Sachin Tendulkar-backed Spinny files for ₹3,000cr IPO
What's the story
Spinny, a used-car marketplace backed by cricket legend Sachin Tendulkar, has filed confidential papers with the Securities and Exchange Board of India(SEBI) for an initial public offering (IPO). The company hopes to raise ₹2,500-3,000 crore through the IPO. The issue is likely to be a mix of fresh capital and an offer for sale (OFS) by existing shareholders.
Market debut
Spinny's IPO follows public entity conversion
Spinny's IPO filing comes after the company converted its parent entity, Valuedrive Technologies, from a private limited company to a public limited one in August. This was done as part of the preparations for a public listing.
The company's revenue from operations grew by 25% to ₹4,657 crore in FY25 from ₹3,730 crore in FY24.
Revenue growth
Company's topline hit ₹6,000 crore in FY26
Spinny's topline hit around ₹6,000 crore in FY26 and is expected to grow another 25-30% in FY27.
The company has raised around $780 million so far, with Tiger Global and Accel being among its largest shareholders.
Spinny became a unicorn in December 2021 after raising $283 million from investors such as Abu Dhabi's ADQ, Tiger Global, and Avenir Growth at a valuation of $1.8 billion.
Business expansion
Full-stack used-car marketplace covers after-sales services
Founded in 2015 by Niraj Singh, Mohit Gupta, and Ramanshu Mahaur, Spinny has evolved into a full-stack used-car marketplace.
The company covers vehicle buying/selling, financing, insurance, and after-sales services. It has also expanded its automotive ecosystem through acquisitions such as Truebil and GoMechanic.
Despite competition from organized players like Cars24 and CarDekho in the used-car space, Spinny continues to thrive with operations across 25 cities selling nearly 15,000 cars a month.