Spinny is a Gurugram-based used-car retail platform. It has raised ₹30.6 million(approximately ₹260.76 crore ) from WestBridge Capital. The investment is part of an expansion of its ongoing Series F funding round, which now totals around $161 million.
Funding Details
Regulatory filings show that Spinny issued 7.73 crore Series F Compulsorily Convertible Preference Shares (CCPS) at an issue price of ₹33.73 per share to raise this fresh capital. WestBridge invested in its entities, Setu AIF Trust, MMPL Trust, and Konark Trust.
Earlier in the same round, Accel Leaders Fund led a $131 million tranche. Ultimately, the total funding stands at approximately $161 million. Some reports say this round may stretch up to $170 million.
Following the funding, WestBridge will hold roughly a 2.74% stake in Spinny.
About Spinny
Spinny was founded in 2015 by Niraj Singh, Ramanshu Mahaur, Ganesh Pawar, and Mohit Gupta. Spinny runs a full-stack used-car model. It handles everything—from inspection and refurbishment to financing and selling vehicles. The company operates inspection hubs and showrooms across India. Therefore, ensuring a consistent and quality-driven customer experience.
Spinny has attracted strong investor support. It has raised approximately $676 million so far from backers like Tiger Global, Elevation Capital, Accel, and General Catalyst. Cricket legend Sachin Tendulkar joined as a brand ambassador and strategic investor in December 2021
Strategic Initiatives
Spinny has taken significant steps to deepen its ecosystem. It acquired Autocar India, a leading automotive media and content platform. This move strengthens Spinny’s media reach and content creation capabilities.
The company also launched its own non-banking financial company (NBFC). With the NBFC now fully operational, Spinny can offer in-house car financing. This move brings financing control internally and helps improve profitability.
Financial Snapshot
Spinny released its FY24 financials, showing solid revenue growth and improved financial health:
- Operating revenue rose 14%: To ₹3,725 crore from ₹3,260 crore in FY23
- Net losses declined by 28%, falling to ₹590 crore
These figures indicate that Spinny is narrowing its losses while maintaining robust growth.
What This Means:
The new capital from WestBridge will support several key priorities:
- Expand the NBFC: More lending capacity helps retain financing margins.
- Fuel media capabilities: Autocar India enables content-driven customer acquisition.
- Scale core business: Funds will help expand inspection centres and showrooms.
- Investor confidence: WestBridge’s participation affirms Spinny’s business model and growth strategy.
The investment highlights confidence in full-stack used-car platforms. Despite pressure on used-car margins, backers are drawn to integrated models that offer control over sales, service, and finance.
Looking Ahead
With this fresh round, Spinny is well-positioned to pursue its strategic goals in FY25:
- Scale NBFC operations to reach more customers with financing.
- Leverage Autocar India for content-led marketing and brand awareness.
- Expand physical presence in Tier-1 and Tier-2 cities.
Spinny has yet to release FY25 figures. However, given FY24’s progress, the company aims to reduce losses further and move toward profitability.
Bottom line: Spinny’s extended Series F round, backed by WestBridge, equips it to strengthen its financing and media assets. The deal boosts investor confidence in its full-stack model and supports aggressive growth in the competitive used-car market.
