IPO · Commerce & Consumer Brands

Spinny plans IPO by Q1 2027

By Startup Enthusiast · 28 April 2026

What they do

Spinny runs an online marketplace for buying and selling certified used cars

It plans a public listing within Q1 2027, with Kotak Mahindra Capital, Morgan Stanley, and Citigroup as bankers

The IPO will mix fresh shares and an offer for sale; the company recently raised $170 million at a $1.5 billion valuation

Spinny is planning a public listing within Q1 2027, according to a Bloomberg report.
The company has roped in Kotak Mahindra Capital, Morgan Stanley, and Citigroup as bankers for the potential IPO.
The IPO is expected to include a mix of fresh issue (new shares sold to raise money for the company) and offer for sale (existing shareholders selling their shares) components.
The issue size, valuation, and timeline are yet to be ascertained, with discussions underway.
In February, Spinny raised $170 million (around ₹1,400 crore) in a round led by Fidelity Investments and Accel India.
The funding included $90 million in primary capital (new money for the company) and $80 million in secondary transactions (existing shareholders selling shares).
Early investors Blume Ventures and Fundamentum partially exited, while Fidelity Investments and WestBridge Capital acquired shares.

The company's valuation stood at around $1.5 billion after the February round, a slight decline from the previous $1.7 billion.
Spinny raised $131 million in 2025 at a $1.7 billion valuation.
The company has raised about $676 million since inception, with Tiger Global and Accel as its largest shareholders.
Spinny's net loss narrowed 28% to ₹423.8 crore in FY25 from ₹590.3 crore the previous fiscal.
Operating revenue rose 25% to ₹4,656.1 crore in FY25 from ₹3,730 crore a year earlier, marking the second consecutive year of improvement.

Spinny operates a marketplace for buying and selling certified used cars.
It offers a 200-point inspection, warranty, 5-day money back guarantee, and fixed price assurance.
Sachin Tendulkar has been a brand ambassador for 3 years, appearing in ads with Sara Tendulkar.
Spinny Park in Lucknow houses North India's largest car inventory.

Fidelity Investments (lead) — Led the February funding round and acquired shares in the secondary deal.
Accel India (lead) — Co-led the February funding round.
WestBridge Capital (participated) — Acquired shares in the secondary transaction.
Blume Ventures (seller) — Early investor that partially exited in the secondary deal.
Fundamentum (seller) — Early investor that partially exited in the secondary deal.
Tiger Global (existing) — One of the largest shareholders in the company.

Product: A platform that helps consumers buy, sell, and exchange used cars.
Customers: Individual car buyers and sellers, plus dealers and OEM partners.
How it makes money: It earns from car sale margins, exchange activity, and related services such as financing and warranties.
What sets it apart: Certified inspection and a managed, end-to-end transaction experience.
Operations: Operates an inventory-backed and platform-assisted used-car retail network.