Spinny Secures $160M to Acquire GoMechanic in Major Expansion Move

Spinny Secures $160 Million in Funding to Acquire GoMechanic Spinny, an Indian online marketplace for used cars, has raised approximately $160 million in a Series G funding round, sources close to the matter revealed. This significant investment is expected to propel the company's acquisition of car services startup GoMechanic, marking a strategic move in the rapidly evolving automotive services landscape. The funding round, which includes a mix of primary and secondary transactions, values Spinny at around $1.8 billion post-money, aligning with its previous valuation. The primary portion of the round amounts to nearly $90 million, with existing investor Accel having already wired $44 million. A new investor is participating in the remaining portion of the primary, although specific details about the investment could not be confirmed. WestBridge Capital is doubling down in the new round with a check of a similar size to its previous investment, which was approximately $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 automotive services market in India is witnessing significant growth, driven by increasing demand for used cars and a rising need for reliable maintenance and repair services. Spinny's acquisition of GoMechanic is expected to strengthen its position in this market, enabling the company to offer a comprehensive range of services to its customers. Spinny, founded in 2015, has established itself as a leading online marketplace for used cars in India. The company's platform allows customers to browse and purchase pre-owned vehicles, as well as access a range of services, including financing, insurance, and maintenance. GoMechanic, on the other hand, provides car maintenance and repair services through a network of partner workshops and technicians. The acquisition is expected to have a positive impact on the Indian automotive services market, as it will create a more integrated and customer-centric ecosystem. Spinny's expanded services will enable customers to access a wider range of options, from purchasing used cars to receiving maintenance and repair services, all under one roof. Looking ahead, Spinny's acquisition of GoMechanic is likely to set a precedent for future consolidation in the Indian automotive services market. As the market continues to evolve, companies are likely to focus on expanding their offerings and improving customer experience through strategic acquisitions and partnerships. With its significant investment and acquisition, Spinny is well-positioned to capitalize on this trend and emerge as a leading player in the Indian automotive services landscape.