Spinny files for ₹3,000 crore IPO to expand used-car business

Spinny, a prominent Indian used-car marketplace, has confidentially filed papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The company aims to raise between ₹2,500 crore and ₹3,000 crore through a combination of fresh shares and an offer for sale by existing investors.

The company is targeting a potential stock-market debut in 2027. This move follows the August conversion of its parent company, Valuedrive Technologies, from a private limited company to a public limited company. Book-running lead managers for the offering include Kotak Mahindra Capital Company, Citigroup Global Markets India, Morgan Stanley India Company, and 360 ONE WAM.

Spinny’s filing comes amid significant revenue growth. Operational revenue rose 25% to ₹4,657 crore in FY25 from ₹3,730 crore in FY24. Industry sources estimate revenue reached approximately ₹6,000 crore in FY26, with a projected growth target of 25-30% for FY27. The platform, which has received backing from investors such as Tiger Global and Accel, operates a full-stack model including vehicle inspections, financing, and insurance.