There is a quiet paperwork moment that happens before almost every big Indian IPO, one investors rarely notice but bankers watch closely. Spinny just had that moment, and it means the used car marketplace is finally serious about going public.
The company's board has passed a special resolution converting its parent entity from Valuedrive Technologies Private Limited to Valuedrive Technologies Limited, according to regulatory filings accessed by Entrackr, a routine but telling step that typically precedes a stock market listing. A recent Bloomberg report adds more weight to that read, noting Spinny has already lined up Kotak, Morgan Stanley, and Citi as lead bankers for an IPO targeted for calendar year 2027.
The business behind that filing has grown considerably since its 2015 founding by Niraj Singh and Mohit Gupta. Spinny now runs a full-stack used car marketplace covering buying, selling, financing, insurance, and after-sales service, and has expanded through acquisitions of Truebil, auto service platform GoMechanic in 2024, and automotive media outlet Autocar India in March 2025. According to sources, the company currently moves close to 15,000 cars every month, reaching buyers in 25 cities while sourcing sellers from more than 100, with plans to add another 10 buyer cities in the near term.
The financials explain some of that confidence. Spinny's revenue from operations grew 25% to Rs 4,657 crore in FY25 from Rs 3,730 crore the year before, and sources indicate the company is on track to close FY26 with revenue near Rs 6,000 crore, a scale few used car platforms in India have reached.
That growth has been funded by roughly $780 million raised to date, with Tiger Global and Accel among the company's largest shareholders. Its most recent round brought in around $165 million from Accel Leaders Fund, Fidelity Investments, and others, valuing Spinny between $1.5 billion and $1.8 billion, a valuation the coming IPO will now put to a very public test.
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