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Used car platform Spinny has expanded its ongoing funding round to $170 million with new backing from WestBridge Capital, according to two sources familiar with the matter.
“WestBridge has joined the round with $35–40 million in primary capital, which will push the total fundraise to around $170 million,” said one of the sources, requesting anonymity.
The investment follows Entrackr’s earlier report from May, which said that Spinny is raising $131 million led by the US-based Accel Leaders Fund. Existing backers Elevation, Think Investments and Tiger, among others
According to the sources, the valuation of the Niraj Singh-led company remained flat at $1.5–1.7 billion. The Gurugram-based firm became a unicorn in July 2021 with a valuation of $1.8 billion.
Entrackr has reached out to Spinny and WestBridge for comments.
So far, Spinny has raised more than $500 million from investors including Tiger Global, Elevation Capital, General Catalyst, and Fundamentum, among others. In December 2021, the company also roped in cricket icon Sachin Tendulkar as a strategic investor and brand ambassador.
The firm enables both the buying and selling of quality used cars through a full-stack retail model. It manages the entire supply chain, including vehicle inspection, refurbishment, documentation, and financing.
According to industry estimates, Spinny sells nearly 11,000 cars each month through its retail and B2B auction platforms. Recently, the company also acquired auto media and car content platform Autocar India and kicked off operations of its NBFC which is a fully owned subsidiary of the parent company.
For the fiscal year ending March 2024, the firm’s revenue from operations increased to Rs 3,725.02 crore from Rs 3,259.78 crore in FY23. During the same period, its losses decreased by 28% to Rs 590.37 crore.
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