Spinny Converts to Public Company Ahead of Planned IPO
Spinny has converted its parent entity into a public company, marking a key step towards its planned IPO expected in 2027.
SociapaHQ
Used-car retail platform Spinny has taken a step closer to a public market debut with the conversion of its parent entity Valuedrive Technologies from a private limited company to a public limited company in a move seen as a precursor to an initial public offering (IPO).
In regulatory filings, the company's legal name has been changed from Valuedrive Technologies Private Limited to Valuedrive Technologies Limited. Such conversion is a mandatory procedural step before companies can file draft IPO documents with market regulator Sebi.
Spinny is looking at a public listing in 2027 to tap into the growing organised used-car market in India, the report said.
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IPO Preparations:
The company has appointed Kotak Mahindra Capital, Morgan Stanley and Citi as advisers for the proposed IPO, according to reports. The public issue is the next phase of growth for the company after more than a decade of operations in the country’s used vehicle market.
Spinny, a full-stack used car platform in India that buys and sells cars and also offers financing, insurance and after-sales support, was founded in 2015 by Niraj Singh, Mohit Gupta and Ramanshu Mahaur. The company has grown from a marketplace model to create an integrated ecosystem for pre-owned vehicles.
The company also reported strong financial growth. FY25: Revenue from operations was ₹4,656.8 crore as compared to ₹3,730 crore in FY24 on the back of sustained demand for organised used-car retail.
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Spinny currently transacts nearly 15,000 vehicles every month, and caters to buyers across 25 cities and sellers from over 100 cities on its platform. The company is also looking to expand its buyer network across some 35 cities in the next few months as part of its nationwide growth strategy.
The IPO preparations come after years of fundraising from global investors. Spinny has raised about $780 million from investors like Tiger Global, Accel, and Fidelity, with reports pegging the company’s valuation at between $1.5 billion and $1.8 billion in its latest fundraising round.
The development puts Spinny in the league of a growing number of venture-backed startups gearing up to tap public markets as India’s IPO pipeline continues to gather pace. The conversion to a public company is an important milestone in the listing process and demonstrates the company’s desire to move into its next phase of expansion thru the capital markets.
