Spinny IPO: used-car platform eyes stock market debut in 2027; taps bankers to launch IPO
Used-car retail platform Spinny has started preparations for a public market debut in India, with its parent company, Valuedrive Technologies, taking key steps towards a proposed IPO.
- Aug 5, 2026,
- Updated Aug 5, 2026 3:42 PM IST
Used-car retail platform Spinny has started preparations for a public market debut in India, with its parent company, Valuedrive Technologies, taking key steps towards a proposed initial public offering. People familiar with the matter said the company has appointed Kotak Mahindra Capital, Morgan Stanley and Citigroup as lead bankers for the issue, which is expected to reach the market in the first quarter of calendar year 2027.
As part of the listing process, the board has approved the conversion of the parent entity from Valuedrive Technologies Private Limited to Valuedrive Technologies Limited, according to regulatory filings. The proposed public issue is likely to include a mix of fresh equity issuance and an offer for sale by existing shareholders, according to reports.
Founded in 2015 by Niraj Singh and Mohit Gupta, Spinny runs a full-stack digital marketplace for pre-owned cars. The company offers services across vehicle buying, selling, financing, insurance and after-sales support. Over the past two years, it has expanded its ecosystem through the acquisitions of Truebil, auto service platform GoMechanic and automotive media brand Autocar India.
People familiar with the company’s operations said Spinny currently sells nearly 15,000 vehicles every month. It serves buyers across 25 cities and sources vehicles from more than 100 cities. The company is also planning to expand its buyer network to around 35 cities by adding new locations in the coming months.
Spinny has continued to scale its business financially. Revenue from operations rose 25% year-on-year to Rs 4,657 crore in FY25, from Rs 3,730 crore in the previous fiscal. Sources said the company is targeting revenue of around Rs 6,000 crore in FY26, supported by higher vehicle sales and geographic expansion.
The company has raised nearly $780 million from investors including Tiger Global, Accel, Fidelity Investments and others. Its latest funding round valued it at $1.5-1.8 billion, making it one of India’s most valuable used-car platforms. The planned IPO is expected to mark the company’s next phase of growth while also offering partial exits to existing shareholders.
Used-car retail platform Spinny has started preparations for a public market debut in India, with its parent company, Valuedrive Technologies, taking key steps towards a proposed initial public offering. People familiar with the matter said the company has appointed Kotak Mahindra Capital, Morgan Stanley and Citigroup as lead bankers for the issue, which is expected to reach the market in the first quarter of calendar year 2027.
As part of the listing process, the board has approved the conversion of the parent entity from Valuedrive Technologies Private Limited to Valuedrive Technologies Limited, according to regulatory filings. The proposed public issue is likely to include a mix of fresh equity issuance and an offer for sale by existing shareholders, according to reports.
Founded in 2015 by Niraj Singh and Mohit Gupta, Spinny runs a full-stack digital marketplace for pre-owned cars. The company offers services across vehicle buying, selling, financing, insurance and after-sales support. Over the past two years, it has expanded its ecosystem through the acquisitions of Truebil, auto service platform GoMechanic and automotive media brand Autocar India.
People familiar with the company’s operations said Spinny currently sells nearly 15,000 vehicles every month. It serves buyers across 25 cities and sources vehicles from more than 100 cities. The company is also planning to expand its buyer network to around 35 cities by adding new locations in the coming months.
Spinny has continued to scale its business financially. Revenue from operations rose 25% year-on-year to Rs 4,657 crore in FY25, from Rs 3,730 crore in the previous fiscal. Sources said the company is targeting revenue of around Rs 6,000 crore in FY26, supported by higher vehicle sales and geographic expansion.
The company has raised nearly $780 million from investors including Tiger Global, Accel, Fidelity Investments and others. Its latest funding round valued it at $1.5-1.8 billion, making it one of India’s most valuable used-car platforms. The planned IPO is expected to mark the company’s next phase of growth while also offering partial exits to existing shareholders.