Spinny raises $30M from WestBridge as part of its Series F round

Used car marketplace Spinny has raised $30 million in primary capital from investment firm WestBridge Capital, a source aware of the matter told YourStory.

Entrackr was the first to report on this matter.

The firm raised the new round of funding at a “flattish” valuation, the source said. Entrackr had reported that the company’s valuation remained between $1.5-$1.7 billion.

This new influx of funds brings Spinny’s Series F funding round to a total of about $170 million. The Gurugram-based company raised $131 million from US-based Accel, Nandan Nilekani’s Fundamentum, Tiger Global, and Elevation Capital, among others earlier this year.

According to the source, the Series F funding round was a mix of primary, secondary and a small portion of ESOP (employee stock option plan) buyback.

Additionally, the company intends to use the newly-raised funds to establish its NBFC (non-banking financial company) and revamp and grow Autocar India, which it had acquired in March this year.

Spinny’s parent company, Valuedrive Technologies, had acquired Haymarket SAC’s Indian automotive titles in a cash and equity deal. The deal included titles such as monthly magazine, Autocar India, business-to-business (B2B) publication Autocar Professional, and YouTube channel What Car? India.

A portion of the newly-raised funds will also be used to grow the company’s core B2B and business-to-consumer (B2C) offerings, the source added.

The Sachin Tendulkar-backed company reported a 14% year-on-year (YoY) rise in its FY24 revenue to Rs 3,725 crore, helped by rising revenue from sale of products and other financial services.

The company also reported a 28% decline in losses for the year to Rs 590.4 crore from Rs 819.9 crore in FY23.