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.