Used Car Platform Spinny Confidentially Files for India IPO
Gurugram-based used car marketplace Spinny has confidentially filed its initial public offering (IPO) papers with India's Securities and Exchange Board of India (SEBI). The company aims to raise between ₹2,500 Cr and ₹3,000 Cr.
Used car marketplace Spinny has confidentially filed its initial public offering (IPO) papers with India's Securities and Exchange Board of India (SEBI), sources told Inc42.
The Gurugram-based startup is looking to raise ₹2,500 Cr to ₹3,000 Cr through a combination of fresh shares and an offer for sale (OFS). Spinny is targeting a potential listing in 2027, though the exact timeline will depend on regulatory approvals.
Spinny's operating revenue grew nearly 29% year-on-year to ₹6,000 Cr in FY26, with the startup expecting another 25%-30% growth in the ongoing fiscal year. In FY25, operating revenue increased by 25% to ₹4,656.1 Cr, while its net loss narrowed by 28%.
In February, the company raised $170 million, including primary capital and secondary share sales, valuing it at around $1.5 billion. Spinny has raised over $784 million to date from various investors.
Founded in 2015, Spinny operates a full-stack used-car retail platform, acquiring, refurbishing, and reselling vehicles, and offering ancillary services like financing and insurance. It joins other used-car startups like Cars24 and CarDekho in exploring public listings.