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

Used-car marketplace Spinny has filed confidential IPO papers with India's Securities and Exchange Board of India (SEBI), according to sources cited by Inc42. The Gurugram-based startup plans to raise between ₹2,500 Cr and ₹3,000 Cr through a mix of new shares and an Offer for Sale (OFS). A potential listing is anticipated in 2027, though the exact timing will hinge on regulatory approvals.

The company has engaged Kotak Mahindra Capital, Citigroup Global Markets India, Morgan Stanley India and 360 ONE WAM to act as book-running lead managers for the proposed issue. This development was initially reported by Moneycontrol. Spinny's parent company, Valuedrive Technologies, transitioned from a private to a public entity in August, triggering the IPO push.

Spinny experienced a 29% year-over-year revenue growth to ₹6,000 Cr in FY26 and anticipates further 25%-30% growth this fiscal year. In FY25, the company's operating revenue increased 25% to ₹4,656.1 Cr from ₹590.3 Cr in FY24, while its net loss decreased by 28% to ₹423.8 Cr. Spinny has yet to release audited financials for FY26.

In February, the startup secured $170 Mn in funding led by Fidelity Investments and Accel Leaders Fund, including $90 Mn of primary capital and $80 Mn via secondary share sales, valuing Spinny at approximately $1.5 Bn. This is a decline from the $1.7 Bn valuation in May 2025, following a $131 Mn round. Since its inception in 2015 by Niraj Singh, Mohit Gupta, and Ramanshu Mahaur, Spinny operates a full-service used-car retail platform, procuring, refurbishing, holding, and reselling vehicles.

It has also ventured into ancillary services such as financing, insurance, warranties, servicing, and vehicle maintenance. Spinny joins other used-car startups considering public listings, including Cars24 and CarDekho, with CarTrade Tech already listed. The confidential filing arrives as India's new-age tech IPO market is expanding rapidly, with Moneyview's ₹1,092 Cr IPO set to open for subscription on Thursday and Snapdeal's parent, AceVector, planning its public issue for Friday.