Spinny, a prominent digital marketplace for pre-owned cars in India, is taking significant steps towards its initial public offering (IPO). The company, founded in 2015 by Niraj Singh and Mohit Gupta, aims to list on the stock market by the first quarter of 2027.
Its parent entity, Valuedrive Technologies, has already initiated the necessary regulatory changes, including converting from a private limited company to Valuedrive Technologies Limited, as part of the listing process.
IPO Preparations Underway
To facilitate its market debut, Spinny has enlisted a consortium of leading financial institutions. Kotak Mahindra Capital, Morgan Stanley, and Citigroup have been appointed as the lead bankers for the upcoming issue. The proposed public offering is expected to comprise a blend of fresh equity issuance and an offer for sale (OFS) by existing shareholders, allowing early investors to partially exit.
Spinny's Growth and Ecosystem
Spinny operates a full-stack digital platform, providing comprehensive services that span vehicle buying, selling, financing, insurance, and after-sales support. The company has significantly expanded its footprint and service offerings through strategic acquisitions over the past two years, including:
- Truebil (used-car platform)
- GoMechanic (auto service platform)
- Autocar India (automotive media brand)
These acquisitions have bolstered Spinny's ecosystem, enabling it to serve buyers across 25 cities and source vehicles from over 100 cities. The platform currently facilitates the sale of approximately 15,000 vehicles each month and plans to expand its buyer network to around 35 cities in the near future.
Financial Performance and Funding
Spinny has demonstrated robust financial growth. Its revenue from operations increased by 25% year-on-year, reaching Rs 4,657 crore in FY25, up from Rs 3,730 crore in the preceding fiscal year. The company is reportedly targeting a revenue of around Rs 6,000 crore in FY26, driven by increased vehicle sales and geographic expansion.
To date, Spinny has successfully raised approximately $780 million from a diverse group of investors, including prominent names like Tiger Global, Accel, and Fidelity Investments. Its most recent funding round valued the company between $1.5 billion and $1.8 billion, cementing its position as one of India's most valuable used-car platforms. The planned IPO is anticipated to fuel Spinny's next phase of growth while providing liquidity for its existing shareholders.