Spinny confidentially files for IPO, targets Rs 2,500–3,000 crore raise

Used-car retailer Spinny has reportedly filed confidential IPO papers with SEBI, targeting a Rs 2,500–3,000 crore raise. The Gurugram-based company reported FY25 revenue of Rs 4,657 crore, up 24.9%, and operates 36 car hubs across 15 cities.

— Source publishedTue, 22 Sept, 2026, 15:19 IST·First seen Tue, 22 Sept, 2026, 15:23 IST·Source YourStory

What happened

Used-car retailer Spinny has confidentially filed IPO draft papers with SEBI and reportedly aims to raise Rs 2,500-3,000 crore. The Gurugram-based platform

Key facts

  • Rs 2,500 crore-Rs 3,000 crore targeted IPO raise
  • $1.13 billion valuation as of May 2025
  • FY25 loss: Rs 423.8 crore
  • FY24 loss: Rs 590 crore
  • FY25 revenue: Rs 4,657 crore
  • FY25 revenue growth: 24.9%
  • 36 car hubs across 15 cities

Why this matters

A well-capitalized Spinny could become a more aggressive consolidator and marketplace rival, increasing the strategic value of used-car supply partnerships, service capabilities and regional scale.

What to watch

  • SEBI observations, updated draft prospectus disclosures and final offer timing.
  • Mix of fresh issue versus offer-for-sale, stated use of proceeds and any pre-IPO secondary transaction valuation.
  • Revenue growth relative to gross margin, EBITDA/contribution margin, cash burn and inventory days in disclosed financials.
  • Hub additions, city expansion pace, retail volumes per hub and refurbishment capacity utilization.
  • Penetration and profitability of financing, insurance, warranties and other ancillary services.
  • Competitive funding rounds, discounting intensity and strategic moves by Cars24, CarDekho, OEM certified-used programs and dealer aggregators.
  • Used-car price trends, interest rates and availability/cost of vehicle financing.
  • Use IPO proceeds to expand physical car hubs and refurbishment/logistics capacity in high-demand tier-1 and tier-2 markets.
  • Increase inventory-financing partnerships and build more disciplined vehicle sourcing, inspection and pricing systems to improve turns.
  • Push higher-margin financing, insurance, warranties and after-sales products to demonstrate a clearer path to profitability.
  • Increase marketing and trust-led brand positioning around fixed pricing, quality certification and return/warranty policies.
  • Competitors are likely to respond with promotional financing, dealer-network partnerships, faster delivery promises and consolidation-oriented fundraising.

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