Newsletter
Used-car marketplace Spinny has confidentially filed for an IPO and plans to raise a loooottt of money, with the listing expected next year.
The deets: the company plans to raise ₹2,500-3,000 crore through the IPO, which is expected to include a mix of fresh capital and an offer for sale (OFS) by existing shareholders.
Quick refresher: Spinny has raised $698 million across 13 funding rounds so far and 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 became a unicorn in December 2021 after raising $283 million from investors including Tiger Global and Avenir Growth.
Fun fact: back in 2021, former Indian cricketer Sachin Tendulkar joined pre-owned car retailing platform Spinny as a strategic investor and lead brand endorser.
Numbers: the IPO plans come as Spinny continues to grow its business while narrowing its losses.
Revenue from operations rose 25% to ₹4,657 crore in FY25, from ₹3,730 crore in FY24. According to reports, its topline reached around ₹6,000 crore in FY26 and is expected to grow another 25-30% in FY27.
Big picture: Spinny is preparing to list as India’s used-car market gets bigger. Currently valued at around $53 billion, the market is projected to reach $68-78 billion by FY31, potentially making India the world’s third-largest used-car market after the US and China.
Other major players include Cars24, Droom and CarDekho.
But there’s still a massive chunk of the market up for grabs. According to a Redseer report, nearly 79% of used-car transactions in India still happen through unorganised channels. That leaves organised players like Spinny plenty of room to grow and is also pushing them to expand into adjacent segments.
