India’s Spinny Acquires GoMechanic with $160M Funding

Here’s a ‌breakdown of the key details from ⁢the text ⁢regarding Spinny’s latest funding ⁣round:

* Valuation: The round⁢ values Spinny at $1.8 billion post-money, which ⁢is‌ roughly in line with its previous valuation.
* Total Raise: The round⁤ is for approximately‌ $165 ⁣million,⁢ a ⁣mix of primary ‍and secondary transactions.
* Primary Capital: ⁣Around $90 million is primary investment. Accel has already contributed‌ $44 million of this. A new,‌ unnamed investor is contributing the remainder.
* Secondary Sales: A meaningful portion of the round involves secondary ‍sales, primarily from Fundamentum, with Blume Ventures ‍ also selling part of their ⁣stake.
* Existing Investor Participation: westbridge Capital is doubling down with an investment similar ‍in size to their ‍previous investment in the Series F round (estimated $35-$40 million).
* Purpose of Funds: This round‌ is specifically to finance the acquisition ​of ⁣GoMechanic and‌ invest ​in its platform,⁢ without using Spinny’s existing​ cash⁢ reserves. The GoMechanic acquisition is estimated​ at around‍ ₹4.5 billion (approximately $49.70 million) in ⁤a cash-and-stock deal.
* Previous Funding: Spinny previously raised $131 million⁤ in March and expanded⁤ that to about $170 million ‍in June (both part of Series F) led by Accel and​ including ⁤Fundamentum and WestBridge Capital.