Used-car marketplace Spinny has officially closed its extended Series F funding round at USD 170 million (~INR 1,464 crore) , with WestBridge Capital joining the cap table through a fresh infusion of USD 30–40 million (~INR 344 crore) in primary capital, sources confirmed. The move reinforces Spinny’s position as a leading full-stack auto-tech player in India, while also setting the stage for deeper market penetration and financial vertical expansion.
According to reports, the extended Series F round follows an earlier tranche of USD 131 million (~INR 1,128 crore) raised in April 2025. That round was led by Accel Leaders Fund, with participation from Nandan Nilekani’s Fundamentum, Tiger Global, Elevation Capital, and General Catalyst. The round was structured as a mix of primary, secondary, and ESOP buyback transactions.
Flat Valuation Amid Volatile Funding Climate
Some sources indicated that the round was closed at a “flattish” valuation of USD 1.5–1.7 billion (~INR 14,638 crore), consistent with earlier valuations from 2021 when Spinny first entered the unicorn club with a USD 1.8 billion (~INR 15,500 crore) valuation. The consistency in valuation comes despite a cooling tech funding environment in India and globally, highlighting investor confidence in Spinny’s long-term strategic vision and improving financial metrics.
Use of Capital: NBFC, Media, and Marketplace Growth
A significant portion of the new capital will go toward operational expansion and business diversification. Notably, Spinny is establishing a non-banking financial company (NBFC) to provide in-house vehicle financing solutions, a move expected to improve affordability for buyers and boost unit economics.
In March 2025, Spinny acquired Haymarket SAC’s Indian automotive media assets, including Autocar India, Autocar Professional, and What Car? India, in a cash and equity deal. The acquisition is being integrated into Spinny’s ecosystem to enhance brand visibility and create a content-driven engagement loop with automotive enthusiasts and prospective customers.
Financial Performance: Revenue Growth and Shrinking Losses
Spinny’s recent financial performance supports its narrative of sustainable scaling:
- Revenue from operations (FY24): INR 3,725 crore (up 14% YoY from INR 3,260 crore in FY23)
- Net loss (FY24): INR 590 crore (down 28% YoY from INR 820 crore in FY23)
- Total income: INR 3,821 crore
- Spinny transacts approximately 12,000 vehicles per month across B2B and B2C channels, with an average ticket size of INR 6 lakh.
These financial improvements are attributed to cost optimization, including the integration of Truebil and Spinny Max into a unified platform, reduction in marketing spends, layoffs (~300 employees), and enhanced tech efficiencies.
Competitive Landscape
Spinny operates in a competitive sector alongside peers like CARS24, CarTrade, CarDekho, and Droom. While CARS24 has taken an aggressive acquisition-led expansion route (recently acquiring Team-BHP), Droom is gearing up for a INR 1,000 crore IPO. Spinny, on the other hand, appears to be taking a balanced route, strengthening its core marketplace, financial services, and media ecosystem — all in preparation for a potential IPO in the future.
Cumulative Fundraise and Investor Confidence
With this latest round, Spinny has raised over USD 664 million (~INR 5,720 crore) to date across 13 rounds. Major stakeholders include:
- Tiger Global (14.25%)
- Accel (13.25%)
- WestBridge Capital (latest entrant)
The company’s ability to attract continued investment — even in a relatively flat valuation environment — reflects investor confidence in its full-stack model, which includes vehicle inspection, refurbishment, certification, financing, and delivery.
Conclusion
Spinny’s strategic investments in content, credit, and consolidation indicate more than just short-term growth ambitions. The firm’s improving financial metrics and expanding verticals suggest it is preparing for IPO readiness, potentially capitalizing on a resurging public market interest in profitable, tech-enabled startups. With WestBridge now on board, Spinny is positioned not only to solidify its leadership in India’s used-car market but also to shape the next chapter of auto-commerce in the country.
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