Spinny lines up $250-300M IPO, picks Morgan Stanley, Kotak, Citi for DRHP next quarter
Used-car platform Spinny is prepping India's first listed pure-play used-car IPO, targeting a $250-300 million raise with a DRHP filing next quarter. FY25 revenue rose to ₹4,657 crore against a ₹424 crore loss. Last valued at $1.28 billion, Spinny is also closing a $160-170 million round in Feb 2026.
What happened
Used-car platform Spinny is preparing a $250-300 million IPO with Morgan Stanley, Kotak and Citi, targeting a DRHP filing next quarter. FY25 revenue rose to
Key facts
- $250-300 million IPO
- $700 million raised historically
- $160-170 million Feb 2026 round
- $1.28 billion valuation
- FY25 revenue ₹4,656.83 crore
- FY25 loss ₹423.81 crore
- $70 billion used-car market by FY31
Why this matters
A successful Spinny listing validates exit pathways for used-car platforms and could pressure rivals like Cars24 and Spinny's OEM-backed competitors to accelerate their own capital or consolidation plays.