Spinny confidentially files for ₹3,000 crore IPO as used-car retail scales
The used-car platform has filed confidential IPO papers with Sebi for a proposed ₹3,000 crore issue. Fresh capital is expected to fund expansion in new-car partnerships, exchange programmes and pre-owned EVs, while offering exits to early investors.
What happened
Used-car platform Spinny confidentially filed IPO papers with Sebi for a proposed ₹3,000 crore issue. Fresh capital will support expansion, including new-car
Key facts
- ₹3,000 crore planned IPO raise
- $698 million raised across 13 funding rounds
- ₹11,600 crore ($1.28 billion) valuation in February 2026
- FY25 revenue ₹4,746.3 crore versus ₹3,822.4 crore in FY24
- FY25 loss ₹423.8 crore versus ₹590.4 crore in FY24
What changed
Used-car platform Spinny confidentially filed IPO papers with Sebi for a proposed ₹3,000 crore issue. Fresh capital will support expansion, including new-car partnerships, exchanges and pre-owned EVs, while enabling early investor exits.
Why this matters
Spinny’s planned ₹3,000 crore IPO could accelerate organised used-car competition through greater investment in new-car dealer partnerships, exchange programmes and pre-owned EV inventory.
What to watch
- Sebi approval, prospectus disclosures and the split between fresh issue proceeds and investor offer-for-sale.
- Revenue growth, gross margin, contribution margin, EBITDA trajectory, inventory days and vehicle sales disclosed in IPO filings.
- Evidence of sustained demand for pre-owned EVs, especially resale pricing, battery-condition data and finance approval rates.
- New OEM exchange partnerships or dealership-network agreements that improve sourcing economics.
- Changes in used-car loan rates, loan-to-value ratios and lender appetite for older vehicles and EVs.