Sachin Tendulkar-backed used-car platform Spinny has taken a step towards its public market debut by filing confidential draft papers with the Securities and Exchange Board of India (SEBI), according to a report by Moneycontrol.
The company is aiming to raise around Rs 2,500-3,000 crore through the proposed initial public offering (IPO).
The issue is expected to include a fresh share sale along with an offer for sale (OFS) by existing investors. However, the final size and structure of the offering may change during the regulatory approval process.
Spinny prepares for IPO amid growth
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 targeting a possible market listing in 2027, though the timeline will depend on SEBI approvals. The filing follows Spinny’s decision in August to convert its parent company, Valuedrive Technologies, from a private limited entity into a public limited company.
Spinny has continued to expand its business while reducing losses. Revenue from operations increased 25% to Rs 4,657 crore in FY25 from Rs 3,730 crore in FY24. Sources said the company’s revenue reached nearly Rs 6,000 crore in FY26 and is expected to grow further in FY27.
Used-car platform expands ecosystem
Founded in 2015 by Niraj Singh, Mohit Gupta and Ramanshu Mahaur, Spinny operates a full-stack automotive platform covering vehicle sales, purchases, financing, insurance and after-sales services.
The company has raised about $780 million so far, with investors including Tiger Global, Accel, Elevation Capital, General Catalyst and WestBridge Capital. Spinny achieved unicorn status in December 2021 after raising $283 million at a valuation of $1.8 billion.
Tendulkar invested in Spinny in 2021 and became a strategic investor and brand ambassador. The company has expanded its presence through acquisitions, including Truebil, GoMechanic and automotive media platform Autocar India.
