Sachin Tendulkar-backed used-car marketplace Spinny has taken a major step towards the public markets by filing confidential papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO), according to people familiar with the matter.
The company is looking to raise around Rs 2,500-3,000 crore through the proposed IPO. The issue is expected to include a combination of fresh shares and an offer for sale (OFS) by existing investors, although the final structure could change during the regulatory process.
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 considering a public market debut in 2027, but no listing date has been finalised. The eventual timeline will depend on regulatory approvals and the progress of the IPO process.
Credits: Fortune India
Spinny moves closer to public listing
The confidential filing follows another important corporate restructuring at Spinny. In August, its parent company, Valuedrive Technologies, was converted from a private limited company into a public limited company.
Such a restructuring is generally an important step for companies preparing for a potential public offering, and Spinny’s latest filing indicates that its IPO preparations are moving forward.
The company has also been expanding its financial performance. Spinny’s revenue from operations increased 25 percent to Rs 4,657 crore in FY25, compared with Rs 3,730 crore in FY24.
According to sources, the company’s topline reached approximately Rs 6,000 crore in FY26. It is also expected to grow by another 25-30 percent in FY27.
The growth comes as Spinny continues to scale its used-car retail operations while working to narrow its losses, a key factor investors are likely to monitor as the company moves towards the public markets.
Tiger Global, Accel among major investors
Spinny has raised approximately $780 million from investors since its founding. Tiger Global and Accel are among its major shareholders, while its wider investor base includes Elevation Capital, General Catalyst, Fundamentum Partnership, Think Investments and WestBridge Capital.
The company last raised around $165 million from investors including Accel Leaders Fund and Fidelity Investments. That funding round valued Spinny at between $1.5 billion and $1.8 billion.
Spinny first crossed the unicorn threshold in December 2021 after raising $283 million from investors including Abu Dhabi’s ADQ, Tiger Global and Avenir Growth. The round valued the company at approximately $1.8 billion.
Cricket legend Sachin Tendulkar also invested in Spinny in 2021. He subsequently became a strategic investor and brand ambassador, giving the company a prominent public face as it expanded its operations in India’s used-car market.
Full-stack used-car business
Founded in 2015 by Niraj Singh, Mohit Gupta and Ramanshu Mahaur, Spinny has built a full-stack platform covering several parts of the used-car ownership journey. Singh currently serves as the company’s chief executive.
The platform facilitates vehicle buying and selling while also offering financing, insurance and after-sales services. Over the years, Spinny has expanded beyond its core marketplace through acquisitions, including Truebil and GoMechanic. It has also acquired automotive media platform Autocar India.
Spinny currently sells close to 15,000 cars each month and operates across 25 cities. Its platform also allows sellers from more than 100 cities to transact.
This scale places Spinny among India’s prominent organised used-car businesses, alongside players such as Cars24 and CarDekho. Cars24 operates an online-led used-car buying and selling platform, while CarDekho has businesses spanning new and used vehicles, automotive classifieds and related services.
Credits: Free Press Journal
IPO could mark a new phase for Spinny
Spinny’s confidential SEBI filing marks its latest move towards becoming a publicly listed company. However, several details remain subject to change before the IPO reaches the market.
The final issue size, the split between fresh shares and OFS, the company’s valuation and the timing of the listing will depend on regulatory approvals and the final offer structure.
If the proposed Rs 2,500-3,000 crore issue proceeds, Spinny would join a growing group of Indian consumer and automotive technology companies looking to tap public markets after building scale in the country’s rapidly expanding digital commerce ecosystem.