Spinny’s IPO Ride, But What’s Under The Hood?

Five years after going public, India's leading online used-car marketplace Spinny is gearing up to face the IPO scrutiny. The Gurugram-based startup, which has grown exponentially, now aims to raise between ₹2,500 Cr and ₹3,000 Cr through its upcoming public offering. Spinny's rapid scaling has helped its revenue nearly double to ₹4,656 Cr in FY25, but it's still working towards consistent profitability, reporting a loss of ₹423.8 Cr in the same year.

With India's used-car market projected to reach $70 Bn by FY31, investors are keenly watching how Spinny prices its growth against profitability and the capital required to build a large used-car platform. The IPO will be viewed not just as a size and valuation story but also as a test of the market's willingness to pay for the trade-off between growth and profitability.