Spinny Lines Up $160M Funding to Acquire GoMechanic
India’s Spinny is raising around $160 million to acquire car services startup GoMechanic, TechCrunch has learned.
Series G Round to Value Spinny at $1.8 Billion
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.
New Investors Join the Round
Nearly $90 million of the round is primary, people said; Existing investor Accel has already wired about $44 million of that amount, with some details of the investment appearing in regulatory filings in India this week.
Acquisition to Deepen Spinny’s Control Across the Used-Car Value Chain
For Spinny, acquiring GoMechanic would deepen its control across the used-car value chain, allowing it to service vehicles bought or sold through Spinny and attract car owners who may not yet be customers.
India’s Used-Car Market Projected to Grow at 10% CAGR
The acquisition comes as India’s used-car market is projected to grow at a compound annual growth rate of about 10% to roughly 9.5 million units by 2030, from nearly 6 million units today, per a recent report by Mahindra First Choice and Volkswagen Pre-owned Certified.
Spinny’s Latest Move to Broaden Its Footprint in India’s Automotive Market
The GoMechanic deal would mark Spinny’s latest move to broaden its footprint in India’s automotive market, following its recent acquisitions of auto publications and the launch of a non-banking finance company.
Source: Link
