🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Exclusive: Spinny set to acquire GoMechanic after its turnaround

EntrackrEntrackr · 2m ago
Exclusive: Spinny set to acquire GoMechanic after its turnaround
Medial

Exclusive: Spinny set to acquire GoMechanic after its turnaround Spinny is set to acquire car servicing platform GoMechanic from the consortium that currently owns and operates it, according to two sources aware of the discussions. This will be one of the notable consolidations in the used-car and auto services segment in the past few years. This will be the Accel-backed firm’s fourth acquisition after Truebil, Scouto and Autocar-operator Haymarket’s automotive titles in India. “The terms of the deal have been finalised, and it is expected to close by the end of this month,” said one of the sources requesting anonymity. “Discussions have been underway for the past two months, and Spinny issued the term sheet in the last week of October.” Sources indicated that the deal would primarily be a cash transaction. Entrackr could not ascertain the deal size. The deal will pave Spinny’s entry into the largely unorganised vehicle service and maintenance space. “It’s a natural extension for Spinny and a way to engage and monetise customers even after selling cars through the platform,” said the source quoted above. GoMechanic is owned and operated by a consortium including Hero Group, Lifelong Group, Stride Ventures, and others. It runs a garage network across 150 cities in India, partnering with independent workshops to provide standardized car services with e-booking and transparent pricing. It’s worth noting that GoMechanic was embroiled in corporate governance issues, including financial irregularities, which led to its acquisition by a consortium led by Lifelong Group in May 2023. In November 2023, the company raised $6 million at a $20 million valuation, followed by a $9 million tranche last month from Hero Enterprises and others, according to its regulatory filings with the Registrar of Companies (RoC). After the takeover, the consortium replaced GoMechanic’s founding team, restructured operations, and rebuilt the company into a scaled car service platform. Sources added that GoMechanic has turned around its business in the past two years. “The firm currently clocks an annual recurring revenue (ARR) of around Rs 350 crore and is near break-even,” said the second source. The episode shows that sound governance and disciplined execution are crucial to stabilizing a business, proving that with the right leadership and focus, even struggling startups can recover. According to TheKredible, the Gurugram-based startup reported revenue of Rs 4,657 crore in FY25, reducing its losses by 28% compared to the previous year. In March, Spinny acquired Haymarket SAC’s automotive publications in India. The Niraj Singh-led company had earlier taken over connected car startup Scouto in February 2022 and used-car platform Truebil in August 2020. With Autocar and GoMechanic now under its fold, Spinny appears to have integrated the entire value chain from content and discovery to transaction and ownership. This move positions the company to cover the entire car ownership journey through one platform.

1

Related News

Exclusive: Spinny to raise $165 Mn as Accel Leaders Fund doubles down

EntrackrEntrackr · 1m ago
Exclusive: Spinny to raise $165 Mn as Accel Leaders Fund doubles down
Medial

Exclusive: Spinny to raise $165 Mn as Accel Leaders Fund doubles down Used car retailing platform Spinny is in late-stage talks to raise a $160–165 million round co-led by its existing investor, Accel Leaders Fund, according to three people aware of the development. With this, the Gurugram-based company will end up raising over $320 million in 2025. “This will be a fresh round, separate from the $160 million raised earlier this year including the $30 million top up,” said one of the sources, requesting anonymity. “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.” According to sources, about $90 million of the new round will be primary capital, while the remaining proceeds will facilitate complete or partial exits for some early and mid-stage investors. Entrackr has reviewed the company’s latest regulatory filings, which show Spinny’s board approving the issuance of 10.45 lakh Series G preference shares to raise Rs 395 crore. As indicated earlier, the primary capital from the broader $160–165 million round is expected to land soon. As per sources, the round also keeps Spinny’s valuation flat at $1.5 to $1.8 billion post-money. “Apart from Accel Leaders Fund, a new investor is likely to participate in the round,” said the person quoted above. Messages to Spinny CEO Niraj Singh went unanswered, and Accel did not offer an immediate response. The company operates a full stack model covering inspection, refurbishment, documentation and financing of used cars. Spinny currently sells more than 12,000 cars a month, combining both B2B and B2C, with an average transaction value of about Rs 6 lakh. Data sourced from the startup data intelligence platform TheKredible shows Spinny has raised about $676 million prior to this round. Tiger Global and Accel are its largest shareholders. Spinny’s operating revenue rose by 25% to Rs 4,657 crore from Rs 3730 crore in the fiscal year ending March 2025, while its losses narrowed 28% to Rs 423 crore during the last fiscal year.

Exclusive: Spinny in talks to mop up over $100 Mn in internal round

EntrackrEntrackr · 1y ago
Exclusive: Spinny in talks to mop up over $100 Mn in internal round
Medial

Exclusive: Spinny in talks to mop up over $100 Mn in internal round Tiger Global-backed Spinny is in talks to raise over $100 million in a new round mostly financed by existing investors, said three sources aware of the contours of the deal. Used car platform Spinny is preparing for a new round almost after a gap of over three years. The Tiger Global-backed company is in talks to raise over $100 million in a new round mostly financed by existing investors, said three sources aware of the contours of the deal. “Spinny could raise up to $120 million from internal investors including Elevation Capital, Abu Dhabi Growth Fund, General Catalyst and Accel among others,” said one of the sources on condition of anonymity. Sources assert that the talks are in an early stage and it may take a quarter to materialize. If the deal gets through, Spinny would be the first used car platform to raise a new round since late 2021. As per sources, its valuation more or less remains unchanged in the potential round. Market analysts point out that Spinny has emerged as a clear leader with a large delta in the used car retail space as the company appears to have cracked demand first transaction model. It has achieved this on the back of one of the lowest consumer acquisition costs and better gross margin. The Gurugram-based company also scaling auction-based verticals for dealers and car-financing businesses. Most of the money from the new round is likely to be deployed to grow the lending biz, said sources. “Spinny sells close to 7,000 cars every month with an average transaction size of around 6 lakhs. It also sells around 5000 more cars every month on its B2B auction platform,” said the source mentioned above. Queries sent to Spinny, Accel, Elevation and General Catalyst did not elicit an immediate response. According to startup data intelligence platform TheKredible, Spinny has raised around $500 million to date. Tiger Global and Accel are its largest stakeholders with 14.25% and 13.25% holding respectively. For the fiscal year ended in March 2024, Spinny’s revenue from operations increased to Rs 3,725.02 crore from Rs 3,259.78 crore in FY23​. During the period, its losses reduced by 28% to Rs 590.37 crore.

CARS24 acquires CarInfo to expand into vehicle information services

EntrackrEntrackr · 26d ago
CARS24 acquires CarInfo to expand into vehicle information services
Medial

CARS24 acquires CarInfo to expand into vehicle information services Used-car marketplace CARS24 has acquired vehicle information and management platform CarInfo. This is the Gurugram-based company’s second acquisition within a year, after it took over the automotive community platform Team-BHP. The acquisition brings CarInfo and its other app BikeInfo into the CARS24 ecosystem, though both platforms will continue to operate as standalone apps with their existing teams. CarInfo focuses on simplifying access to vehicle-related information such as registration details, insurance and pollution certificate validity, challans, FASTag status, and other compliance requirements. CARS24 founder and CEO Vikram Chopra mentioned the importance of managing vehicle ownership issues, particularly those like expired documents or inaccessible records. CarInfo was created with the insight that vehicle management for cars and bikes remains complex, reducing the burden by making essential information accessible with minimal effort. While CARS24 has not officially disclosed the deal value, MediaNama reported it at Rs 118 crore, citing a regulatory filing. Founded by Saajid Mani and his team, CarInfo serves more than 12 million monthly active users. Chopra described the platform as a product that has grown through consistent utility, becoming a commonly used tool for managing vehicle needs. The acquisition aligns with CARS24’s broader ambition to expand beyond vehicle transactions into the wider ownership lifecycle. By integrating vehicle information and compliance services, CARS24 aims to deepen customer engagement and create a comprehensive platform for car and bike owners. In FY24, CARS24 sold over two lakh cars and reported revenue close to Rs 7,000 crore. The company is preparing for a potential public market listing. The broader used-car and automotive services space is expected to see further consolidation, with Spinny set to acquire car-servicing platform GoMechanic.

Download the medial app to read full posts, comements and news.