India: Spinny, Myntra in M&A news

Photo: Spinny website

Used car retailing platform Spinny, backed by Fundamentum Partnership, SAIF Partners and Accel, among others, has acquired smaller rival Truebil. In a separate development, fashion- and apparel-focussed e-commerce firm Myntra has acquired Bollywood actor Deepika Padukone’s stake in the All About You brand.

Spinny acquires smaller rival Truebil

Used car retailing platform Spinny, backed by Fundamentum Partnership, SAIF Partners and Accel, among others, has acquired smaller rival Truebil, per a report by VC Circle.

The deal is a combination of cash and equity, the report added quoting sources.

Established in 2015, Spinny’s online-to-offline (O2O) model enables customers to discover cars online on Spinny’s website and make the final purchase offline at a Spinny Car Hub.

Founded in 2015 by former Housing.com employees, Truebil’s existing investors include Kalaari Capital, Inventus Capital, Kae Capital, Shunwei Capital Tekton Ventures. It is unclear if the transaction has paved the exit of any of its investors.

Myntra acquires Deepika Padukone’s stake in fashion brand

Fashion- and apparel-focussed e-commerce firm Myntra, owned by Flipkart, has acquired Bollywood actor Deepika Padukone’s stake from the All About You brand, per media reports.

So far, Padukone and Myntra operated as equal partners in the venture that sells fashion wear across ethnic, formal and casual categories. The portal was launched in 2015.

With the current transaction, Myntra will become the sole owner of the brand that will help it spruce up its presence in the country.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.