Used car platform Spinny has increased the size of its ongoing funding round to $170 million, up from $131 million, with the entry of WestBridge Capital, according to people familiar with the matter.

The investor is expected to put in around $35–40 million in primary capital.

Spinny enables both the buying and selling of quality used cars through a full-stack platform model. It manages the entire supply chain, including vehicle inspection, refurbishment, documentation, and financing.

The round has also seen the entry of US-based Accel Leaders Fund as an investor in the company. The existing backers, Elevation and Tiger Global, are also said to have increased their stake.

In December 2021, the company also roped in cricket icon Sachin Tendulkar as a strategic investor and brand ambassador.

The firm’s revenue from operations increased to Rs 3,725.02 crore in FY24, from Rs 3,259.78 crore in FY23.

During the same period, its losses declined by 28% to Rs 590.37 crore.

The second-hand car industry is undergoing a slowdown with industry experts projecting single-digit growth of 8-9%, lower than the 10-12% compound annual growth rate (CAGR) reported in the last few years.