Spinny IPO: Used-Car Startup Targets 2027 Listing
Spinny has pre-filed its IPO papers and is looking to raise ₹2,500 Cr to ₹3,000 Cr through a combination of fresh shares and an offer for sale, according to sources told Inc42. The Gurugram-based startup is targeting a potential listing in 2027, subject to regulatory approvals. The final issue size and structure could change during the IPO process.
Spinny’s IPO plans come as India’s used-car market increasingly becomes a mainstream choice. The market is expected to reach around $70 Bn by FY31, with annual sales projected to touch 9-10 Mn vehicles and the segment expected to grow at a 14-18% CAGR, according to Redseer.
What Spinny does
Spinny follows an inventory-led, full-stack model. It buys used cars directly from consumers, inspects and refurbishes them, then sells them to customers. The company also facilitates financing and insurance, and offers warranty and other protection products.
Spinny is expanding beyond its core retail used-car proposition. Its Spinny Circle platform, launched last year, is aimed at helping new-car dealerships manage exchange vehicles through inspection, valuation, sale and settlement. In November 2025, Spinny acquired car-servicing and repair startup GoMechanic in a cash-and-stock transaction valued at approximately ₹450 Cr.
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India’s used-car market
Nearly 80% of used-car transactions still happen through unorganised channels. The market remains highly fragmented, leaving room for platforms that can bring greater trust and standardisation to the buying process.
Inspection and certification, transparent pricing, financing, warranties and ownership transfers are increasingly becoming part of the organised used-car experience.
The key question is whether Spinny’s scale can translate into profitability. Its operating revenue nearly doubled over two years to ₹4,656 Cr in FY25 and is estimated to have grown another 29% to around ₹6,000 Cr in FY26, but the company reported a loss of ₹423.8 Cr in FY25.
Spinny’s inventory-led model gives it control over vehicle quality, pricing and customer experience, while exposing it to inventory management, refurbishment and resale-value risks. Its IPO will be watched for how the market prices that trade-off, as Spinny seeks to widen monetisation through financing, insurance and after-sales services.
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