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Used-car retailing platform Spinny has confidentially pre-filed its draft IPO papers with the Securities and Exchange Board of India (SEBI), three people aware of the matter told Entrackr “Spinny is looking to raise around Rs 2,500-3,000 crore through the IPO. The issue is likely to include both a fresh issue of shares and an offer for sale (OFS),” said one of the sources requesting anonymity. Spinny is targeting a 2027 public market debut and is working with Kotak Mahindra Capital, Morgan Stanley and Citigroup on the proposed IPO, according to sources. The confidential pre-filing comes soon after Spinny took several corporate governance steps ahead of the proposed listing. Entrackrexclusively reported in August that Spinny had converted its parent entity, Valuedrive Technologies Private Limited, into Valuedrive Technologies Limited. As per sources, Spinny was selling close to 15,000 cars every month, with buyers across 25 cities and sellers across more than 100 cities. Entrackr has learnt that former Bharti Group Ex CFO Akhil Gupta and Info Edge board member Geeta Mathur have also joined Spinny’s board as independent directors. The Gurugram-based company declined to offer comment on the story. Spinny’s latest IPO move also comes on the back of strong topline growth. Its revenue from operations rose 25% to Rs 4,657 crore in FY25, from Rs 3,730 crore in FY24. In terms of both volume and revenue, the firm has emerged as a leader in India’s used-car retail market. According to sources, Spinny’s FY26 revenue from operations is expected to have touched around Rs 6,000 crore. The company is also looking to expand its buyer footprint to around 35 cities, adding nearly 10 more locations in the near term, Entrackr had reported. Founded in 2015, Spinny operates a full-stack used-car business spanning buying, selling, financing, insurance and after-sales services. The company also owns Truebil and acquired GoMechanic in 2026 and Autocar India in 2025, expanding its presence across the broader automotive ecosystem. Spinny has raised approximately $780 million to date across primary and secondary, with Tiger Global and Accel among its largest shareholders. The company last raised around $165 million from Accel Leaders Fund, Fidelity Investments, and other investors at a valuation of $1.5 billion to $1.8 billion.
document fetched 2026-09-23 03:00