Spinny’s IPO Plans for the Used-Car Market

Spinny has submitted its draft IPO papers confidentially to the Securities and Exchange Board of India (SEBI), according to three individuals familiar with the situation. The used-car retailing platform aims to secure approximately Rs 2,500-3,000 crore through this IPO. The initiative is expected to comprise both a fresh issuance of shares and an offer for sale (OFS), mentioned one source wishing to remain anonymous.

Public Listing Timeline

Spinny is anticipating a public debut in 2027 and is collaborating with Kotak Mahindra Capital, Morgan Stanley, and Citigroup for the planned IPO.

Corporate Governance Enhancements

This pre-filing of the IPO follows Spinny’s recent corporate governance measures leading up to the intended listing. Startup Superb reported in August that Spinny transitioned its parent company, Valuedrive Technologies Private Limited, into Valuedrive Technologies Limited.

Sales Performance

As reported, Spinny has been successfully selling nearly 15,000 cars monthly, attracting buyers from 25 cities and sellers from over 100 locations. Additionally, it has been revealed that former Bharti Group CFO Akhil Gupta and Info Edge board member Geeta Mathur have joined Spinny’s board as independent directors. The Gurugram-based company chose not to comment on this development.

Strong Financial Growth

Spinny’s recent IPO initiative aligns with its impressive revenue growth. The revenue from operations rose by 25% to Rs 4,657 crore in FY25, up from Rs 3,730 crore in FY24. The company has established itself as a leader in India’s used-car retail market in terms of both sales volume and revenue.

Future Projections

In FY26, Spinny’s revenue from operations is projected to reach approximately Rs 6,000 crore. The company plans to extend its buyer reach to around 35 cities, with nearly 10 new locations on the horizon, as reported by Startup Superb.

Business Overview

Founded in 2015, Spinny operates a full-stack used-car business that includes buying, selling, financing, insurance, and after-sales services. The company also owns Truebil and has acquired GoMechanic in 2024 and Autocar India in 2025, thereby broadening its footprint within the automotive ecosystem.

Investment Landscape

To date, Spinny has raised approximately $780 million, with Tiger Global and Accel being significant shareholders. The company’s last funding round brought in around $165 million from Accel Leaders Fund, Fidelity Investments, and other investors, placing its valuation between $1.5 billion and $1.8 billion.