Used car marketplace Spinny acquires Autocar-operator Haymarket’s automotive titles in India

Used car marketplace Spinny acquires Autocar-operator Haymarket’s automotive titles in India

Value drive Technologies, the parent company of used car marketplace unicorn Spinny, has acquired Haymarket SAC’s automotive titles in India, including brands like Autocar India, Autocar Professional, and What Car? India.

Haymarket SAC is the joint venture between UK-based Haymarket and the Sorabjee family – led by Hormazd and Naheed Sorabjee.

As part of the cash-and-equity deal, the size and details of which were not disclosed, Hormazd Sorabjee will continue to oversee Haymarket’s flagship automotive titles, Autocar India, Autocar Professional, and What Car? India.

“Having long been a client and admirer of Haymarket India’s automotive brands, I am thrilled to bring them into the Spinny family, further cementing our position in the burgeoning Indian automotive market. This acquisition aligns perfectly with our ambitious growth plans and will allow us to further connect with automotive enthusiasts and buyers in the region,” said Niraj Singh, Founder and CEO at Spinny.

Both Hormazd and Naheed will remain as Non-Executive Directors on Haymarket Media India’s board.

“This is an inflection point for me, as I look forward to my next chapter and the huge opportunities under Value Drive’s ownership to further grow our automotive brands. No doubt I will miss working with the Haymarket team but I am confident that under Ashish Bhushan’s leadership, the focus on the remaining Haymarket Media India brands will take the business to the next level of growth,” said Hormazd Sorabjee, Managing Director at Haymarket SAC.

Haymarket will retain its Haymarket Media India portfolio, which includes B2B brands Campaign India, PrintWeek India, WhatPackaging? alongside its licensed consumer titles, Stuff India and What HiFi?. These will be led by the company’s recently appointed Country Head, Ashish Bhushan.

“This strategic realignment signals an exciting new chapter for our operations in India. With Ashish Bhushan at the helm, we look forward to exciting business expansion plans in India, building on our existing portfolio and strong market position, while delivering new specialist content, products, and services for our audiences and customers,” said Kevin Costello, Global Chief Executive at Haymarket Media Group.

To be sure, used car marketplaces acquiring automobile content platforms is not unheard of. In 2018, CarDekho, a platform to buy and sell cars and related services, acquired automotive Youtube channel PowerDrift. Notably, CarDekho, last year, shut down its used car retail business due to operational challenges and is no longer a direct competitor of Spinny.

This comes at a time when companies operating in India’s organized used car market, including online marketplaces such as Spinny, and Cars24, have faced challenges in scaling over the past few years, partly due to the stiff competition from the fragmented unorganised markets.

While CarDekho has exited the space, players like Cars24 and Spinny have been looking at alternative ways to grow revenue streams and add more services, Moneycontrol reported earlier.

In FY23, a total of 51 lakh used cars were sold in India and the industry was worth $34 billion. From there, the sector is expected to grow to $73 billion and sell 1.09 crore used cars by FY28, according to the latest Indian Blue Book (IBB) report by 'car&bike' and 'Das WeltAuto by Volkswagen'.