Spinny turns public company with FY26 revenue near Rs 6,000 crore
The used car platform has renamed its parent entity and lined up Kotak, Morgan Stanley and Citi for a listing targeted at CY27.
- Parent renamed from Valuedrive Technologies Private Limited to Valuedrive Technologies Limited.
- FY25 revenue Rs 4,657 crore, up 25 percent. FY26 topline around Rs 6,000 crore.
- IPO targeted for CY27 with Kotak, Morgan Stanley and Citi appointed.
- Operates across 25 buyer cities and over 100 seller cities, moving about 15,000 cars a month.
Spinny has converted into a public limited company, with parent Valuedrive Technologies Private Limited renamed Valuedrive Technologies Limited. It is the standard corporate step before filing for a listing.
FY25 revenue was Rs 4,657 crore, up 25 percent year on year, with FY26 topline reaching around Rs 6,000 crore. The IPO is targeted for CY27, with Kotak, Morgan Stanley and Citi appointed as lead bankers.
Founded in 2015 by Niraj Singh and Mohit Gupta, the company operates across 25 buyer cities and more than 100 seller cities, moving roughly 15,000 vehicles a month. Backers include Tiger Global and Accel, with the most recent raise of 165 million dollars struck at a valuation between 1.5 and 1.8 billion dollars. The group also holds Truebil, GoMechanic, acquired in 2024, and Autocar India, acquired in March 2025.
The asymmetry between 25 buyer cities and over 100 seller cities is the operating insight. Supply is gathered widely and demand is served narrowly, because inspection, refurbishment and warranty only work where you have physical depth.
Any category with high value, trust dependent, individually variable inventory tends to end up with the same shape.
Zane’s analysis draws on original reporting by Entrackr. Read the original report.