Spinny Expands Funding to $170 Million for Used Car Platform

Spinny, a popular used car platform, has increased its funding round to $170 million, thanks to new support from WestBridge Capital, as reported by two insiders. WestBridge has contributed between $35–40 million in primary capital, which brings the total amount raised to approximately $170 million.

This latest investment follows a report from Startup Superb earlier in May, which indicated that Spinny was in the process of securing $131 million, primarily led by the Accel Leaders Fund based in the US. Current investors, such as Elevation, Think Investments, and Tiger, are also part of the backing.

Valuation and Growth of Spinny

Despite the funding increase, the valuation of the company led by Niraj Singh has remained stable at $1.5–1.7 billion. The firm from Gurugram achieved unicorn status in July 2021 with a valuation of $1.8 billion.

Startup Superb has reached out to both Spinny and WestBridge for their comments on the funding round.

Previous Funding and Key Investors

To date, Spinny has raised over $500 million from esteemed investors, including Tiger Global, Elevation Capital, General Catalyst, and Fundamentum. Notably, in December 2021, cricket legend Sachin Tendulkar joined as a strategic investor and brand ambassador.

Operations and Sales Performance

Spinny offers a comprehensive retail model that facilitates both buying and selling high-quality used cars. The company oversees the entire supply chain, from vehicle inspection and refurbishment to documentation and financing.

According to industry estimates, Spinny sells around 11,000 cars each month across its retail and B2B auction platforms. Recently, the company acquired Autocar India, an auto media and car content platform, and has commenced operations for its fully owned subsidiary, an NBFC.

For the fiscal year ending March 2024, Spinny’s revenue from operations saw an increase to Rs 3,725.02 crore, up from Rs 3,259.78 crore in FY23. During this timeframe, the company’s losses were reduced by 28%, tallying Rs 590.37 crore.