Spinny, a company dealing in used cars, is preparing to enter the stock market. Cricket icon Sachin Tendulkar invested in the company about three years ago. According to sources, the company is working on an IPO placement worth between 250 and 300 billion rupees, and the project document has been submitted to SEBI.
Spinny's parent company, Valuedrive Technologies, has taken steps towards an IPO. According to the report, a Draft Red Herring Prospectus (DRHP) was filed with SEBI. This filing followed approximately one month after structural changes in the parent company. In August 2026, Valuedrive Technologies was converted from a private to a public company.
The company is currently working to raise between 250 and 300 billion rupees through the IPO. The proposed offering may include the issuance of new shares, as well as providing existing shareholders with the opportunity to sell part of their stake through an Offer For Sale (OFS). However, this is only a preliminary draft at this stage, so the final size of the IPO may change. The final picture of the offering will only become clear after SEBI approval and completion of further procedures by the company.
To prepare for the IPO, the company has engaged several large financial institutions. Among them are Kotak Mahindra Capital Company and Citigroup Global Markets India. Additionally, Morgan Stanley India Company and 360 One WAM have been appointed as Book Running Lead Managers. These institutions will support the company in preparing for the offering and during the process of bringing shares to the market.
Sources indicate that Spinny's parent company plans to list on the stock market in 2027, although the exact date has not yet been determined. The company's next steps depend on SEBI approval, so 2027 should be considered only a potential timeframe.
The IPO preparation comes amid the growth of the company's business. According to regulatory filings, the company's operating revenue in fiscal year 25 (FY25) increased by approximately 25%, reaching 465.7 billion rupees compared to 373 billion rupees in FY24. Sources predict that the company's revenue will reach around 600 billion rupees in FY26, with an expected additional growth of 25–30% in FY27. Thus, the company is simultaneously preparing for its market debut while focusing on expanding its business.
Spinny was founded in 2015 by individuals such as Niraj Singh, Mohit Gupta, and Ramanshu Kumar. Niraj Singh is the CEO of the company. The company's core business focuses on buying and selling used cars. In addition, it provides services such as auto financing, insurance, and after-sales service. This means the company aims to create a complete ecosystem for customers buying and selling used cars, rather than being limited to just selling vehicles.
Spinny has branches in 25 cities, expanding its business through acquisitions of companies such as Trubil, GoMechanic, and AutoCar India, which has significantly increased its automotive business. Currently, the company sells about 15,000 cars monthly, and its platform enables transactions for over 100 sellers in more than 25 cities.
Spinny has already attracted about $78 million in funding. Key investors include Tiger Global and Axcel. In the latest round, about $16.5 million was raised from Axcel Leaders Fund, Fidelity Investments, and other investors. This funding was secured at a company valuation of $150–180 million.
In 2021, Spinny became a unicorn, raising about $28.3 million in funding. After this round, the company's valuation reached approximately $180 million. Investors in this round included ADQ from Abu Dhabi, Tiger Global, Avenue Growth, as well as Elevation Capital, General Catalyst, Fundamentum Partnership, Think Investments, and Westbridge Capital.
An Initial Public Offering (IPO) is the process by which a company first issues its shares to the general public in the stock market. Simply put, the company goes public by selling part of its stake to the public. The main reason for conducting an IPO is to raise capital. Funds received by the company through an IPO can be used for various purposes, such as business expansion, debt repayment, launching new projects, or giving existing investors the opportunity to sell their stake through OFS. Money received from OFS goes to the existing shareholders, not the company. Another goal of going public is to increase the company's market visibility. The status of a listed company makes the business and share value visible to the market. If the company issues new shares in an IPO, then...
