Spinny Targets 2027 IPO With ₹2,500–3,000 Cr Raise as Revenue Scales
Used-car retailer Spinny is reportedly preparing for a 2027 listing, with a fresh-share and OFS issue expected to raise ₹2,500–3,000 Cr. FY25 operating revenue reached ₹4,656 Cr while losses narrowed 28% to ₹423.8 Cr; the company is also building financing, insurance and after-sales capabilities through GoMechanic.
What happened
Spinny has pre-filed for an IPO expected to raise ₹2,500-₹3,000 Cr, targeting a 2027 listing. The used-car retailer is scaling revenue but remains loss-making,
Key facts
- Spinny plans to raise ₹2,500 Cr-₹3,000 Cr through fresh shares and OFS
- Potential listing targeted for 2027
- FY25 operating revenue: ₹4,656 Cr
- Estimated FY26 revenue: around ₹6,000 Cr, up 29%
- FY25 loss: ₹423.8 Cr, narrowed 28% year-on-year
What changed
Spinny has pre-filed for an IPO expected to raise ₹2,500-₹3,000 Cr, targeting a 2027 listing. The used-car retailer is scaling revenue but remains loss-making, while expanding into dealership exchanges, financing, insurance and after-sales through its GoMechanic acquisition.
Why this matters
With FY25 revenue at ₹4,656 Cr and losses down 28% to ₹423.8 Cr, Spinny’s ₹2,500–3,000 Cr IPO story will hinge on a credible path to profitability before listing.
What to watch
- FY26 and FY27 revenue growth versus the FY25 base of ₹4,656 Cr.
- Loss reduction, EBITDA/contribution-margin trajectory and operating cash-flow trend.
- Inventory days, vehicle gross margin, reconditioning cost per car and write-downs on aging stock.
- Financing, insurance, warranty and servicing attach rates and their contribution to gross profit.
- Credit approval rates, delinquencies and funding costs for vehicle-finance partners.
Also reported by
- Inc42 — Same time