Spinny, the Indian online marketplace for used cars, is raising approximately $160 million to finance its acquisition of car services startup GoMechanic, according to sources familiar with the matter.
The Series G round, comprising both primary and secondary transactions, would value the 10-year-old startup at around $1.8 billion post-money, roughly in line with its previous valuation. Nearly $90 million of the round is primary capital. Existing investor Accel has already contributed about $44 million, as reflected in recent Indian regulatory filings reported by Entrackr. Details of a new investor participating in the remainder of the primary portion were not disclosed.
WestBridge Capital is also participating, doubling down with an investment similar in size to its previous contribution of $35–$40 million in Spinny’s Series F round earlier this year. Much of the secondary portion is being sold by Indian VC Fundamentum, with Blume Ventures expected to reduce part of its stake.
Accel, Fundamentum, and Blume Ventures did not respond to requests for comment, while WestBridge Capital declined to comment.
Earlier this year, Spinny raised $131 million in the first part of its Series F round led by Accel, later expanding the round to about $170 million in June with WestBridge Capital’s participation. Those funds were earmarked for scaling Spinny’s core used-car business.
The new Series G capital, however, is specifically targeted at acquiring GoMechanic and investing in its platform, without tapping into Spinny’s existing cash reserves. Earlier reports suggested the acquisition could be valued at approximately ₹4.5 billion (around $49.7 million) through a combination of cash and stock.
GoMechanic was acquired in 2023 by a consortium led by Lifelong Group following disclosures of “grave errors” in its financial reporting. The startup had previously attracted investments from prominent backers, including Sequoia Capital, Tiger Global, and SoftBank.
