Spinny Files Confidential IPO Papers with SEBI to Raise Up to Rs 3,000 Crore

Valuedrive Technologies, the parent entity behind full-stack used-car retailing platform Spinny, has confidentially submitted draft offer documents to the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) seeking to raise between Rs 2,500 crore and Rs 3,000 crore.

The Gurugram-headquartered startup opted for the confidential pre-filing mechanism, which allows an issuer to undergo regulatory scrutiny and address regulatory feedback without disclosing sensitive operational and financial details to the public until closer to the actual issue launch. The public market debut is expected in calendar year 2027, subject to regulatory clearances and prevailing secondary market conditions.

Structure and Lead Managers

The proposed issue is set to comprise a combination of fresh equity issuance and an offer for sale (OFS) by existing investors seeking partial liquidity.

To steer the public offering, Spinny has engaged a syndicate of domestic and international investment banks, including:

• Kotak Mahindra Capital Company
• Morgan Stanley India Company
• Citigroup Global Markets India
• 360 ONE WAM

The confidential filing follows a key preparatory restructuring in August, when Valuedrive Technologies formally converted from a private limited company into a public limited enterprise.

Financial Performance and Corporate Growth

Founded in 2015 by Niraj Singh, Mohit Gupta, and Ramanshu Mahaur, Spinny operates an omnichannel pre-owned vehicle retail network handling vehicle purchases, quality refurbishment, financing, insurance, and after-sales support.

Over recent fiscal periods, the company has seen top-line expansion while curbing operating losses:

• Revenue Expansion: Revenue from contracts with customers increased by nearly 25% to Rs 4,657 crore in FY25, compared to Rs 3,730 crore in FY24.
• Loss Contraction: Net losses narrowed significantly to Rs 423.8 crore in FY25 from Rs 590.4 crore reported in FY24.
• Footprint: The platform operates across major automotive hubs, with dozens of customer centers across cities like Delhi, Bengaluru, Mumbai, Pune, Hyderabad, and Chennai, selling close to 15,000 vehicles a month.

Spinny has supplemented its organic platform growth with strategic acquisitions, including used-car platform Truebil and vehicle servicing network GoMechanic.

Investor Roster and Market Landscape

Spinny attained unicorn status in December 2021 after raising $283 million at a $1.8 billion valuation. To date, the company has raised roughly $700 million to $780 million in funding. Its cap table features prominent global and domestic venture capital and growth equity firms, including Tiger Global Management, Accel, Elevation Capital, General Catalyst, WestBridge Capital, and Fidelity. Former Indian cricketer Sachin Tendulkar is also an early backer and strategic brand ambassador.

Upon market entry, Spinny will join CarTrade Tech—currently the primary pure-play auto classifieds platform listed on the Indian bourses—giving retail and institutional investors direct exposure to the rapidly formalising Indian pre-owned automobile ecosystem.

Tags: Spinny SEBI Valuedrive Technologies IPO CarTrade Tech Used Car Market