Spinny, the used car platform that counts cricket legend Sachin Tendulkar among its investors, is preparing to go public. The company has filed confidential draft papers for its initial public offering with market regulator SEBI, according to sources, with the issue expected to be worth up to Rs 3,000 crore. Here is a complete breakdown of the planned IPO, Spinny’s business and financials, and Sachin Tendulkar’s five year old connection to the company.
Spinny Files Confidential IPO Papers With SEBI
Spinny has filed a confidential draft of its initial public offering with the Securities and Exchange Board of India, according to sources cited by Moneycontrol. Sources indicate the issue could be worth between Rs 2,500 crore and Rs 3,000 crore, though the final size may still change. The filing comes about a month after Spinny’s parent company, ValueDrive Tech, converted from a private limited company to a public limited company in August, a step commonly taken by Indian startups ahead of a stock market listing.
IPO Structure, Bankers, And Expected Listing Timeline
According to sources, Spinny’s IPO is expected to include a fresh issue of shares, with existing shareholders also likely to sell some of their holdings through an offer for sale window. The company has appointed Kotak Mahindra Capital Company, Citigroup Global Markets India, Morgan Stanley India Company, and 360 One WAM as book running lead managers for the issue. Spinny is reportedly planning to list in 2027, although an exact listing date has not been finalized and will depend on approval from SEBI.
How Is Spinny’s Business Performing
The IPO filing comes at a time when Spinny’s revenue is growing steadily and its losses are narrowing. According to regulatory filings, revenue from operations rose 25 percent to Rs 4,657 crore in FY25, up from Rs 3,730 crore in FY24. Sources indicate that revenue jumped further to nearly Rs 6,000 crore in FY26, with the company expecting another 25 to 30 percent of growth in FY27.
About Spinny: Business, Founders, And Scale
Spinny was founded in 2015 by Niraj Singh, Mohit Gupta, and Ramanshu Kumar, with Niraj Singh serving as CEO. The company buys and sells used cars and also offers financing, insurance, and after sales services to customers. Through acquisitions of Trubil, GoMechanic, and AutoCar India, Spinny has expanded further into the broader automotive ecosystem. The company currently sells around 15,000 cars a month and operates directly in 25 cities, while also enabling transactions for sellers in more than 100 cities across the country through its platform.
Funding History And Major Investors
Spinny has raised about 780 million dollars in total funding to date, with Tiger Global and Essel as its largest shareholders. In its most recent funding round, the company raised approximately 165 million dollars from Accel Leaders Fund, Fidelity Investments, and other investors, at a valuation of between 1.5 billion and 1.8 billion dollars. Spinny had earlier become a unicorn in 2021 after raising 283 million dollars from investors including Abu Dhabi’s ADQ, Tiger Global, and Avenir Growth at a valuation of about 1.8 billion dollars. Other investors in the company include Elevation Capital, General Catalyst, Fundamentum Partnership, Think Investments, and WestBridge Capital.
Sachin Tendulkar’s Connection To Spinny
Sachin Tendulkar invested in Spinny in 2021, around the same time the company raised its unicorn funding round, and has since been associated with the company both as a strategic investor and as its brand ambassador. His continued association with Spinny is one of the more widely noted details of the company’s investor base as it now moves toward a public listing.
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What Happens Next
With the confidential draft filed, the next steps for Spinny will include working through SEBI’s review process, finalizing the exact issue size and structure, and setting a listing timeline that the company currently expects to fall in 2027. Since the filing is confidential at this stage, several details, including the precise mix between fresh issue and offer for sale, could still change before a public draft red herring prospectus is filed.
Frequently Asked Questions
What is the Spinny IPO and how big could it be?
Spinny, a used car platform, has filed confidential IPO papers with SEBI. According to sources, the issue could be worth between Rs 2,500 crore and Rs 3,000 crore, though the final size may change.
Is Sachin Tendulkar an investor in Spinny?
Yes. Sachin Tendulkar invested in Spinny in 2021 and has since been associated with the company as a strategic investor and brand ambassador.
When will Spinny list on the stock market?
Spinny is reportedly planning to list in 2027, but an exact listing date has not been finalized and will depend on approval from SEBI.
Who are the bankers managing the Spinny IPO?
The book running lead managers for Spinny’s IPO are Kotak Mahindra Capital Company, Citigroup Global Markets India, Morgan Stanley India Company, and 360 One WAM.
Will the Spinny IPO include a fresh issue of shares or only an offer for sale?
According to sources, the IPO is expected to include a fresh issue of shares, with existing shareholders also likely to sell some shares through an offer for sale window.
What is Spinny’s revenue and financial performance?
Spinny’s revenue from operations grew 25 percent to Rs 4,657 crore in FY25, up from Rs 3,730 crore in FY24, and reportedly rose further to nearly Rs 6,000 crore in FY26, with 25 to 30 percent more growth expected in FY27. The company’s losses have also been narrowing.
Who are Spinny’s major investors and what is its valuation?
Spinny’s largest shareholders are Tiger Global and Essel. It became a unicorn in 2021 at a valuation of about 1.8 billion dollars, and its most recent funding round valued the company between 1.5 billion and 1.8 billion dollars. Other investors include Accel Leaders Fund, Fidelity Investments, ADQ, Avenir Growth, Elevation Capital, General Catalyst, Fundamentum Partnership, Think Investments, and WestBridge Capital.
What is ValueDrive Tech and how is it related to Spinny?
ValueDrive Tech is Spinny’s parent company. It converted from a private limited company to a public limited company in August, about a month before Spinny’s confidential IPO filing with SEBI.
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