Used car retailing platform Spinny is preparing for its planned initial public offering (IPO) by converting into a public company. The board has passed a special resolution to change the name of its parent entity from Valuedrive Technologies Private Limited to Valuedrive Technologies Limited, a move that typically precedes a public listing, according to regulatory filings accessed by Entrackr. According to a recent Bloomberg report, Spinny has appointed Kotak, Morgan Stanley, and Citi as lead bankers for an IPO in CY27. Founded in 2015 by Niraj Singh and Mohit Gupta, Spinny operates a full stack used car marketplace, offering vehicle buying, selling, financing, insurance, and after sales services. The company also owns Truebil and completed the acquisition of auto service platformGoMechanicin 2024. It further expanded its portfolio with the acquisition of Autocar India, an automotive media and car content platform, in March 2025. According to sources, Spinny is currently selling close to 15,000 cars every month. The company serves car buyers across 25 cities and enables car sellers from more than 100 cities. Sources also said Spinny plans to expand its buyer footprint to around 35 cities in the near term by adding 10 more locations. For the fiscal year ended March 2025, Spinny's revenue from operationsgrew 25% year on yearto Rs 4,657 crore from Rs 3,730 crore in FY24. According to sources, the company is expected to close FY26 with revenue of around Rs 6,000 crore. Entrackr has reached out to Spinny for comments. Spinny has raised approximately $780 million to date, with Tiger Global and Accel among its largest shareholders. The company last raised around$165 millionfrom Accel Leaders Fund, Fidelity Investments, and other investors at a valuation of $1.5 billion to $1.8 billion. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
