MUMBAI; Sachin Tendulkar-backed used-car platform Spinny has filed for a Rs 3,000-crore IPO through the confidential route with the regulator Sebi.
Spinny, founded in 2015 by Niraj Singh, Mohit Gupta and Ramanshu Mahaur, is looking to mop up around Rs 3,000 crore through the IPO, sources told the TNIE Tuesday, adding the issue is expected to comprise a combination of fresh issue and an offer for sale by existing shareholders, who include marquee names like Tiger Global and Accel who are its largest shareholders.
The unicorn, though its parent Valuedrive Technologies, has so far raised around $780 million, with last raised around $165 million from Accel, Fidelity Investments. It became a unicorn in December 2021 after raising $283 million from 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 entered the company in 2021 as a strategic investor and brand ambassador.
The company is looking at a market debut in 2027, sources said, adding how a timeline has not been finalised as it depends on Sebi approvals. It has appointed Kotak Mahindra Capital, Citigroup India, Morgan Stanley India and 360 One Wam to manage the issue.
Last month Spinny had converted its parent entity, Valuedrive Technologies, from a private limited company into a public limited company, as part of preparations for a public listing.
Revenue from operations rose 25% to Rs 4,657 crore in FY25 from Rs 3,730 crore in FY24. The topline would have already Rs 6,000 crore in FY26, and is expected to grow another 25-30% in this fiscal, according to the source.
Spinny currently sells close to 15,000 cars a month and operates across 25 cities. Spinny’s completion includes Cars24 and Cardekho. While Cars24 has built an online-led used-car buying and selling platform, Cardekho operates across new and used-car transactions, automotive classifieds and related services.
