Spinny Raises USD 30.6 Mn from WestBridge Capital in Expanded Series F Round This latest capital injection pushes the round's total size to around USD 161 million, with Accel Leaders Fund having previously led the round with a USD 131 million investment.

By BIZ Experiences Staff

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Spinny

Used car retailing platform Spinny has secured INR 260.76 crore (approximately USD 30.6 million) in fresh funding from new investor WestBridge Capital as part of its ongoing Series F round, according to filings sourced by Entrackr.

This latest capital injection pushes the round's total size to around USD 161 million, with Accel Leaders Fund having previously led the round with a USD 131 million investment.

As per regulatory filings accessed from the Registrar of Companies (RoC), Spinny's board approved the allotment of 7.73 crore Series F compulsorily convertible preference shares (CCPS) at INR 33.73 per share to raise the amount.

WestBridge Capital routed its investment through three of its arms—Setu AIF Trust, MMPL Trust, and Konark Trust—and now holds a 2.74% stake in the company.

Founded in 2015 by Niraj Singh, Ramanshu Mahaur, Ganesh Pawar, and Mohit Gupta, Spinny operates a full-stack platform that oversees the entire used car transaction lifecycle. This includes vehicle inspection, refurbishment, documentation, financing, and sales.

According to startup data platform TheKredible, Spinny has raised a total of USD 676 million to date. Its list of prominent backers includes Tiger Global, Elevation Capital, and Accel. In 2021, Spinny also onboarded cricket icon Sachin Tendulkar as a strategic investor and brand ambassador.

The company has recently made strategic moves to strengthen its ecosystem—acquiring auto content platform Autocar India and launching its fully owned non-banking financial company (NBFC) subsidiary.

For FY24, Spinny reported a 14% rise in operating revenue to INR 3,725 crore, while its losses narrowed by 28% to INR 590.37 crore, signaling improving financial health ahead of FY25 disclosures.
BIZ Experiences Staff

BIZ Experiences Staff

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