Spinny in $160M Funding Round to Acquire GoMechanic: Sources

Spinny, the Indian online platform for buying and selling used cars, is reportedly raising approximately $160 million to acquire GoMechanic, a car service and repair startup, according to sources familiar with the deal.

The Series G funding round, which consists of both primary and secondary share transactions, is expected to value Spinny at around $1.8 billion after the money is invested. This valuation is consistent with its previous funding round.

Of the total $160 million, nearly $90 million will be primary investment. Existing investor Accel has already contributed about $44 million, details of which have surfaced in Indian regulatory filings earlier this week, as first reported by Entrackr. The remaining portion of the primary investment is coming from a new, as-yet-unidentified investor.

WestBridge Capital is also participating in this round, investing a similar amount to its previous investment in Spinny's Series F round earlier this year, which was between $35 million and $40 million.

Much of the secondary share sales are coming from Indian VC firm Fundamentum, sources say. Blume Ventures is also expected to reduce its stake in Spinny through this round.

Accel, Fundamentum, and Blume Ventures have not commented on the matter. WestBridge Capital has also declined to comment.

Spinny previously raised $131 million in the initial closing of its Series F round in March, led by Accel with participation from Fundamentum. The round was later expanded to a total of approximately $170 million.