Spinny Prepares for IPO with Strategic Changes

Spinny, a platform for used car retailing, is gearing up for its anticipated initial public offering (IPO) by evolving into a public entity. The board has approved a special resolution to rename its parent company from Valuedrive Technologies Private Limited to Valuedrive Technologies Limited, a common precursor to a public listing, as detailed in regulatory filings obtained by Startup Superb. A recent report from Bloomberg states that Spinny has engaged Kotak, Morgan Stanley, and Citi as the lead underwriters for its IPO, expected in the calendar year 2027.

Growth and Operations of Spinny

Established in 2015 by Niraj Singh and Mohit Gupta, Spinny offers a comprehensive used car marketplace, facilitating vehicle purchasing, selling, financing, insurance, and after-sales support. Additionally, the company owns Truebil and completed the acquisition of the auto service platform GoMechanic in 2024. In March 2025, Spinny expanded its operations further by acquiring Autocar India, a platform for automotive media and car-related content.

Sales and Market Expansion

Reports indicate that Spinny is currently selling approximately 15,000 vehicles each month. The company caters to car buyers in 25 cities while allowing sellers from over 100 cities to engage in transactions. Moreover, plans are underway for Spinny to broaden its market presence to about 35 cities shortly by adding 10 more locations.

Financial Performance and Future Projections

For the fiscal year ending in March 2025, Spinny reported a 25% increase in operational revenue, climbing to Rs 4,657 crore from Rs 3,730 crore in FY24. Projections suggest that the company is likely to conclude FY26 with an approximate revenue of Rs 6,000 crore.

Startup Superb has made attempts to contact Spinny for additional remarks.

To date, Spinny has raised close to $780 million, with significant investments from Tiger Global and Accel, among others. The latest funding round brought in about $165 million from Accel Leaders Fund, Fidelity Investments, and various other investors, putting the company’s valuation between $1.5 billion and $1.8 billion.