital now owns a 2.74% stake in Spinny.
Spinny operates a full-stack platform for buying and selling used cars, handling services such as vehicle inspection, refurbishment, documentation, and financing. According to startup data platform TheKredible, the company has raised a total of around \$676 million to date from investors including Tiger Global, Accel, and Elevation Capital.
In 2021, Spinny brought in cricketer Sachin Tendulkar as a strategic investor and brand ambassador. More recently, the company acquired *Autocar India*, an automotive media platform, and launched its fully owned non-banking financial company (NBFC) subsidiary.
For the financial year ending March 2024 (FY24), Spinny reported operating revenue of Rs 3,725.02 crore, up from Rs 3,259.78 crore in FY23. Its net losses declined by 28% to Rs 590.37 crore. The company has not yet disclosed its FY25 figures.