Used car retail platform Spinny has secured Rs 260.76 crore (approximately $30.6 million) from WestBridge Capital as part of its ongoing Series F funding round, regulatory filings reviewed from the Registrar of Companies (RoC) confirm.
This latest investment was made through WestBridge’s affiliated investment entities—Setu AIF Trust, MMPL Trust, and Konark Trust. The board of Spinny approved the allotment of 7,73,09,247 Series F compulsorily convertible preference shares (CCPS) at an issue price of Rs 33.73 per share to raise the funds.
As previously reported by Entrackr, this transaction is part of an expanded Series F round now totalling approximately $161 million, which includes $131 million led by Accel Leaders Fund.
Following this tranche, WestBridge Capital now holds a 2.74% stake in the company.
Spinny operates as a full-stack platform enabling the purchase and sale of quality used cars, managing every part of the transaction—from vehicle inspection and refurbishment to documentation and financing.
According to startup intelligence platform TheKredible, the Gurugram-headquartered company has raised around $676 million to date, with key backers including Tiger Global, Accel, Elevation Capital, and others. In December 2021, the platform also onboarded Sachin Tendulkar as a strategic investor and brand ambassador.
In recent developments, Spinny has diversified its offerings by acquiring Autocar India, an automotive media and content platform. It has also commenced operations of its newly launched NBFC subsidiary, signaling an expansion into auto financing.
For the fiscal year ending March 2024, Spinny reported revenue growth of 14.2%, reaching Rs 3,725.02 crore, up from Rs 3,259.78 crore in FY23. Meanwhile, the company successfully reduced its losses by 28% to Rs 590.37 crore.
The company has not yet disclosed financials for FY25.
 from WestBridge Capital as part of its ongoing S...){kind=link}