IPO Buzz: Spinny Brings in Bankers for Public Listing Next Year

In the first three months of 2027, Spinny plans to launch its first public offering. According to reports, Kotak Mahindra Capital, Morgan Stanley, and Citigroup have been recruited by the unicorn backed by Tiger Global to participate in a possible initial public offering (IPO).

A combination of new issues and offer for sale (OFS) components is anticipated in the planned initial public offering (IPO). Issue size, valuation, and timeframe are all unknowns at this point in the process because talks regarding the planned public float have not concluded.

Spinny Recently Raised $170 Million

Months after raising $170 million (about INR 1,400 crore) in a funding round in February, Spinny began working on its initial public offering process. Investors from the United States, including Fidelity Investments and Accel India, spearheaded the round. According to reports, the business received $90 million in primary funding and $80 million in secondary transactions as part of the round.

As part of the secondary transaction, Fidelity Investments and WestBridge Capital purchased the shares that Blume Ventures and Fundamentum, two of the company's early investors, partially sold. After receiving $131 million in 2025, Spinny was valued at $1.7 billion; this investment round valued the company at approximately $1.5 billion, a small decrease from that estimate. In 2015, Niraj Singh, Mohit Gupta, and Ganesh Pawar established Spinny, a platform where users can purchase and sell certified pre-owned vehicles.

Financial Dynamics of Spinny

In terms of finances, Spinny reduced its net loss from INR 590.3 Cr in FY24 to INR 423.8 Cr in FY25, a 28% narrowing. Revenue growth was the driving force behind the financials improving for a second year in a row. In FY25, Spinny's operating revenue increased by 25% to INR 4,656.1 Cr from INR 3,730 Cr the previous year.

Investors such as Tiger Global and Accel, who are also among the startup's biggest owners, have contributed around $676 million since its launch. In India's rapidly expanding used automobile market, wherein an increasing number of customers are gravitating towards organised and reliable platforms, Spinny faces competition from companies such as Cars24, CarDekho, and Droom.