India’s online used-car marketplace Spinny is set to raise approximately $160–165 million to acquire car service startup GoMechanic, according to various reports. The funding, part of a Series G round, is expected to value Spinny at $1.5–$1.8 billion post-money, keeping its valuation broadly flat compared to previous rounds.
“This will be a fresh round, separate from the $160 million raised earlier this year including the $30 million top-up,” A source familiar to the development told Entrackr, “A significant portion of the primary infusion is earmarked for payouts related to Spinny’s recent acquisition of GoMechanic and to support its smooth operations.”
About $90 million of the new round is primary capital, while the rest will facilitate exits for early and mid-stage investors. Regulatory filings show Spinny’s board approving the issuance of 10.45 lakh (1.045 million) Series G preference shares to raise Rs 395 crore. Existing investor Accel Leaders Fund has already wired about $44 million, and a new investor is expected to participate.
WestBridge Capital is also participating, following its previous Series F investment. The secondary portion of the transaction is reportedly being sold by Fundamentum, with Blume Ventures also expected to reduce its stake. Accel, Fundamentum, and Blume did not respond to requests for comment. WestBridge Capital declined comment.
Spinny, founded in Gurugram, sells over 12,000–13,000 cars per month, combining B2B and B2C channels, and operates its own reconditioning centers. Currently, after-sales servicing is handled by third-party shops. GoMechanic is expected to fill this gap, offering a full-stack service covering inspection, refurbishment, documentation, and maintenance.
“GoMechanic could act as a two-way funnel: servicing vehicles bought or sold through Spinny while also attracting car owners who may not yet be customers.” A source said
The acquisition is part of Spinny’s broader expansion strategy. The startup recently acquired auto publications Autocar India, Autocar Professional, and What Car? India, and launched Spinny Capital, a non-banking finance company providing vehicle loans.
India’s used-car market is projected to grow at around 10% CAGR, reaching 9.5 million units by 2030 from 6 million today, according to Mahindra First Choice and Volkswagen Pre-owned Certified.
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