Spinny, a rapidly expanding Indian online platform specializing in the resale of pre-owned vehicles, is reportedly close to raising an impressive sum of approximately $160 million. According to information obtained by TechCrunch, the fundraising effort is strategically timed to support Spinny’s plan to acquire GoMechanic, a car services startup that has previously made notable headlines within India’s automotive ecosystem. This forthcoming capitalization round—classified as a Series G iteration—comprises a combination of primary and secondary transactions. Individuals with knowledge of the investment structure have indicated that the new financing would value the decade-old company at roughly $1.8 billion on a post-money basis, a figure that aligns closely with its prior valuation figures and therefore reflects continuity in investor confidence.
Of the total financing, close to $90 million will constitute primary capital, sources revealed. Among the investors, Accel, an early and continuing shareholder in Spinny, has already contributed close to $44 million, an amount confirmed through recent regulatory disclosures filed in India. These filings were first highlighted publicly by the local outlet Entrackr, which has gained a reputation for tracking investment developments in the country’s startup sector. The remaining portion of the primary capital is expected to come from a new investor whose identity and financial specifics have not yet been independently verified by TechCrunch. In parallel, WestBridge Capital—another prominent investment partner—has chosen to reaffirm its confidence in the company by contributing an amount comparable to its earlier commitment of $35–40 million during Spinny’s Series F fundraising earlier this year.
On the secondary side of this transaction, a considerable share of the equity is reportedly being divested by Fundamentum, an Indian venture capital firm co-founded by Infosys stalwart Nandan Nilekani. Additionally, Blume Ventures is anticipated to reduce part of its ownership stake alongside it. Representatives of Accel, Fundamentum, and Blume Ventures have declined to comment or remained unresponsive to queries, while WestBridge Capital has formally opted not to offer any remarks concerning the developing investment structure.
Earlier in March, Spinny successfully raised $131 million in the initial tranche of its Series F round, led primarily by Accel with the involvement of Fundamentum. That same round broadened to about $170 million by June through the participation of WestBridge Capital. The proceeds from those earlier funds were primarily designated to expand Spinny’s core used-car operations—particularly its retail presence, logistics infrastructure, and customer experience initiatives—thus strengthening its nationwide presence in India’s flourishing pre-owned automobile segment.
This new infusion of capital, however, differs markedly in strategic intent. According to people familiar with the matter, the funds from the Series G round are being raised specifically to finance the acquisition of GoMechanic and to invest in enhancing its underlying platform architecture. Importantly, Spinny has opted to pursue this transaction without drawing down on its existing liquidity reserves. Previous market reports have suggested that the value of the impending acquisition will be around ₹4.5 billion, or approximately $49.7 million, structured as a blended cash-and-stock deal—signifying a measured and efficient approach to capital deployment.
The company that Spinny now seeks to integrate—GoMechanic—has itself experienced a complex trajectory. A consortium led by Lifelong Group assumed ownership of GoMechanic in 2023 following revelations that the startup had committed serious financial reporting irregularities, described internally as “grave errors.” Prior to this turbulence, GoMechanic had been regarded as one of India’s most promising automotive service ventures, drawing backing from globally recognized investors such as Sequoia Capital, Tiger Global, and SoftBank. Its acquisition by Lifelong Group preserved much of its operational base, providing an opportunity for revival through partnerships like the one now being discussed with Spinny.
For Spinny, integrating GoMechanic would represent a major stride toward consolidating its command over multiple layers of the used-car value chain. Headquartered in Gurugram, Spinny has developed a strong consumer-facing business model centered on transparency, reliability, and standardized car refurbishment practices. It currently sells approximately 13,000 vehicles each month, primarily through direct-to-customer transactions, while also utilizing an auction mechanism to supply select inventory to automobile dealers. To support these operations, Spinny already manages large-scale reconditioning centers, ensuring each vehicle meets rigorous quality standards before sale. Yet, post-sale servicing has until now been handled by third-party partners, leaving a strategic gap in the ecosystem—one that GoMechanic’s integration could effectively close by bringing after-sales maintenance under internal control.
Sources close to the matter describe the contemplated merger as a ‘two-way’ channel that would simultaneously extend and reinforce Spinny’s reach. GoMechanic’s network of workshops and digital servicing channels would not only maintain vehicles bought and sold through Spinny’s marketplaces but also attract independent car owners who are not yet Spinny customers. This dual flow of engagement could serve to expand Spinny’s supply of pre-owned vehicles organically while minimizing incremental customer acquisition expenses, providing the company with both operational leverage and financial efficiency.
The potential acquisition is unfolding against a broader backdrop of accelerating industry growth. India’s used-car market, according to a recent analytical report by Mahindra First Choice and Volkswagen Pre-owned Certified, is forecasted to expand at a compound annual growth rate near 10%, reaching about 9.5 million units by 2030—up from nearly 6 million units currently traded. This sustained expansion underscores the attractiveness of ecosystems capable of integrating all aspects of automobile ownership, from purchase and maintenance to financing and resale.
Indeed, the pursuit of GoMechanic follows Spinny’s pattern of strategic diversification. Over the past several months, the company has moved decisively beyond pure-play retail transactions. It recently broadened its portfolio by acquiring three influential automotive media properties—Autocar India, Autocar Professional, and What Car? India—from the London-based Haymarket Media Group. These acquisitions not only amplify Spinny’s visibility but also position it as a content-driven thought leader within the Indian automotive sector. Moreover, Spinny has launched Spinny Capital, a non-banking financial company designed to offer vehicle loans, thereby facilitating improved accessibility to car ownership for its prospective customer base.
Such layered initiatives illustrate Spinny’s aspiration to evolve from a used-car marketplace into a full-spectrum automotive brand that manages every dimension of the consumer journey. The forthcoming acquisition of GoMechanic will likely accelerate this transformation by embedding vehicle aftercare and repair services directly into Spinny’s infrastructure, creating a seamless continuum from purchase to ownership. When approached for comment regarding these developments, Spinny’s co-founder and chief executive officer, Niraj Singh, declined to provide any statement, maintaining the firm’s characteristic discretion on sensitive financial negotiations.
Sourse: https://techcrunch.com/2025/12/13/indias-spinny-lines-up-160m-funding-to-acquire-gomechanic-sources-say/
