Spinny converts into public company ahead of planned IPO
What's the story
Spinny, a leading player in the used car retailing space, has taken a major step toward its planned initial public offering (IPO). The company has converted itself into a public entity by changing its parent company's name from Valuedrive Technologies Private Limited to Valuedrive Technologies Limited. This is usually done ahead of a public listing and was recently revealed through regulatory filings accessed by Entrackr.
IPO preparations
Financial growth and IPO preparations
Spinny, founded in 2015 by Niraj Singh and Mohit Gupta, has appointed Kotak, Morgan Stanley, and Citi as lead bankers for its upcoming IPO.
The company has seen significant financial growth over the years. For the fiscal year ending March 2025, Spinny's revenue from operations increased by 25% year-on-year to ₹4,657 crore from ₹3,730 crore in FY24.
It is expected to end FY26 with a revenue of around ₹6,000 crore.
Market reach
Expanding buyer footprint
Spinny has a strong market presence, selling nearly 15,000 cars every month. The company caters to car buyers in 25 cities and enables sellers from over 100 cities.
As per Entrackr, Spinny plans to expand its buyer footprint to some 35 cities in the near term by adding 10 more locations.
Business growth
Strategic acquisitions and funding history
Spinny has also expanded its business through strategic acquisitions. The company owns Truebil and acquired auto service platform GoMechanic in 2024.
It further expanded its portfolio with the acquisition of Autocar India, an automotive media and car content platform, in March 2025.
So far, Spinny has raised about $780 million with Tiger Global and Accel being among its largest shareholders.