IPO · Commerce & Consumer Brands

Spinny converts to public company, plans IPO in 2027

By Startup Enthusiast · 3 August 2026

What they do

Spinny is a full-stack used-car marketplace offering buying, selling, financing, insurance and after-sales services

It converted to a public company and plans to file DRHP in Q2 FY27 for an IPO of up to $300 Mn

The IPO will include fresh equity and an offer for sale; Kotak Mahindra Capital, Morgan Stanley and Citi India are lead bankers

Spinny's parent company Valuedrive Technologies Private Ltd converted to Valuedrive Technologies Ltd (a public company) on 29 July 2026.
This conversion is a mandatory legal step under the Companies Act before filing a DRHP (draft red herring prospectus, the preliminary document for an IPO).
The company plans to file its DRHP in the second quarter of FY27 (around October-December 2026).
The IPO is expected in the first quarter of calendar year 2027 (January-March 2027).
The IPO size is reported to be up to $300 Mn (about ₹2,500 crore).
The IPO will likely include a fresh equity issuance (new shares sold to raise money for the company) and an offer for sale (existing shareholders sell their shares).
Lead bankers appointed are Kotak Mahindra Capital, Morgan Stanley and Citi India.

Spinny is a unicorn (private company valued over $1 Bn) with a valuation of $1.5 Bn to $1.8 Bn in its latest round.
It has raised over $700 Mn to date from investors including SoftBank, Accel, Tiger Global and Elevation Capital.
The company turned its focus to profitability: FY25 net loss reduced 28% to ₹423.8 Cr despite 25% revenue growth to ₹4,656.1 Cr.
The IPO will allow early investors like Tiger Global and Accel (its largest shareholders) to partially exit via the offer for sale.

Spinny is a full-stack used-car marketplace that handles buying, selling, financing, insurance and after-sales services.
It owns Truebil (another used-car platform) and acquired GoMechanic (auto service platform) in 2024 and Autocar India (automotive media) in March 2025.
It sells close to 15,000 cars per month and serves buyers across 25 cities while enabling sellers from more than 100 cities.
It offers a 200-point inspection, warranty, 5-day money-back guarantee and fixed pricing.
Financing starts at 12.99% interest rate; additional services include FASTag recharge and challan check.
The company has over 20,000 fully inspected cars listed online and a 4.8/5 average rating on Google and social platforms.
35% of customers come through referrals and over 70% become customers after their first test drive.
32% of its customers are women, and it has served over 2 lakh customers (called 'Spinny Love Stories').

Kotak Mahindra Capital (lead banker) — Investment banking arm of Kotak Mahindra Bank.
Morgan Stanley (lead banker) — Global investment bank.
Citi India (lead banker) — Indian arm of Citigroup, a global financial services 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.