Spinny Expands Funding Round to $170 Million with WestBridge Backing
Used car marketplace Spinny has increased the size of its ongoing funding round to $170 million, following a fresh infusion of capital from investment firm WestBridge Capital. The development marks a notable addition to the round, which was initially pegged at $131 million and led by Accel Leaders Fund.
"WestBridge has joined the round with $35–40 million in primary capital, which will push the total fundraise to around $170 million," one of two sources familiar with the deal told Entrackr. The sources also indicated that the valuation of Spinny remained flat, between $1.5 billion and $1.7 billion, despite the extended funding. The company was last valued at $1.8 billion in July 2021 when it attained unicorn status.
Spinny, founded by Niraj Singh, has now raised more than $500 million to date. Previous backers include prominent names such as Tiger Global, Elevation Capital, General Catalyst, and Fundamentum. In December 2021, cricket legend Sachin Tendulkar also joined as a strategic investor and brand ambassador, although the company has since focused more on operational expansion than public partnerships.
The full-stack platform offers end-to-end services for used car transactions, including vehicle sourcing, inspection, refurbishment, documentation, and financing. In addition to its core marketplace, Spinny recently acquired Autocar India, a well-known auto media and content platform, strengthening its foothold in the automotive ecosystem. The company also launched its own non-banking financial company (NBFC), a wholly owned subsidiary, to provide in-house vehicle financing solutions.
Despite a slowdown in India's tech funding landscape over the past year, Spinny has managed to maintain investor interest while making strides in operational performance. For the financial year ending March 2024, Spinny reported a 14 per cent increase in operating revenue to INR 3,725.02 crore, up from INR 3,259.78 crore in FY23. At the same time, the company narrowed its losses by 28 per cent, bringing them down to INR 590.37 crore.
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