Source: Entrackr
Spinny, a used car buy and sell platform, raised ₹260.76 crore (about $30.6 million) from WestBridge Capital, in its ongoing Series F round. This fresh funding has brought the total raised in this round to about $161 million. In an earlier investment in this round, Accel Leaders Fund committed $131 million.
Spinny, as per filings with the Registrar of Companies (RoC), raised the above amount, through the issuance of more than 7.73 crore Series F CCPS at an issue price of ₹33.73 each. WestBridge Capital executed the investment through three of their entities, Setu AIF Trust, MMPL Trust, and Konark Trust.
After this investment, WestBridge Capital now holds a 2.74% stake in Spinny
What does Spinny do?
Spinny is a startup based in Gurugram that makes it easier for people to buy and sell used cars. It is a full-stack startup that handles everything from inspecting the condition of the car and repairing it, if needed, to completing the paperwork and even securing a car loan for the customer.
The company operates offline and online digital services that emphasize smoothness of process and trust in the used-car purchase experience.
Recently, Spinny launched its own NBFC (non-banking financial company), which will allow it to provide loans directly to car buyers, instead of relying on banks or financing companies.
Spinny also acquired Autocar India, which is a leading auto content & media company. This acquisition will help Spinny build a better connection with car enthusiasts while also building brand awareness.
Funding and Growth
Based on information from the startup data tracking platform TheKredible, Spinny has raised nearly $676 million to date from leading investors including Tiger Global, Accel, Elevation Capital and others. In 2021, Indian cricket legend Sachin Tendulkar joined as a strategic investor and brand ambassador for the company.
Spinny’s Financial Performance
Spinny has enjoyed solid business growth. The company’s revenue for the financial year ending March 2024 (FY24) reached ₹3,725 crore, an increase from ₹3,260 crore in FY23. In addition, Spinny was able to decrease its losses by 28%, bringing its losses down to ₹590 crore.
Looking Ahead.
With this fresh funding from WestBridge Capital, Spinny will be expanding its operations, enhancing its financing services and hopefully reaching an increased number of customers more effectively. Spinny’s latest investment indicates that investors believe in Spinny’s business model and growth potential in India’s rapidly expanding used car market.
