Spinny pre-files for IPO, targets ₹6,000 crore FY26 revenue

The used-car retailer has confidentially pre-filed with SEBI for a proposed ₹2,500-3,000 crore IPO, targeting a 2027 debut. Spinny plans to expand buyer operations from 25 to about 35 cities while lifting monthly sales beyond 15,000 cars.

— Source publishedTue, 22 Sept, 2026, 09:18 IST·First seen Tue, 22 Sept, 2026, 09:19 IST·Source Entrackr

What happened

Used-car retailer Spinny confidentially pre-filed IPO papers with SEBI, targeting a Rs 2,500-3,000 crore raise and a 2027 listing. FY26 revenue is estimated

Key facts

  • Rs 2,500-3,000 crore targeted IPO raise
  • 15,000 cars sold monthly
  • 25 buyer cities
  • 100+ seller cities
  • FY25 revenue Rs 4,657 crore
  • FY24 revenue Rs 3,730 crore
  • 25% FY25 revenue growth
  • FY26 revenue approximately Rs 6,000 crore
  • Expansion target of around 35 buyer cities
  • Approximately $780 million raised to date
  • Last funding round approximately $165 million
  • Last valuation $1.5-1.8 billion

Why this matters

Spinny’s IPO preparation and broader city footprint could accelerate consolidation opportunities across vehicle sourcing, inspections, financing, warranties and last-mile delivery partnerships.

What to watch

  • SEBI observations and timing of transition from confidential filing to public DRHP.
  • Quarterly revenue run rate versus the ₹6,000 crore FY26 target.
  • Monthly retail volumes relative to the 15,000-car target and average selling price trends.
  • Contribution margin, EBITDA loss, customer-acquisition cost and repeat/referral mix.
  • Inventory days, write-downs, refurbishment costs and funding costs.
  • Used-car loan approval rates, interest rates and NBFC/bank funding appetite.
  • Competitive actions from Cars24, CarDekho and organized dealer networks.
  • IPO market conditions and valuation benchmarks for Indian consumer-internet and auto retail listings.
  • Accelerate city launches through regional hubs, local sourcing partnerships and standardized inspection/reconditioning capacity.
  • Increase mix of higher-margin financing, insurance, warranty and servicing products to improve contribution per vehicle.
  • Use confidential pre-filing period to strengthen governance, audit readiness, cohort disclosures and profitability narrative.
  • Secure inventory and working-capital financing ahead of higher monthly sales volumes.
  • Prioritize city-level unit economics and inventory turn targets over headline geographic expansion.

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