Used car platform Spinny has increased its current funding round to $170 million, with new investment coming from WestBridge Capital, according to two people who know about the deal.
“WestBridge has joined the round with $35–40 million in primary capital, which will push the total fundraising to around $170 million,” said one of the sources, requesting anonymity.
In April, Spinny raised $131 million in the first part of this funding round. Accel Leaders Fund led the investment from the US, and Nandan Nilekani’s Fundamentum also took part.
At that time, Spinny was valued at between $1.7 billion and $1.8 billion after the investment.
This is the same valuation Spinny had back in December 2021, when it became a unicorn by raising $283 million in a funding round led by ADQ, Tiger Global, and Avenir Growth.
Spinny was founded in 2015 by Neeraj Singh, Mohit Gupta, and Ramanshu Mahaur. It is a platform that helps people buy and sell used cars.
The company has over 36 car hubs and operates in 22 cities across India, including Delhi, Gurugram, Noida, Bengaluru, Mumbai, Pune, Hyderabad, Chennai, Kolkata, and Ahmedabad.
So far, Spinny has raised more than $664.2 million. Some of its major investors include Tiger Global, General Catalyst, Abu Dhabi Growth Fund, Accel Partners, and Avenir Growth Capital.
Recently, Spinny bought Autocar India, a company that creates car-related content and news. It also established its own NBFC (non-banking financial company), which Spinny’s parent company fully owns.
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