Used-car marketplace Spinny has filed draft documents for an Initial Public Offering (IPO) through a confidential channel with the Securities and Exchange Board of India, according to Moneycontrol.
The report indicates that Spinny plans to raise between 250 and 300 billion rupees through this IPO.
Spinny, founded in 2015, is an online platform for the retail sale of used cars, whose mission is to ensure transparency and convenience in buying and selling vehicles. The company, headquartered in Gurugram, was founded by Niraj Singh, Mohit Gupta, Ramanshu Mahar, and Ganesh Pawar.
Previously, in August, Spinny's parent company, Valuedrive Technologies, transitioned from a private limited company to a public limited company.
According to Tracxn, the Sachin Tendulkar-backed firm was valued at $1.13 billion as of May 2025. Spinny competes with companies such as CarTrade, its subsidiary CarWale, as well as CarDekho and ZigWheels.
Spinny reported a decrease in losses in fiscal year 25 to 42.38 billion rupees compared to a loss of 59 billion rupees the previous year. Meanwhile, revenue from customer contracts increased by 24.9%, reaching 46.57 billion rupees for the reporting period.
The used car platform has 36 service centers in 15 cities, including Delhi, Bangalore, Mumbai, Pune, Hyderabad, Chennai, Kolkata, Ahmedabad, and Lucknow.