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Exclusive: Spinny in talks to mop up over $100 Mn in internal round

EntrackrEntrackr · 7m ago
Exclusive: Spinny in talks to mop up over $100 Mn in internal round
Medial

Exclusive: Spinny in talks to mop up over $100 Mn in internal round Tiger Global-backed Spinny is in talks to raise over $100 million in a new round mostly financed by existing investors, said three sources aware of the contours of the deal. Used car platform Spinny is preparing for a new round almost after a gap of over three years. The Tiger Global-backed company is in talks to raise over $100 million in a new round mostly financed by existing investors, said three sources aware of the contours of the deal. “Spinny could raise up to $120 million from internal investors including Elevation Capital, Abu Dhabi Growth Fund, General Catalyst and Accel among others,” said one of the sources on condition of anonymity. Sources assert that the talks are in an early stage and it may take a quarter to materialize. If the deal gets through, Spinny would be the first used car platform to raise a new round since late 2021. As per sources, its valuation more or less remains unchanged in the potential round. Market analysts point out that Spinny has emerged as a clear leader with a large delta in the used car retail space as the company appears to have cracked demand first transaction model. It has achieved this on the back of one of the lowest consumer acquisition costs and better gross margin. The Gurugram-based company also scaling auction-based verticals for dealers and car-financing businesses. Most of the money from the new round is likely to be deployed to grow the lending biz, said sources. “Spinny sells close to 7,000 cars every month with an average transaction size of around 6 lakhs. It also sells around 5000 more cars every month on its B2B auction platform,” said the source mentioned above. Queries sent to Spinny, Accel, Elevation and General Catalyst did not elicit an immediate response. According to startup data intelligence platform TheKredible, Spinny has raised around $500 million to date. Tiger Global and Accel are its largest stakeholders with 14.25% and 13.25% holding respectively. For the fiscal year ended in March 2024, Spinny’s revenue from operations increased to Rs 3,725.02 crore from Rs 3,259.78 crore in FY23​. During the period, its losses reduced by 28% to Rs 590.37 crore.

Exclusive: WestBridge to join Spinny’s ongoing round with $35-40 Mn

EntrackrEntrackr · 2m ago
Exclusive: WestBridge to join Spinny’s ongoing round with $35-40 Mn
Medial

Used car platform Spinny has expanded its ongoing funding round to $170 million with new backing from WestBridge Capital, according to two sources familiar with the matter. “WestBridge has joined the round with $35–40 million in primary capital, which will push the total fundraise to around $170 million,” said one of the sources, requesting anonymity. The investment follows Entrackr’s earlier report from May, which said that Spinny is raising $131 million led by the US-based Accel Leaders Fund. According to the sources, the valuation of the Niraj Singh-led company remained flat at $1.5–1.7 billion. The Gurugram-based firm became a unicorn in July 2021 with a valuation of $1.8 billion. So far, Spinny has raised more than $500 million from investors including Tiger Global, Elevation Capital, General Catalyst, and Fundamentum, among others. In December 2021, the company also roped in cricket icon Sachin Tendulkar as a strategic investor and brand ambassador. The firm enables both the buying and selling of quality used cars through a full-stack retail model. It manages the entire supply chain, including vehicle inspection, refurbishment, documentation, and financing. According to industry estimates, Spinny sells nearly 11,000 cars each month through its retail and B2B auction platforms. Recently, the company also acquired auto media and car content platform Autocar India and kicked off operations of its NBFC which is a fully owned subsidiary of the parent company. For the fiscal year ending March 2024, the firm’s revenue from operations increased to Rs 3,725.02 crore from Rs 3,259.78 crore in FY23. During the same period, its losses decreased by 28% to Rs 590.37 crore. Spinny’s core competitor Cars24 reported a 25% year-on-year increase in revenue in FY24 to Rs 6,917 crore. The SoftBank-backed company posted a net loss of Rs 498 crore and an adjusted EBITDA loss of Rs 318 crore for the same period.

Startup funding drops 37% on year to $103 million this week

Economic TimesEconomic Times · 10m ago
Startup funding drops 37% on year to $103 million this week
Medial

- Startups raised $103.2 million in funding between October 5 and October 11, a 36.7% decrease from the same period last year. - This week's funding total of $103.2 million represents a 34.1% increase from the previous week's total of $77 million. - In total, startups secured funds through 21 deals this week, compared to 29 deals during the same period last year. - Haber, an AI-driven robotics startup, raised $38 million in a funding round led by Creaegis, with participation from Accel India and BeeNext Capital. - Spry Therapeutics, a SaaS company, secured $15 million in funding from Flourish Ventures and existing investors. - Economy Process Solutions, a vacuum and process solutions startup, raised $12 million in a series A round led by Stakeboat Capital Fund II.

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