Spinny, the Gurugram-based used-car marketplace, has confidentially filed IPO papers with the Securities and Exchange Board of India (SEBI) aiming to raise between ₹2,500 crore and ₹3,000 crore through a mix of fresh shares and an offer for sale. The company is targeting a potential listing in 2027, subject to regulatory approvals, according to inc42.com.
The confidential filing follows Spinny's parent company, Valuedrive Technologies, converting from a private limited to a public limited company in August. Spinny has appointed Kotak Mahindra Capital, Citigroup Global Markets India, Morgan Stanley India, and 360 ONE WAM as book-running lead managers for the proposed issue. The final issue size and structure may change during the IPO process, the sources added.
Spinny’s operating revenue grew nearly 29% year-on-year to ₹6,000 crore in fiscal year 2026, with expectations of 25%-30% growth in the current fiscal year. The company reported a 25% increase in revenue to ₹4,656.1 crore in FY25 from ₹3,725 crore in FY24, while its net loss narrowed 28% to ₹423.8 crore. Earlier in the year, Spinny raised $170 million led by Fidelity Investments and Accel Leaders Fund, including $90 million in primary capital.
The company’s IPO filing marks a significant step following its recent funding round and parent company restructuring. Spinny has yet to file audited financials for FY26, and the timeline for the IPO depends on SEBI approvals and market conditions.