Team Startupcity

•  Spinny raises $30M from WestBridge Capital, with cumulative Series F funding reaching $170M.

•  Valuation remains at a stable level of around $1.5–$1.7 billion, comprising a combination of primary, secondary, and ESOP elements.

•  Capital to drive NBFC launch and redesign Autocar India after acquisition.

Gurugram-headquartered used car platform Spinny has raised $30 million in new capital from WestBridge Capital as part of its current Series F round, a person with direct knowledge of the matter.

This new investment, which came at what insiders say is a "flattish valuation," puts the company's valuation between $1.5 billion and $1.7 billion. With the new capital, the total amount raised in Series F now stands at around $170 million.

In early this year, Spinny had already raised $131 million in a fund led by Accel (US), with also participation from Fundamentum of Nandan Nilekani, Tiger Global, and Elevation Capital, among others.

As per the source, the Series F round includes a combination of primary investment, secondary sales of shares, and a small ESOP (Employee Stock Ownership Plan) buyback, which will provide early employees with a chance to liquidate their stakes.

The fresh funds thus raised will be utilized to start Spinny's own NBFC (Non-Banking Financial Company) to strengthen its financing unit a step which will help in increasing vehicle loans and enhancing customer affordability. Some of the funds will also be used to revamp and grow Autocar India, the popular car media platform which Spinny bought in March 2024. The company is likely to take advantage of Autocar's heritage and brand reach to further engage with car lovers and create a robust content-commerce ecosystem.

Spinny's ongoing ability to access capital in a tough market is regarded as a vote of confidence in its fundamentals, strong customer confidence, and long-term bet on the used car space.