Spinny, the used-car marketplace backed by Sachin Tendulkar, has reportedly filed confidential papers with the Securities and Exchange Board of India for an initial public offering. The company is aiming to raise approximately Rs 2,500 crore to Rs 3,000 crore through a combination of fresh equity and an offer for sale. This development marks a significant step toward a potential public listing in 2027.
Confidential Filing and Planned Capital Raise
People familiar with the matter said the draft papers were submitted through SEBI's confidential route, allowing the company to keep details private until later stages. The proposed issue would include fresh capital for the company and a secondary share sale by existing investors. Kotak Mahindra Capital Company, Citigroup Global Markets India, Morgan Stanley India Company and 360 ONE WAM have been appointed as book running lead managers.
Corporate Restructuring and Timeline
In August, Spinny converted its parent entity, Valuedrive Technologies, from a private limited company into a public limited company as part of listing preparations. The company is targeting a public market debut in 2027, though the timeline has not been finalised. The final issue size and structure could change during the regulatory process.
Financial Performance and Market Trajectory
Spinny's listing preparations follow consistent revenue expansion and reducing losses. Revenue from operations increased 25 percent to Rs 4,657 crore in FY25 from Rs 3,730 crore in FY24. Sources indicate the topline reached about Rs 6,000 crore in FY26 and is expected to grow another 25 to 30 percent in FY27.
Marquee Investor Backing and Valuation
The company has raised approximately $780 million to date, with Tiger Global and Accel among its largest shareholders. Its latest round was about $165 million from Accel Leaders Fund, Fidelity Investments and other investors at a valuation between $1.5 billion and $1.8 billion. Spinny became a unicorn in December 2021 after raising $283 million at a valuation of $1.8 billion.
Strategic Investors and Brand Association
Sachin Tendulkar invested in Spinny in 2021 and joined as a strategic investor and brand ambassador. Existing backers also include Elevation Capital, General Catalyst, Fundamentum Partnership, Think Investments and WestBridge Capital. The combination of institutional and high-profile individual backing has strongly supported Spinny's growth in the used-car segment over recent years.
Founders, Business Model and Expansion
Spinny was founded in 2015 by Niraj Singh, Mohit Gupta and Ramanshu Mahaur, with Singh serving as chief executive. The company operates a full-stack used-car marketplace covering buying and selling, financing, insurance and after-sales services. It has also expanded through acquisitions including Truebil, GoMechanic and the automotive media platform Autocar India.
Operating Scale and Competitive Landscape
The platform currently sells close to 15,000 cars a month and operates across 25 cities, while enabling sellers from more than 100 cities to transact. Spinny competes with organised players such as Cars24 and CarDekho in the used-car and broader automotive services market. Its scale and full-stack approach differentiate it in a rapidly formalising segment.
The confidential filing marks a major step in Spinny's journey toward the public markets, although final details remain subject to regulatory approvals. The eventual issue size, fresh issue and offer for sale split, valuation and listing timeline will depend on the company's final offer structure and SEBI clearance. Investors and industry watchers will closely monitor further developments as Spinny prepares for a possible 2027 debut.
Source: Moneycontrol