Sachin Tendulkar-backed used-car marketplace Spinny has confidentially filed draft papers with the Securities and Exchange Board of India (SEBI) for a proposed initial public offering (IPO), according to . The company is looking to raise between Rs 2,500 crore and Rs 3,000 crore through the issue.
The proposed IPO is expected to include a combination of a fresh issue of shares and an offer for sale (OFS) by existing shareholders.
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 offering. The final issue size and structure could change during the regulatory process.
Spinny is reportedly looking at a public-market debut in 2027, although no listing timeline has been finalised and the process remains subject to SEBI approvals. The filing follows the conversion of its parent entity, Valuedrive Technologies, from a private limited company into a public limited company in August, a step taken ahead of the proposed listing.
The IPO preparations come as Spinny has expanded its revenue while narrowing its losses. Revenue from operations increased 25% to Rs 4,657 crore in FY25 from Rs 3,730 crore in FY24, according to regulatory filings. Sources cited by Moneycontrol said the company’s topline reached around Rs 6,000 crore in FY26 and could grow by another 25–30% in FY27.
Founded in 2015 by Niraj Singh, Mohit Gupta and Ramanshu Mahaur, Spinny operates a full-stack used-car marketplace covering vehicle buying and selling, financing, insurance and after-sales services.
The company currently sells close to 15,000 cars a month and operates across 25 cities, while allowing sellers from more than 100 cities to transact through its platform.
Spinny has also expanded beyond its core used-car retail business through acquisitions, including Truebil, GoMechanic and automotive media platform Autocar India. The company has raised around $780 million to date, with investors including Tiger Global, Accel, Elevation Capital, General Catalyst, Fundamentum Partnership, Think Investments and WestBridge Capital.
Spinny became a unicorn in December 2021 after raising $283 million at a valuation of $1.8 billion from investors including Abu Dhabi’s ADQ, Tiger Global and Avenir Growth. Its most recent funding round involved around $165 million from Accel Leaders Fund, Fidelity Investments and other investors, at a reported valuation of between $1.5 billion and $1.8 billion.
Sachin Tendulkar invested in Spinny in 2021 and joined the company as a strategic investor and brand ambassador. His association has continued as Spinny has expanded its used-car retail operations. The company competes with organised players in the segment, including Cars24 and CarDekho.
