Used-car marketplace unicorn Spinny has secured an additional $30 million (approximately INR 256 crore) in funding from WestBridge Capital, concluding its Series F funding round at a total of $170 million. This latest investment reaffirms investor confidence in the Gurugram-based startup despite a challenging funding landscape in India’s startup ecosystem.
The new funding is a mix of primary and secondary deals, showcasing continued interest from institutional backers. The final tranche led by WestBridge follows Spinny’s initial Series F raise of $131 million in April 2025. That round was spearheaded by Accel Leaders Fund, a US-based venture firm, and also saw participation from Nandan Nilekani’s Fundamentum Partnership, signaling strong support from both global and domestic investors.
Back in April, Spinny’s post-money valuation was pegged between $1.7 billion and $1.8 billion, which remains flat when compared to its December 2021 valuation of $1.8 billion. The company had joined India’s unicorn club in late 2021 after raising $283 million in a round led by Abu Dhabi-based ADQ, Tiger Global, and Avenir Growth.
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Resilience in a Tough Market
Flat valuations in successive funding rounds typically indicate market caution. However, for Spinny, maintaining its unicorn status amid macroeconomic challenges and reduced VC liquidity is a sign of resilience. While several other Indian startups have seen down rounds or sharp valuation corrections in 2024 and 2025, Spinny has held its ground.
Spinny operates in the used car segment, a market that has witnessed rising consumer interest due to economic uncertainties, inflationary pressures, and a growing preference for personal mobility. Its full-stack model, which includes car inspection, financing, and delivery, has set it apart from competitors by offering end-to-end services under one umbrella.
Strategic Investor Confidence
The presence of both existing investors like Accel and new investors like WestBridge Capital in the Series F round reflects strong strategic alignment. WestBridge, known for backing high-growth Indian companies, brings not only capital but also extensive market expertise.
The funding is expected to support product innovation, geographic expansion, and customer experience enhancements. Spinny has been focusing on building trust through transparency, quality assurance, and customer service, which has helped it gain a loyal user base and repeat buyers.
Industry Outlook
India’s used car market is expected to grow at a CAGR of over 10% in the next five years, according to industry reports. The digitalization of the sector, coupled with increasing vehicle ownership in Tier 2 and Tier 3 cities, offers significant growth potential for platforms like Spinny.
Final Thoughts
Spinny’s latest $30 million raise from WestBridge Capital, and the successful closure of its $170 million Series F round, highlights its stable valuation, investor trust, and the growth potential of India’s pre-owned car market. As the startup gears up for future growth, all eyes will be on how it navigates the evolving market dynamics while sustaining its unicorn status.
