Spinny Acquires Haymarket's Autocar India
Deal News | Mar 24, 2025 | Aim Group
India-based auto marketplace Spinny has acquired Haymarket SAC, a joint venture owned by U.K.-based Haymarket Media Group and the Sorabjee family. Haymarket SAC publishes Autocar India, Autocar Professional, and What Car? in India. The acquisition was made with a mix of cash and equity. Hormazd Sorabjee, a long-time leader of Autocar in India, will remain with the company. Niraj Singh, Spinny's founder and CEO, expressed enthusiasm about the acquisition, which aligns with Spinny's ambitious growth strategy in the Indian automotive market. Kevin Costello, global CEO of Haymarket Media Group, praised the acquisition, seeing it as a strong fit for the automotive brands. Founded in 2015, Spinny has evolved from a c-to-c classified business to include transactions. It reported a revenue of INR37.2 billion ($433 million U.S.) to March 2024 and is reportedly in talks to raise another $100 million in funding from existing investors.
Sectors
- Automotive
- Media and Publishing
- Private Equity and Venture Capital
Geography
- India – Spinny is based in India and has acquired Haymarket SAC, which operates in the Indian market.
- United Kingdom – The seller, Haymarket Media Group, is based in the U.K.
Industry
- Automotive – The acquisition involves automotive media brands and aligns with Spinny's focus on the automotive market in India.
- Media and Publishing – The deal involves media titles such as Autocar India, which are part of the Haymarket SAC acquisition.
- Private Equity and Venture Capital – The article mentions Spinny’s talks to raise additional funding, indicating activities relevant to investment and venture capital.
Financials
- INR37.2 billion – Spinny's reported operating revenue for the 12 months to March 2024.
- $433 million – Spinny's operating revenue converted to U.S. dollars for the 12 months to March 2024.
- $100 million – Funding amount Spinny is reportedly seeking from existing investors.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Spinny | Buyer | Company | An auto marketplace based in India that acquired Haymarket SAC. |
| Haymarket SAC | Target Company | Company | A joint venture publishing automotive titles, acquired by Spinny. |
| Haymarket Media Group | Vendor | Company | A U.K.-based media group that sold its stake in Haymarket SAC. |
| Sorabjee Family | Vendor | Family | Co-owners of the joint venture Haymarket SAC. |
| Hormazd Sorabjee | Leader, Autocar India | Person | Remains in a leadership position post-acquisition. |
| Niraj Singh | CEO, Spinny | Person | Founder and CEO of Spinny, commenting on the strategic acquisition. |
| Kevin Costello | CEO, Haymarket Media Group | Person | Commented on the acquisition, sees strengthening relations with Spinny. |