Spinny Confidentially Pre-Files Its IPO, Appoints Ex-Bharti Executive Akhil Gupta as Board Chairman, Targets 2027 Listing
Used-car retail platform Spinny has confidentially pre-filed its draft IPO papers with SEBI, looking to raise around Rs 2,500-3,000 crore through a mix of fresh issue and offer for sale, according to people aware of the matter. The company is targeting a 2027 public market debut and is working with Kotak Mahindra Capital, Morgan Stanley, Citigroup and 360 ONE WAM as book-running lead managers on the proposed listing.
Here's the governance groundwork that came before this filing. Spinny converted its parent entity, Valuedrive Technologies Private Limited, into a public limited company, Valuedrive Technologies Limited, back in August, a standard pre-IPO step. Alongside the confidential filing, the company has also strengthened its board, appointing former Bharti Group CFO Akhil Gupta and Info Edge board member Geeta Mathur as independent directors, bringing serious corporate governance credibility to the table ahead of going public.
The business itself is scaling fast. Founded in 2015 by Niraj Singh, Mohit Gupta and Ramanshu Mahaur, Spinny operates a full-stack used-car business, unlike an asset-light classifieds marketplace, it actually acquires, refurbishes, holds and resells vehicles, while also offering financing, insurance, warranties and after-sales servicing. The company was selling close to 15,000 cars a month, with buyers across 25 cities and sellers across more than 100 cities, and plans to expand its buyer-city network to around 35 cities as part of this next growth phase.
The financials back up the ambition. Revenue from operations grew 25% to Rs 4,657 crore in FY25, up from Rs 3,730 crore in FY24, and sources indicate FY26 revenue touched nearly Rs 6,000 crore, with 25-30% growth expected in FY27. Spinny has raised roughly $780 million to date from investors including Tiger Global, Accel, Elevation Capital, General Catalyst and WestBridge Capital, achieving unicorn status in December 2021 at a $1.8 billion valuation, with cricket legend Sachin Tendulkar on board as a strategic investor and brand ambassador since the same year.
The bigger picture matters here too. Spinny joins a growing line-up of used-car startups eyeing public markets, Cars24 and CarDekho have also been exploring IPO plans, while CarTrade Tech is already listed, and this filing comes as India's new-age tech IPO pipeline continues to gather serious pace through 2026.
From roadside used-car deals to a Rs 3,000 crore IPO ambition, Spinny's confidential filing signals that India's automotive retail sector is entering a genuinely new chapter.
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— Sandeep Raiza