Spinny Confidentially Files IPO Papers, Eyes Up To ₹3,000 Cr Issue

Used-car marketplace Spinny has pre-filed IPO papers with the Securities and Exchange Board of India (SEBI), sources told Inc42.

The Gurugram-based startup is looking to raise ₹2,500 Cr to ₹3,000 Cr through a combination of fresh shares and an offer for sale (OFS), the sources added. 

Spinny is targeting a potential listing in 2027, although the exact timeline will depend on regulatory approvals. The final issue size and structure could also change during the IPO process.

The company has appointed Kotak Mahindra Capital, Citigroup Global Markets India, Morgan Stanley India and 360 ONE WAM as book-running lead managers for the proposed issue. 

The development was first reported by Moneycontrol. Spinny declined to comment on queries sent by Inc42. 

The confidential filing comes after Spinny’s parent, Valuedrive Technologies, converted from a private limited company into a public limited company in August.

IPO Push Follows Valuation Reset

Spinny’s operating revenue grew nearly 29% YoY to ₹6,000 Cr in FY26, with the startup expecting another 25%-30% growth in the ongoing fiscal year, the sources said.

In FY25, Spinny reported a 25% increase in its operating revenue to ₹4,656.1 Cr from ₹590.3 Cr in FY24. Its net loss narrowed 28% to ₹423.8 Cr from ₹590.3 Cr in the previous fiscal year. It is yet to file audited financial numbers for FY26. 

In February, the startup raised $170 Mn, led by Fidelity Investments and Accel Leaders Fund, which included $90 Mn of primary capital and $80 Mn through secondary share sales. The round valued the startup at around $1.5 Bn, lower than the $1.7 Bn it commanded in May 2025, when it raised $131 Mn to boost its NBFC arm. 

Spinny has raised more than $784 Mn to date from investors like Accel, Tiger Global, General Catalyst, Fidelity, WestBridge Capital, and Indian cricketer Sachin Tendulkar. 

Founded in 2015 by Niraj Singh, Mohit Gupta, and Ramanshu Mahaur, Spinny operates a full-stack used-car retail platform. Unlike an asset-light classifieds marketplace, the startup acquires, refurbishes, holds, and resells vehicles.

It has also expanded into ancillary services such as financing, insurance, warranties, servicing, and vehicle maintenance.

Spinny is among several used-car startups exploring public listings. Cars24 and CarDekho have also been mulling IPO plans, while CarTrade Tech is already listed on the stock exchanges. 

The confidential filing comes as India’s new-age tech IPO pipeline gathers pace. Moneyview’s ₹1,092 Cr IPO will open for subscription on Thursday, while Snapdeal parent AceVector’s public issue will open on Friday. 

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