Spinny Raises $160M,plans Acquisition of GoMechanic

Spinny,an Indian online marketplace for used cars,is raising approximately $160 million and intends to acquire car services startup GoMechanic,according to TechCrunch sources.

The Series G funding round consists of both primary and secondary transactions, valuing the 10-year-old company at around $1.8 billion post-money – consistent wiht its previous valuation. Roughly $90 million of the round is primary capital. Existing investor Accel has already contributed about $44 million,as indicated by recent regulatory filings in India first reported by Entrackr. A new, currently unnamed investor is participating in the remaining portion of the primary funding.

WestBridge Capital is also increasing its investment, providing a check of a similar size to its previous contribution in Spinny’s Series F round earlier this year, estimated between $35 million and $40 million.

the secondary portion of the transaction is largely being sold by Indian VC firm Fundamentum, with Blume Ventures also expected to reduce its stake.

Accel, Fundamentum, and Blume Ventures have not yet responded to requests for comment. WestBridge capital declined to comment.

In March, Spinny secured $131 million in the first tranche of its Series F round, led by Accel and including Fundamentum. This was followed by an expansion to approximately $170 million in June with the addition of WestBridge Capital. These funds were allocated to expand Spinny’s core used-car business.