Spinny files confidential IPO papers, eyes upto Rs 3,000 Cr
In August, Spinny’s parent company Valuedrive Technologies converted from a private limited company into a public limited company.
Used-car marketplace Spinny has filed draft papers for an IPO with the Securities and Exchange Board of India through the confidential route, according to a news report by Moneycontrol.
Spinny is looking to raise Rs 2,500 crore to Rs 3,000 crore through the IPO, according to the news report.
Founded in 2015, Spinny is an online used-car retailing platform that aims to bring about transparency and convenience in car buying and selling. The Gurugram-headquartered company was founded by Niraj Singh, Mohit Gupta, and Ramanshu Mahaur.
Earlier in August, Spinny’s parent company Valuedrive Technologies converted from a private limited company into a public limited company.
The company did not answer the e-mail queries sent by YourStory.
According to Tracxn, the Sachin Tendulkar-backed firm was valued at $1.13 billion as of May 2025. It competes with listed company CarTrade, its unit CarWale, as well as CarDekho and ZigWheels.
Spinny reported a loss of Rs 423.8 crore in FY25 compared to a loss of Rs 590 crore in the previous year. Revenue from contracts with customers rose 24.9% to Rs 4,657 crore during the period.
The pre-owned car platform has 36 car hubs across 15 cities, including Delhi, Bengaluru, Mumbai, Pune, Hyderabad, Chennai, Kolkata, Ahmedabad, and Lucknow.
Feature image: Former cricketer Sachin Tendulkar with Spinny founder Niraj Singh
Edited by Swetha Kannan