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Spinny Raises $30M from WestBridge Capital in Extended Series F Round
- Spinny, a used car marketplace, secures $30 million from WestBridge Capital in an extended Series F round, bringing the total raised to approximately $170 million.
- The funding includes primary investment, secondary transactions, and an ESOP buyback at a valuation reportedly between $1.5 billion and $1.7 billion.
- Plans include establishing an NBFC for in-house financing solutions, expanding its media arm, and enhancing core B2C and B2B operations.
- Spinny acquired Autocar India and related automotive titles to bolster its media presence and brand ecosystem.
- The company aims to innovate its products, services, and customer journey integration fueled by the capital infusion.
- Financially, Spinny reported a 14% YoY revenue growth in FY24, with total income reaching Rs 3,725 crore and narrowing its losses by 28% YoY.
- Founded in 2015, Spinny is recognized for its quality certification, warranty programs, and customer experience in India's used car market.
- Backed by Sachin Tendulkar, Spinny targets growth in India's automotive commerce sector, integrating sales, financing, and brand engagement strategies.
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