Spinnyan Indian online marketplace for used cars, is raising about $160 million as it moves to acquire auto services startup GoMechanic, according to TechCrunch.
The Series G round, which includes a mix of primary and secondary transactions, would value the 10-year-old startup at about $1.8 billion post-money, three people familiar with the matter said, broadly in line with its previous valuation.
Nearly $90 million of the round is principal, the people said. Existing investor Accel has already committed about $44 million of that amount, with some details of the investment appearing in regulatory filings in India this week, which Indian outlet Entrackr reported for the first time. A new investor is participating in the remaining portion of the primary, but TechCrunch could not confirm its specifics.
WestBridge Capital is doubling down on the new round with a similar-sized check to its previous investment, the people said. The company invested about $35 million to $40 million in Spinny’s Series F round earlier this year.
Much of the secondary portion of the transaction is being sold by Indian VC firm Fundamentum, according to the people, while Blume Ventures is also expected to divest some of its stake.
Accel, Fundamentum and Blume Ventures did not respond to requests for comment. WestBridge Capital declined to comment.
In March, Spinny grew up $131 million in the first part of the Series F round led by Accel, with participation from Fundamentum, before extending the raise to about 170 million dollars in June to include WestBridge Capital. These funds were intended to expand Spinny’s core used car business.
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However, the new round is being raised specifically to fund the acquisition of GoMechanic and invest in its platform, without drawing on the startup’s existing cash, the people said. Earlier reports indicated that Spinny could buy GoMechanic around ₹4.5 billion (approximately $49.70 million) in a cash and stock deal.
A consortium led by Lifelong Group acquired GoMechanic in 2023 after the startup admitted it made “serious errors” in its financial reporting. The startup was previously backed by high-profile investors including Sequoia Capital, Tiger Global and SoftBank.
For Spinny, acquiring GoMechanic would deepen its control across the used car value chain. The Gurugram-based startup has built a large consumer-facing business, selling about 13,000 used cars a month, mostly directly to buyers and, to a lesser extent, to dealers through its auction platform. Spinny operates its own large repair centers to refurbish vehicles before sale and relies on third-party service shops to service customers’ cars after the sale — a gap that GoMechanic could bring in-house.
GoMechanic would also act as a “two-way” funnel for Spinny, a person familiar with the matter said. The platform would cater to vehicles bought or sold through Spinny and helps attract car owners who may not yet be customers. This could help expand Spinny’s vehicle offering without significantly increasing customer acquisition costs.
The acquisition comes as India’s used car market is projected to grow at a boom compound annual growth rate of about 10% to around 9.5 million units by 2030, from nearly 6 million units today, according to a recent report by Mahindra First Choice and Volkswagen Pre-owned Certified.
The GoMechanic deal will mark Spinny’s latest move to expand its footprint in the Indian automotive market. In recent months, the startup has expanded beyond selling used cars obtaining car editions Autocar India, Autocar Professional and what car? India by London-based media group Haymarket and by establishing a non-banking finance companySpinny Capital, to offer vehicle loans to customers.
Spinny co-founder and CEO Niraj Singh declined to comment.
