Spinny Files Confidential IPO Papers With SEBI, Targets ₹2,500-3,000 Crore Raise
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Spinny files confidential IPO papers with SEBI to raise ₹2,500-3,000 crore, targeting a 2027 listing. Read more about its growth, investors and plans.
Used-car marketplace Spinny is planning to raise ₹2,500-3,000 crore through an initial public offering (IPO), according to people familiar with the matter. The Sachin Tendulkar-backed company has filed confidential papers with the Securities and Exchange Board of India (SEBI), with the proposed issue expected to include both fresh shares and an offer for sale (OFS).
Spinny has appointed Kotak Mahindra Capital Company, Citigroup Global Markets India, Morgan Stanley India Company and 360 ONE WAM as book-running lead managers for the issue. The company is looking at a public market debut in 2027, although the timeline has not been finalised and will depend on SEBI approvals.
What Is Behind Spinny's IPO Plans?
The proposed issue comes shortly after Spinny's parent company, Valuedrive Technologies, was converted from a private limited company into a public limited company in August. The move was part of preparations for a potential listing.
The final IPO size and the split between fresh shares and the OFS could change during the regulatory process. The listing will also be subject to SEBI approvals.
Spinny has continued to grow its business while working to narrow losses. Its revenue from operations increased 25% to ₹4,657 crore in FY25, compared with ₹3,730 crore in FY24. Sources said revenue reached around ₹6,000 crore in FY26 and could increase by another 25-30% in FY27.
The company currently sells close to 15,000 cars a month and operates in 25 cities. Its platform allows sellers from more than 100 cities to transact.
Who Are Spinny's Investors?
Founded in 2015 by Niraj Singh, Mohit Gupta and Ramanshu Mahaur, Spinny runs a full-stack used-car business covering buying, selling, financing, insurance and after-sales services.
The company has raised around $780 million so far. Tiger Global and Accel are among its major investors. Other backers include Elevation Capital, General Catalyst, Fundamentum Partnership, Think Investments and WestBridge Capital.
Spinny became a unicorn in December 2021 after raising $283 million at a valuation of $1.8 billion. Its most recent funding round of around $165 million valued the company at between $1.5 billion and $1.8 billion.
Tendulkar invested in Spinny in 2021 as a strategic investor and brand ambassador. The company has also expanded through acquisitions such as Truebil, GoMechanic and Autocar India.
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This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Vishwa has spent 10+ years across fintech and FMCG doing what most people miss, connecting the dots, catching trends before they trend, and finding the angle nobody else thought to ask about.
At Kotak Neo, she drives content strategy for neoshorts, Kotak News Desk, and Investing Guide, turning market noise into something worth reading.
When she's not decoding markets, she trades charts for canvases, chasing art, painting, and architecture across cities she's yet to explore.
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