"Spinny, an Indian online marketplace for used cars, is raising around $160 million as it moves to acquire car services startup GoMechanic, TechCrunch has learned. 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."
"WestBridge Capital is doubling down in the new round with a check of a similar size to its previous investment, the people said. The firm 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 pare part of its stake."
"Those funds were earmarked to scale Spinny's core used-car business. However, the new round is being raised specifically to finance the acquisition of GoMechanic and invest in its platform, without drawing on the startup's existing cash reserves, the people said. Earlier reports suggested Spinny could buy GoMechanic for around ₹4.5 billion (approximately $49.70 million) in a cash-and-stock deal. A consortium led by Lifelong Group acquired GoMechanic in 2023"
Spinny is raising approximately $160 million in a Series G round that mixes primary and secondary transactions and values the company at about $1.8 billion post-money. Nearly $90 million of the round is primary, with existing investor Accel wiring about $44 million and a new investor participating in the remaining primary. WestBridge Capital is investing again at a similar scale to its prior check. Much of the secondary stake is being sold by Fundamentum, and Blume Ventures is paring part of its holding. The new funds will finance the acquisition of GoMechanic and invest in its platform without using existing cash reserves.
Read at TechCrunch
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