Spinny, the Gurugram-based used-car platform, has confidentially filed draft papers with SEBI to raise between ₹2,500 crore and ₹3,000 crore in its initial public offering, marking a significant step in India's expanding tech IPO pipeline.
- Spinny targets ₹2,500-3,000 crore IPO in 2027
- Revenue grew nearly 29% to ₹6,000 crore in FY26
- Backing from top global investors including Fidelity and Accel
What happened
Spinny has confidentially submitted IPO papers to the Securities and Exchange Board of India (SEBI) as it prepares for a potential public listing in 2027. The Gurugram-based used-car retailer is aiming to raise between ₹2,500 crore and ₹3,000 crore through a mix of fresh equity issuance and an offer for sale.
The company has appointed a consortium of book-running lead managers including Kotak Mahindra Capital, Citigroup Global Markets India, Morgan Stanley India, and 360 ONE WAM. These advisors will guide Spinny through the regulatory and market process to finalize the size and structure of the IPO.
Why it matters
Spinny's decision to go public comes after substantial revenue growth and a strategic valuation reset following a $170 million funding round earlier in 2026. Its operating revenue increased nearly 29% year-over-year to ₹6,000 crore in FY26, with expectations of continued growth in FY27. This growth trajectory reflects the expanding demand for organized and tech-driven used-car sales in India.
The IPO push highlights the maturing Indian used-vehicle startup ecosystem where incumbents like Cars24 and CarDekho are also exploring public listings while CarTrade Tech is already listed. Spinny's full-stack ownership model differentiates it from asset-light classifieds platforms, drawing interest from major global investors such as Fidelity, Accel, and Tiger Global.
What to watch next
Spinny’s performance post-IPO and ability to sustain robust growth amidst rising competition will provide insights into the scalability of its business model. Furthermore, spin-offs and ancillary services in financing, insurance, and vehicle maintenance could offer future growth avenues and investor interest.