Spinny Moves Closer to Public Listing
Used-car retail platform Spinny has taken a major step toward a potential public-market debut. Its parent company, Valuedrive Technologies, has confidentially filed draft IPO papers with the Securities and Exchange Board of India (SEBI), with the proposed issue targeting at least ₹3,000 crore.
Recent reports indicate that the overall issue could be in the range of ₹3,000 crore to ₹3,500 crore. The proposed offering is expected to include both a fresh issue of shares and an offer for sale (OFS) by existing investors.
Valuedrive Technologies Files Confidential IPO Papers
Valuedrive Technologies, which operates the Spinny business, has submitted its IPO documents to SEBI through the confidential filing route.
The company converted Valuedrive Technologies from a private limited company into a public limited company in August 2026, paving the way for its IPO preparations.
The confidential filing allows the company to receive regulatory feedback while keeping the draft offer documents private during the initial stage. The final issue size, structure and other details can still change during the regulatory process.
Spinny IPO Could Raise ₹3,000–₹3,500 Crore
The proposed Spinny IPO is expected to target at least ₹3,000 crore, while some reports have placed the potential issue size at ₹3,000–₹3,500 crore.
The offering is expected to include:
- A fresh issue of shares by the company
- An offer for sale by existing shareholders
- Capital that could support future business expansion
- Partial exits for existing investors through the OFS component
Kotak Mahindra Capital Company, Citigroup Global Markets India, Morgan Stanley India Company and 360 ONE WAM have reportedly been appointed as book-running lead managers for the proposed offering.
Spinny Eyes Public Listing in 2027
Spinny is reportedly considering a public-market debut in 2027, although the company has not announced a final listing date.
The proposed IPO will remain subject to regulatory approvals and changes to the final offer structure.
The confidential filing nevertheless represents an important step in Spinny’s transition from a venture-backed startup toward the public markets.
Spinny’s Revenue Continues to Grow
The IPO preparations come as Spinny has expanded its business and revenue base.
According to regulatory filings cited in recent reports, Spinny’s revenue from operations increased to ₹4,657 crore in FY25 from ₹3,730 crore in FY24.
Reports also indicate that the company’s topline reached around ₹6,000 crore in FY26, although these figures were reported based on information from people familiar with the company’s performance rather than a publicly available IPO prospectus.
Spinny’s Used-Car Business
Founded in 2015 by Niraj Singh, Mohit Gupta and Ramanshu Mahaur, Spinny operates a full-stack used-car retail platform.
The company’s business covers several parts of the vehicle ownership journey, including:
- Buying and selling used cars
- Vehicle financing
- Insurance
- Test drives
- After-sales services
Spinny has also expanded its automotive ecosystem through acquisitions and strategic investments in businesses operating across different areas of the automobile market.
The company has grown its retail network across multiple Indian cities while allowing customers from a wider geographical area to access its used-car platform.
Strong Investor Backing
Spinny has attracted significant investment from prominent institutional investors during its growth phase.
Its investor base has included names such as Tiger Global, Accel, Elevation Capital, General Catalyst, Fundamentum Partnership, Think Investments and WestBridge Capital.
The company has raised hundreds of millions of dollars through multiple funding rounds.
In February 2026, Spinny reportedly raised up to $170 million in a funding round led by Fidelity Investments and Accel Leaders Fund, with the transaction valuing the company at up to $1.5 billion.
Spinny had previously achieved unicorn status in 2021 after raising $283 million at a valuation of around $1.8 billion.
Sachin Tendulkar’s Association With Spinny
Former Indian cricketer Sachin Tendulkar is also associated with Spinny as an investor and brand ambassador.
Tendulkar invested in the company in 2021 and later became associated with Spinny’s consumer-facing brand initiatives.
His association has provided additional visibility to the used-car platform as it expanded its presence in India’s organised pre-owned automobile market.
Spinny Faces Competition
Spinny operates in a competitive used-car market alongside platforms such as CARS24 and CarDekho.
The Indian used-car sector has attracted several technology-focused companies attempting to simplify the process of buying and selling pre-owned vehicles.
These platforms increasingly combine online vehicle discovery with inspection, financing, insurance and transaction-related services.
Spinny’s model similarly focuses on controlling multiple stages of the customer journey instead of operating only as a conventional online marketplace.
What the Spinny IPO Could Mean for Existing Investors
If the proposed IPO includes an offer-for-sale component, existing shareholders could sell part of their holdings through the public issue.
The fresh issue, meanwhile, would bring additional capital into the company.
The exact division between fresh shares and OFS will become clearer once the company makes further regulatory disclosures.
The eventual valuation, issue price, number of shares and allocation details will also depend on the final IPO documents.
Confidential Filing Keeps IPO Details Flexible
SEBI’s confidential filing mechanism allows companies to submit draft IPO documents to the regulator without immediately making the entire filing publicly available.
This process gives companies an opportunity to receive regulatory feedback before moving ahead with a public offer.
For Spinny, the confidential route means that several details surrounding the proposed IPO remain subject to change.
The final prospectus and subsequent regulatory filings will provide greater clarity on the issue size, valuation, financial performance and use of proceeds.
Spinny IPO: What Happens Next?
Valuedrive Technologies will now move through the regulatory process for its proposed public offering.
The final IPO structure, fresh issue size, OFS component, valuation and listing schedule could change before the offering reaches investors.
For now, the confidential filing signals Spinny’s plans to pursue a sizeable public offering, with reports indicating a target of at least ₹3,000 crore and a potential overall issue size of ₹3,000–₹3,500 crore.
Frequently Asked Questions
1. What is the Spinny IPO?
The Spinny IPO is the proposed initial public offering of Valuedrive Technologies, the parent company of used-car platform Spinny.
2. How much is Spinny planning to raise through the IPO?
Recent reports indicate that Spinny is targeting at least ₹3,000 crore, with the potential overall issue size reported at around ₹3,000–₹3,500 crore.
3. Has Spinny filed IPO papers with SEBI?
Yes. Valuedrive Technologies has reportedly confidentially filed draft IPO papers with SEBI.
4. When will the Spinny IPO launch?
Spinny is reportedly considering a public listing in 2027, but no specific IPO or listing date has been announced.
5. Who owns Spinny?
Spinny is operated by Valuedrive Technologies and has received backing from investors including Tiger Global, Accel, Elevation Capital and General Catalyst.
6. Is Sachin Tendulkar an investor in Spinny?
Yes. Sachin Tendulkar invested in Spinny in 2021 and has also been associated with the company as a strategic investor and brand ambassador.
7. What does Spinny do?
Spinny operates a used-car retail platform offering services related to buying and selling vehicles, financing, insurance and after-sales support.
8. Who are Spinny’s competitors?
Spinny operates in India’s organised used-car market alongside platforms such as CARS24 and CarDekho.
9. Will the Spinny IPO include an offer for sale?
Reports indicate that the proposed IPO is expected to include both a fresh issue and an offer for sale by existing shareholders.
10. Which banks are managing the Spinny IPO?
Kotak Mahindra Capital Company, Citigroup Global Markets India, Morgan Stanley India Company and 360 ONE WAM have reportedly been appointed as book-running lead managers.
