spinnyAn Indian online marketplace for used cars is raising about $160 million as it moves to acquire Gummychain for its car services startup, TechCrunch has learned.

The Series G round, which includes a mix of primary and secondary transactions, will value the 10-year startup at about $1.8 billion, three people familiar with the matter said, broadly in line with its previous valuation.

About $90 million of the round is principal, the people said. Existing investor Excel has already committed about $44 million of that amount, according to some details of the investment in a regulatory filing in India this week, which has Indian outlet Interactor. Reported earlier. A new investor is participating in the remainder of the primary, but TechCrunch could not confirm its details.

Westbridge Capital is doubling down in the new round with the same size scrutiny as its previous investments, the people said. Earlier this year the firm invested about $35 million to $40 million in Spain’s Series F round.

Most of the secondary stake in the transaction is being sold by Indian vice-chancellor firm Fanfirmatum, while Bloom Ventures is also expected to take a stake, according to the people.

Excel, Basic, and Bloom Ventures did not respond to requests for comment. Westbridge Capital declined to comment.

In March, Spain raised 1 131 million The first part of the series was led by F Round, chaired by Axel, with participation from core members, before adding to it. About $170 million dollars to incorporate Westbridge Capital in June. These funds were allocated to scale up Spain’s core used car business.

New Round is being raised specifically to finance the acquisition of Gummychain and invest in its platform, without drawing on the startup’s existing cash reserves, the people said. Earlier reports suggested that the Spaniard could buy Gomichenko About $4.5 billion (approximately $49.70 million dollars) in a cash and stock deal.

A consortium led by Lifetime Group acquired Gomichenko in 2023 after it admitted to “serious errors” in its financial reporting. The startup was previously backed by high-profile investors, including Sequoia Capital, Tiger Global and SoftBank.

For the Spaniard, acquiring Gumichnik will deepen its control over the used car value chain. The Gurugram-based startup has built a huge consumer business, selling around 13,000 used cars a month, mainly directly to buyers and, to a lesser extent, to dealers through its auction platform. Spinney operates its own major reconditioning centers to refurbish vehicles before sale and relies on third-party service shops for after-sale sales of customers’ cars—a gap Gumichnik could see at home.

Gumichnik will also act as a “two-way” funnel for the Spaniard, a person familiar with the matter said. The platform will serve vehicles bought or sold through Spinney, and help attract car owners who might not yet become customers. This could help increase Spanish vehicle supply without significantly increasing customer acquisition costs.

The acquisition comes at a time when India’s used car market will grow into one The compound annual growth rate is about 10%. According to a recent report by Mahindra First Choice and Volkswagen pre-owned confirmed, from around 6.6 million units today to around 9.5 million units by 2030.

The Gumichnik deal will mark the latest move by the Spaniard to expand its footprint in the Indian automotive market. In recent months, the startup has expanded beyond used car sales Acquisition of auto publications Autocar India, Autocar Professional and what car? India from London-based media group Haymarket, and by Starting a non-banking finance companySpinney Capital, to offer car loans to consumers.

Neeraj Singh, co-founder and CEO of Spanny, declined to comment.