Sachin Tendulkar

Sachin Tendulkar-backed Spinny files confidential papers for up to Rs 3,000 crore IPO

Sachin Tendulkar-backed used-car marketplace Spinny has filed confidential papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO), according to people familiar with the matter.

Spinny is looking to raise Rs 2,500-3,000 crore through the IPO, sources said. The issue is expected to comprise a combination of fresh capital and an offer for sale (OFS) by existing shareholders.

The company has appointed Kotak Mahindra Capital Company, Citigroup Global Markets India, Morgan Stanley India Company and 360 ONE WAM as book running lead managers for the proposed issue.

The final issue size and structure, however, could change during the regulatory process. The company is looking at a public market debut in 2027, sources said. However, the listing timeline has not been finalised and will ultimately depend on approvals from SEBI.

The filing comes a month after Spinny converted its parent entity, Valuedrive Technologies, from a private limited company into a public limited company in August, as part of preparations for a public listing.

Spinny's IPO plans come as the company has continued to scale its topline while narrowing losses.

Revenue from operations rose 25 percent to Rs 4,657 crore in FY25 from Rs 3,730 crore in FY24, according to regulatory filings. Sources said the company's topline touched around Rs 6,000 crore in FY26, and is expected to grow another 25-30 percent in FY27.

Spinny has raised approximately $780 million to date, with Tiger Global and Accel among its largest shareholders. The company last raised around $165 million from Accel Leaders Fund, Fidelity Investments and other investors at a valuation of between $1.5 billion and $1.8 billion.

Spinny became a unicorn in December 2021 after raising $283 million from investors including Abu Dhabi's ADQ, Tiger Global and Avenir Growth at a valuation of $1.8 billion.

Its investor base also includes Elevation Capital, General Catalyst, Fundamentum Partnership, Think Investments and WestBridge Capital.

Tendulkar invested in Spinny in 2021 and came on board as a strategic investor and brand ambassador. His backing has continued as the company has expanded its used-car retail business.

Spinny was founded in 2015 by Niraj Singh, Mohit Gupta and Ramanshu Mahaur. Singh is the company's chief executive.

The company operates a full-stack used-car marketplace covering vehicle buying and selling, financing, insurance, and after-sales services. It has also expanded its automotive ecosystem through acquisitions, including Truebil and GoMechanic, as well as the acquisition of automotive media platform Autocar India.

Spinny currently sells close to 15,000 cars a month and operates across 25 cities, while enabling sellers from more than 100 cities to transact through its platform.

Spinny operates in a market that includes other organised players such as Cars24 and CarDekho. Cars24 has built an online-led used-car buying and selling platform, while CarDekho operates across new and used-car transactions, automotive classifieds and related services.

The confidential filing marks Spinny's latest step towards the public markets. The final issue size, fresh issue and OFS split, valuation, and listing timeline will depend on the company's final offer structure and SEBI approvals.

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