Spinny files confidential IPO papers, eyes ₹2,500-3,000 crore issue
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Sachin Tendulkar-backed pre-owned car retailer Spinny is preparing for a public market debut, with the Gurugram-based company targeting a ₹2,500-3,000 crore initial public offering (IPO), according to industry sources.
Spinny has confidentially submitted its IPO papers to the Securities and Exchange Board of India (Sebi) and is looking at a potential listing in 2027. The timeline has not been finalised and will depend on regulatory clearances, a source said.
The proposed issue is expected to include both a fresh issue of shares and an offer for sale (OFS) by existing investors. However, the final size and composition of the IPO could change as the company moves through the regulatory process, the source added.
Targets 25-30% revenue growth in FY27
On the earnings front, Spinny's revenue from operations grew 25% to ₹4,657 crore in FY25 from ₹3,730 crore in FY24. The company's revenue is estimated to have increased to around ₹6,000 crore in FY26, while it is targeting another 25-30% growth in revenue in FY27, according to the source.
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 proposed IPO.
The confidential IPO filing follows a key corporate restructuring at Spinny. Its parent entity, Valuedrive Technologies, was converted from a private limited company into a public limited company in August, paving the way for the company's potential stock market debut.
Founded in 2015 by Niraj Singh, Ramanshu Mahaur, Ganesh Pawar and Mohit Gupta, Spinny operates in the organised used-car market, selling inspected pre-owned vehicles through its digital platform and retail network. The company also offers home-delivery options to customers.
Secures around $698 mn in funding
Spinny has raised around $698 million in funding from a group of institutional investors, including Accel, Tiger Global Management and General Catalyst. Its latest fundraise was a $90 million Series G round in December 2025, according to Tracxn data.
The company has expanded its business through acquisitions, with five deals completed so far across areas including auto e-commerce, auto retail and after-sales, road transport technology and media.
Spinny operates in a competitive used-car market, where it faces rivals such as CarDekho, Droom and CarWale. The company had around 5,800 employees as of May 2026.