Pre-owned car retailer Spinny has filed confidential IPO papers with SEBI, aiming to raise up to ₹3,000 crore. The company reported ₹4,657 crore in revenue for FY25 and is transitioning to a public limited company as it prepares for market entry.
Spinny, the Gurugram-based pre-owned car retailer, has formally initiated the process to become a publicly traded company. The firm has submitted confidential draft papers to the Securities and Exchange Board of India to raise between ₹2,500 crore and ₹3,000 crore. This confidential filing route, which has become popular among Indian companies, allows the firm to discuss details with the regulator without immediately making sensitive business information public. As part of this transition, the company’s parent entity, Valuedrive Technologies, converted into a public limited company in August 2026.
For the fiscal year 2025, the company reported revenue from operations of ₹4,657 crore, marking a 25% growth from the previous year’s ₹3,730 crore. While the top-line growth shows the company's scale in the organized vehicle market, the retail segment often involves significant operational costs. Investors usually watch how such high-growth tech-led companies manage the balance between expansion and the path to becoming profitable. The company has engaged investment banks including Kotak Mahindra Capital, Citigroup Global Markets India, Morgan Stanley India, and 360 ONE WAM to manage the book-running process.
Founded in 2015, the company has operated in a highly competitive digital auto retail sector. Its model relies on a home-delivery retail approach, attempting to solve the trust and quality issues often found in the unorganized pre-owned car market. However, it faces stiff competition from other well-funded platforms such as CarDekho and Droom, which also operate in the same space. The success of the business model depends on managing inventory effectively and maintaining consistent demand for pre-owned vehicles, which can be sensitive to broader economic conditions and interest rates.
The firm has raised approximately $698 million from marquee investors like Accel, Tiger Global Management, and General Catalyst. The backing of high-profile investors and public figures, such as Sachin Tendulkar, has provided the brand with significant visibility. As the company moves toward a public listing—projected for 2027 based on current planning—the market will look for clarity on the share of fresh capital versus the offer for sale by existing shareholders. Key factors for investors to monitor include regulatory approvals, the company’s ability to improve profit margins, and its ability to maintain growth in a sector that requires large spending on logistics and customer acquisition.