New infusion from WestBridge Capital
- Gurugram-based used-car retailer Spinny has raised approximately $30–40 million (₹260–330 crore) from WestBridge Capital entities—Setu AIF Trust, MMPL Trust, and Konark Trust—via new Series F compulsorily convertible preference shares
Total round now at $170 million
- This fresh capital builds on the earlier $131 million led by Accel Leaders Fund, elevating the Series F round to about $170 million
Flat valuation sustained
- The investment maintains Spinny’s unicorn valuation at around $1.5–1.7 billion, consistent with its previous backing
Capital structure highlights
- Spinny issued ~7.73 crore CCPS at ₹33.73 each; WestBridge now holds a ~2.7% stake
Expansion into NBFC and auto-media
- Funds will fuel the launch and scaling of its wholly owned NBFC to provide in-house financing.
- Resources are also being allocated to its media arm following the strategic acquisition of Autocar India and related titles
Financial performance shows momentum
- FY2024: operating revenue grew 14% to ₹3,725 crore, while losses narrowed by 28% to ₹590 crore year-on-year
Total funding and backers
- To date, Spinny has raised $676 million (~₹5,600 crore), with prominent investors including Tiger Global, Elevation Capital, Accel, Fundamentum, and Sachin Tendulkar as a strategic investor