According to individuals who spoke to Moneycontrol, the used car marketplace intends to raise money by combining a new issue with an offer for sale; the listing timeframe has not yet been decided.
Spinny IPO: Sachin Tendulkar-Backed Used-Car Platform Eyes ₹3,000 Crore Issue
According to persons acquainted with the situation, Niraj Singh, co-founder and CEO of Spinny, a used automobile marketplace supported by Sachin Tendulkar, has submitted confidential documents to the Securities and Exchange Board of India (SEBI) in preparation for an IPO.
According to sources, Spinny hopes to raise between Rs 2,500 and Rs 3,000 crore through the IPO. It is anticipated that the issuance will consist of both new funding and an offer for sale (OFS) from current shareholders.
The proposed issue’s book running lead managers are Kotak Mahindra Capital Company, Citigroup Global Markets India, Morgan Stanley India Company, and 360 ONE WAM.
However, during the regulatory procedure, the final issue’s size and structure may alter. According to reports, the corporation plans to go public in 2027. The IPO schedule, however, has not yet been decided upon and would ultimately rely on SEBI clearances.
The registration was made one month after Spinny changed Valuedrive Technologies, its parent firm, from a private limited company to a public limited company in August in order to get ready for a public listing.
Income increases
Spinny’s ambitions for an IPO coincide with the company’s ongoing topline growth and loss reduction.
According to regulatory filings, revenue from operations increased by 25% to Rs 4,657 crore in FY25 from Rs 3,730 crore in FY24. According to sources, the company’s topline reached about Rs 6,000 crore in FY26 and is predicted to increase by an additional 25–30% in FY27.
Investors in marquees
Tiger Global and Accel are two of Spinny’s biggest investors, and the company has raised about $780 million so far. At a valuation of between $1.5 billion and $1.8 billion, the business most recently secured about $165 million from Accel Leaders Fund, Fidelity Investments, and other investors.
After receiving $283 million from investors, including Abu Dhabi’s ADQ, Tiger Global, and Avenir Growth, at a valuation of $1.8 billion, Spinny became a unicorn in December 2021.
Elevation Capital, General Catalyst, Fundamentum Partnership, Think Investments, and WestBridge Capital are among its other investors.
In 2021, Tendulkar joined Spinny as a brand ambassador and strategic investor. As the company has grown its used-car retail sector, he has continued to support it.
Businesses and their founders
Ramanshu Mahaur, Mohit Gupta, and Niraj Singh founded Spinny in 2015. Singh is the CEO of the business.
The business runs a full-stack used car marketplace that includes financing, insurance, after-sales services, and vehicle purchasing and selling. Additionally, it has increased the size of its automotive ecosystem by acquiring Truebil, GoMechanic, and Autocar India, an automobile media portal.
Currently operating in 25 locations and selling about 15,000 cars a month, Spinny allows sellers from over 100 cities to trade through its platform.
Spinny competes in a market with other organised competitors like CarDekho and Cars24. While automobile Dekho handles new and used automobile transactions, automotive classifieds, and related services, Cars24 has developed an online platform for buying and selling used cars.
Spinny’s most recent move into the public markets is represented by the confidential file. The company’s final offer structure and SEBI approvals will determine the final issue size, fresh issue and OFS split, value, and listing schedule.
Spinny IPO – FAQs
1. What is Spinny planning to raise through its IPO?
Spinny is reportedly planning to raise around ₹2,500 crore to ₹3,000 crore through its proposed IPO.
2. Has Spinny filed its IPO documents?
Yes. According to the information provided, Spinny CEO and co-founder Niraj Singh has submitted confidential IPO documents to SEBI.
3. When is Spinny expected to list on the stock market?
The company is reportedly targeting a public listing in 2027. However, the exact IPO and listing dates have not been finalised.
4. Will Spinny’s IPO include a fresh issue and OFS?
Yes. The proposed IPO is expected to include both a fresh issue of shares and an Offer for Sale (OFS) by existing shareholders.
5. Who are the book-running lead managers for Spinny’s IPO?
The reported book-running lead managers are Kotak Mahindra Capital Company, Citigroup Global Markets India, Morgan Stanley India Company and 360 ONE WAM.
6. What is Spinny’s parent company?
Spinny operates under its parent company, Valuedrive Technologies, which was converted from a private limited company into a public limited company in August.
7. How much revenue did Spinny report in FY25?
Spinny’s revenue from operations increased 25% to ₹4,657 crore in FY25, compared with ₹3,730 crore in FY24.
8. How much funding has Spinny raised so far?
Spinny has reportedly raised around $780 million from investors including Tiger Global, Accel, Fidelity Investments, ADQ and others.
9. Who are Spinny’s founders?
Spinny was founded in 2015 by Niraj Singh, Ramanshu Mahaur and Mohit Gupta. Niraj Singh is the company’s CEO.
10. Is Sachin Tendulkar associated with Spinny?
Yes. Sachin Tendulkar joined Spinny as a brand ambassador and strategic investor in 2021 and has continued to support the company.
11. Where does Spinny operate?
Spinny currently operates across 25 locations and reportedly facilitates the sale of around 15,000 cars per month, with sellers from more than 100 cities able to use its platform.
12. Who are Spinny’s major competitors?
Spinny competes with organised used-car platforms such as Cars24 and CarDekho.
13. What could change before Spinny’s IPO?
The final issue size, fresh issue and OFS structure, valuation and listing timeline may change depending on regulatory approvals and the company’s final IPO plans.
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