Used car platform Spinny secured Rs 260.76 crore or $30.6 million in an ongoing Series F round from new investor WestBridge Capital. The platform had 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, 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. 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.
ABOUT SPINNY
Spinny has been founded by Niraj Singh, Ramanshu Mahaur, Mohit Gupta, and Ganesh Pawar in 2015. Spinny is an online used-car retailing platform that aims to bring about transparency and convenience in the car buying and selling process in India. Spinny operates across the entire value chain of pre-owned cars, embedding superior technology and processes to deliver a premium experience to customers. As a testimony of Spinny's commitment to transparency and quality, every car on the Spinny platform comes with a 200-point inspection checklist, 5-day no questions asked money-back guarantee, and 1-year after-sales warranty. Currently, Spinny has 36 car hubs that operate across 15 cities - Delhi, Gurugram, Noida, Bangalore, Mumbai, Pune, Hyderabad, Chennai, Kolkata, Ahmedabad, Lucknow, Jaipur, Chandigarh, Indore and Coimbatore.