Spinny Files for IPO, Targets 2027 Listing
Used car marketplace Spinny has pre-filed its IPO papers, aiming for a potential public market debut in 2027. The company plans to raise significant capital.
Indian used car marketplace Spinny has submitted preliminary filings for an Initial Public Offering (IPO), signaling its intention to enter the public markets. The company is targeting a listing in 2027 and aims to raise between ₹2,500 Cr and ₹3,000 Cr through a combination of fresh share issuance and an offer for sale.
Spinny seeks to capitalize on the rapidly growing used car market in India, which is projected to reach $70 billion by FY31. While the company has demonstrated rapid revenue growth, it has yet to achieve consistent profitability. Spinny reported a loss of ₹423.8 Cr in FY25, though this represented a 28% narrowing of losses from the previous year.
Investors will be scrutinizing Spinny's IPO for its ability to balance rapid growth with profitability. Market sentiment towards the broader auto sector, which has seen some recent corrections, could also influence the offering. The company has been expanding its ecosystem, including the acquisition of a car servicing startup, to enhance customer experience and diversify revenue streams.
Operating on an inventory-led model, Spinny buys, refurbishes, and sells used cars. Its future success will depend on its capacity to broaden monetization beyond initial vehicle sales and streamline its capital-intensive operations. The Indian used car market remains fragmented, offering opportunities for players who can introduce trust and standardization to transactions.