Spinny, the Gurugram-based used-car marketplace, has pre-filed its IPO papers aiming to raise between ₹2,500 crore and ₹3,000 crore through a mix of fresh shares and an offer for sale, according to inc42.com. The company targets a potential public listing in 2027, although the timeline depends on regulatory approvals and the final issue size may change during the process.
The startup's IPO plans come amid growing acceptance of used cars in India, driven by value-conscious consumers. Spinny's filing indicates it seeks to capitalize on this trend by expanding its scale. The company has built a sizeable business but faces the challenge of converting its growth into profitability. The final IPO structure and size are yet to be finalized, reflecting ongoing regulatory and market considerations.
India's used-car market is projected to reach around $70 billion by fiscal year 2031, with annual sales expected to hit 9-10 million vehicles and the segment growing at a compound annual growth rate of 14-18%, according to Redseer data cited by inc42.com. Spinny's IPO follows the path of earlier digital auto marketplaces like CarTrade, which went public in 2021 and has seen its stock price nearly double since listing, highlighting investor interest in this sector.
Spinny's IPO filing and plans to raise up to ₹3,000 crore mark a significant step in the evolving Indian used-car market. The company aims to leverage the growing demand for pre-owned vehicles as it prepares for a potential 2027 listing, subject to regulatory approvals and market conditions.