Used car retailing platform Spinny has raised INR 260.76 Cr ($30.6 Mn) from WestBridge Capital as part of its ongoing Series F funding round, according to regulatory filings accessed by Business Headline. The investment was made via Setu AIF Trust, MMPL Trust, and Konark Trust, investment arms of WestBridge.
With this latest infusion, Spinny’s Series F round now totals around $161 Mn, anchored by Accel Leaders Fund, which contributed $131 Mn earlier. The company’s board approved the allotment of 7,73,09,247 Series F CCPS at INR 33.73 each, reflecting the capital raised from WestBridge.
Founded as a full-stack used car platform, Spinny facilitates the entire transaction lifecycle—from vehicle inspection, refurbishment, and documentation to financing and resale, ensuring a quality-first experience for both buyers and sellers.
WestBridge Capital now holds a 2.74% stake in Spinny post this transaction, according to data from TheKredible. Overall, the company has now raised around $676 Mn, with backers including Tiger Global, Accel, and Elevation Capital.
The platform also onboarded cricket legend Sachin Tendulkar in 2021 as a strategic investor and brand ambassador, helping boost consumer trust and visibility.
Spinny recently made key moves to diversify its ecosystem. It acquired Autocar India, a leading auto content platform, and launched its own NBFC, further deepening its presence in auto financing.
For FY24, Spinny’s operating revenue rose to INR 3,725.02 Cr, up from INR 3,259.78 Cr in FY23. Notably, the company managed to cut losses by 28%, bringing them down to INR 590.37 Cr.
The startup’s continued fundraising and strategic acquisitions signal strong investor confidence in India’s growing used car market, estimated to reach over $70 billion by 2030.
