Spinny, the Indian online marketplace for used cars, is securing approximately $160 million to facilitate the acquisition of car services startup GoMechanic. This Series G funding round is a combination of primary and secondary transactions, positioning Spinny at a post-money valuation of around $1.8 billion. The primary segment of nearly $90 million includes a significant investment from existing backer Accel, with participation from a new investor. WestBridge Capital is also reinforcing its commitment to Spinny with a substantial contribution, mirroring its previous investment in the company. Notably, Fundamentum and Blume Ventures are expected to divest part of their stakes in Spinny through the secondary portion of the transaction.
This financing initiative comes after Spinny’s earlier successful funding rounds, including the initial phase of Series F earlier this year, which raised $131 million. The subsequent expansion of the round to $170 million included investment from WestBridge Capital, aimed at bolstering Spinny’s primary business of selling used cars. The latest funding round signifies a strategic move by Spinny to further solidify its position in the Indian online car marketplace and expand its service offerings through the acquisition of GoMechanic.
Source: TechCrunch
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