Used-car retail platform Spinny has taken a formal step towards the public markets by converting its parent entity from a private limited company into a public limited company.
A special resolution was passed to rename the parent entity from Valuedrive Technologies Private Limited to Valuedrive Technologies Limited. The corporate restructuring comes as Spinny prepares for a proposed initial public offering.
Spinny has reportedly appointed Kotak, Morgan Stanley and Citi as lead managers for an IPO planned for calendar year 2027. While the company is yet to announce a detailed offer timeline, the change in its corporate status adds momentum to its listing preparations.
Revenue growth strengthens IPO story
The development comes at a time when Spinny is seeing steady growth in its operations.
For the financial year ended March 2025, the company’s revenue from operations increased 25% year on year. Spinny had recorded operating revenue of Rs 3,730 crore in FY24.
Its topline for FY26 is estimated at around Rs 6,000 crore. The figure reflects the continued expansion of the company’s used-car retail operations, although a final audited FY26 number was not disclosed in the information available.
Spinny is currently selling close to 15,000 cars every month. It serves buyers across 25 cities and allows vehicle owners from more than 100 cities to sell their cars through its platform.
The company also plans to expand its buyer-facing presence to around 35 cities in the near term.
Building a wider automotive platform
Founded in 2015 by Niraj Singh and Mohit Gupta and Ramanshu Mahaur, Spinny operates a full-stack used-car marketplace covering vehicle buying, selling, financing, insurance and after-sales services.
Over the years, the company has broadened its presence beyond used-car transactions. It completed the acquisition of automotive service platform GoMechanic in 2024 and later expanded into automotive media and car-related content through the acquisition of Autocar India.
These additions have given Spinny a presence across multiple parts of the automotive ownership journey, from purchasing a vehicle to servicing it and accessing related information.
Spinny has raised about $780 million
Spinny has raised approximately $780 million from investors to date, with Tiger Global and Accel among its largest backers.
Its latest funding round brought in around $165 million from Accel Leaders Fund, Fidelity and other investors. That transaction valued the company between $1.5 billion and $1.8 billion.
The combination of revenue growth, a wider operating footprint and substantial institutional backing places Spinny among the more prominent technology-led automotive companies preparing to enter the Indian public markets.
For now, the conversion of Valuedrive Technologies into a public limited company remains the clearest formal indication of Spinny’s IPO preparations. The proposed listing is expected in calendar year 2027, based on the reported plan.
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