Spinny, backed by Sachin Tendulkar, aims to raise up to ₹3,000 crore through its upcoming initial public offering, signalling a significant step in India’s expanding pre-owned vehicle sector.
Spinny, the used-car marketplace backed by Sachin Tendulkar, has filed confidential draft papers with India’s markets regulator as it moves towards an initial public offering that could raise about ₹2,500 crore to ₹3,000 crore, according to reports from Moneycontrol and other Indian business publications. The issue is expected to combine fresh share sales with an offer for sale by existing investors, signalling that both the company and early backers may use the flotation to monetise part of their holdings.
The company’s filing comes after a recent corporate reshuffle, with its parent, Valuedrive Technologies, converted from a private limited company into a public limited company in August, according to the lead report. Spinny has also named Kotak Mahindra Capital Company, Citigroup Global Markets India, Morgan Stanley India Company and 360 ONE WAM as book-running lead managers, a common step in preparing for a market debut. Several reports said the listing could come in 2027, although the timing will depend on approval from the Securities and Exchange Board of India and broader market conditions.
Founded in 2015 by Neeraj Singh, Mohit Gupta and Ramnshu Kumar, Spinny operates in the used-car market and also offers financing, insurance and after-sales services. The company says it now sells about 15,000 cars a month across 25 cities, reflecting the scale it has built in India’s fast-growing pre-owned vehicle sector. Singh remains chief executive.
The IPO plans come as Spinny’s business appears to be growing while losses narrow. Regulatory filings cited in the lead report showed revenue from operations rising 25% in fiscal 2025 to ₹4,657 crore from ₹3,730 crore a year earlier. The company is said to have lifted revenue further to about ₹6,000 crore in fiscal 2026, with another 25% to 30% increase expected in fiscal 2027. The lead report also said Spinny has raised about $78 crore in total funding so far, with Tiger Global and Accel among its biggest shareholders. Earlier funding rounds, reported at a valuation of $150 million to $180 million, brought in about $16.5 million from investors including Accel Leaders Fund and Fidelity Investments.
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