Spinny Secures $160M to Acquire GoMechanic in Major Indian Auto Market Expansion

India's Spinny Secures $160 Million Funding to Acquire GoMechanic, Sources Say Spinny, a prominent Indian online marketplace for used cars, has raised approximately $160 million in a Series G funding round, according to sources familiar with the matter. This significant investment will enable the 10-year-old startup to acquire car services startup GoMechanic, marking a strategic move in the rapidly evolving Indian automotive industry. The funding round, which includes a mix of primary and secondary transactions, values Spinny at around $1.8 billion post-money, a figure that aligns with its previous valuation. Approximately $90 million of the round is primary, with existing investor Accel having already wired $44 million. Regulatory filings in India revealed the details of Accel's investment, which was first reported by Indian outlet Entrackr. A new investor is participating in the remaining portion of the primary, although TechCrunch could not confirm its specifics. WestBridge Capital, a prominent venture capital firm, is doubling down in the new round with a check of a similar size to its previous investment. The firm had invested around $35 million to $40 million in Spinny's Series F round earlier this year. The secondary portion of the transaction is largely being sold by Indian VC firm Fundamentum, while Blume Ventures is expected to pare part of its stake. The Indian automotive industry has witnessed significant growth in recent years, driven by increasing demand for used cars and a growing middle class. Spinny's acquisition of GoMechanic is expected to further consolidate its position in the market, providing customers with a comprehensive range of services, including car buying, selling, and maintenance. Spinny, founded in 2015, has established itself as a leading player in the Indian used car market, with a strong online presence and a network of physical showrooms across the country. The company's platform allows customers to browse and purchase used cars, as well as access various services, including financing and insurance options. The acquisition of GoMechanic, which provides car maintenance and repair services, will enable Spinny to expand its offerings and provide customers with a one-stop solution for all their automotive needs. This strategic move is expected to further strengthen Spinny's position in the market and drive growth in the Indian automotive industry. As the Indian automotive industry continues to evolve, Spinny's acquisition of GoMechanic is a significant development that highlights the company's commitment to innovation and customer satisfaction. With this strategic move, Spinny is poised to capitalize on the growing demand for used cars and related services, cementing its position as a leading player in the Indian automotive market.