New Delhi: Valuedrive Technologies Pvt Ltd, which operates used-car platform Spinny, has filed draft papers for an initial public offering (IPO) with the Securities and Exchange Board of India through the confidential route.
The company plans to raise ₹3,000 crore through the IPO, according to a person close to the matter. While the timeline for the listing has not been finalised and may depend on regulatory clearances, it could take place in FY27, the person added.
According to Moneycontrol, which first reported the news, the issue is expected to comprise fresh capital and an offer for sale by existing shareholders.
On 12 June, Mint reported that the company has begun preparations to raise up to $300 million (around ₹2,874 crore) through the IPO. Morgan Stanley, Kotak Mahindra Capital and Citi India had been appointed as advisers for the IPO process, persons familiar with the matter told Mint.
The proposed IPO is expected to give some of Spinny’s early investors an opportunity to exit, while also bringing fresh capital into the company to fund its expansion.
Founded in 2015 by Niraj Singh, Mohit Gupta and Ramanshu Mahaur, Spinny entered the market at a time when India’s used-car sector was gaining traction, with consumers increasingly looking for affordable and value-for-money options.
Spinny has raised $698 million across 13 funding rounds to date. The company was last valued at ₹11,600 crore ($1.28 billion) in February 2026. Its investors include Tiger Global Management, Elevation Capital, Accel and General Catalyst, among others. Spinny attained unicorn status in December 2021 after raising $283 million from investors including Tiger Global and Avenir Growth.
In FY25, the company reported revenue of ₹4,746.3 crore, up from ₹3,822.4 crore in FY2023-24. Its loss narrowed to ₹423.8 crore in FY2024-25 from ₹590.4 crore in the previous financial year.
According to a Redseer report released in June 2026, India’s used-car market, currently valued at $53 billion, is projected to reach $68-78 billion by FY31. Other major players in the used-car market include Cars24, Droom and used-car marketplace CarDekho.
However, the Redseer report also noted that nearly 79% of India’s used-car transactions still take place through unorganised channels. As a result, players in the used-car marketplace, including Spinny, are expanding into adjacent segments.
In August, Spinny expanded beyond used-car sales through partnerships with Nissan, JSW MG Motor India and Tesla, giving the Gurugram-based platform a broader role in new-car purchases, vehicle exchanges and the growing pre-owned EV market.
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