Spinny Secures Funds in Series F Round with WestBridge Capital

Spinny, a prominent used car platform, has successfully secured Rs 260.76 crore or $30.6 million in its ongoing Series F funding round, thanks to a new investment from WestBridge Capital. Reports from Startup Superb indicate that this funding has increased the total round to approximately $161 million, including the substantial $131 million led by Accel Leaders Fund.

Details of the Investment

The board of Spinny has approved the issuance of 7,73,09,247 Series F CCPS at a price of Rs 33.73 per share, as documented in regulatory filings obtained from the Registrar of Companies. WestBridge Capital’s investment will be executed through its subsidiaries Setu AIF Trust, MMPL Trust, and Konark Trust.

About Spinny’s Operations

Spinny offers a comprehensive platform for both buying and selling high-quality used cars, managing the entire supply chain, which encompasses vehicle inspection, refurbishment, documentation, and financing services.

Funding History and Strategic Partnerships

According to various sources on startup data intelligence, Spinny has raised approximately $676 million to date, with contributions from notable investors including Tiger Global, Accel, and Elevation Capital. Additionally, in December 2021, the company gained cricket legend Sachin Tendulkar as a strategic investor and brand ambassador.

Ownership and Recent Acquisitions

After this investment round, WestBridge Capital is expected to command a 2.74% stake in Spinny. The company has also broadened its portfolio by acquiring Autocar India, a media platform focused on automotive content, and has launched operations of its wholly owned NBFC subsidiary.

Financial Performance

Though Spinny has not yet disclosed its financial figures for FY25, for the fiscal year ending March 2024, it reported an increase in operating revenue to Rs 3,725.02 crore from Rs 3,259.78 crore in FY23. Furthermore, the company has managed to reduce its losses by 28%, which now stand at Rs 590.37 crore.