India’s used car market continues to gain momentum, and Spinny is taking a significant step toward its next phase of growth. The full-stack used car platform has converted its parent entity from Valuedrive Technologies Private Limited to Valuedrive Technologies Limited, a move that typically precedes an initial public offering (IPO).
The corporate restructuring reflects Spinny’s preparations for a potential public listing, with reports indicating that the company has appointed investment banks to manage its proposed IPO expected in CY27.
Founded in 2015 by Niraj Singh and Mohit Gupta, Spinny has built an integrated used-car ecosystem that goes far beyond vehicle buying and selling. The platform offers financing, insurance, after-sales services, and vehicle ownership solutions, creating a comprehensive experience for both buyers and sellers.
Over the past few years, the company has also expanded strategically through acquisitions. It owns Truebil, acquired GoMechanic in 2024 to strengthen its automotive services capabilities, and added Autocar India in 2025 to deepen its automotive content and media presence.
Operationally, Spinny continues to scale rapidly. The company is currently selling nearly 15,000 cars every month, serving buyers across 25 cities while sourcing vehicles from sellers in more than 100 cities across India.
The expansion journey is far from over. Spinny plans to extend its buyer network to approximately 35 cities, adding around 10 new markets to strengthen its nationwide footprint and improve accessibility for customers.
Financial performance also reflects this momentum. Revenue from operations grew 25% year-on-year to ₹4,657 crore in FY25 from ₹3,730 crore in FY24. The company is now expected to close FY26 with revenue of around ₹6,000 crore, highlighting continued demand for organised, technology-enabled used car retail.
Investor confidence has remained strong throughout Spinny’s growth journey. The company has raised approximately $780 million to date, backed by leading investors including Tiger Global and Accel. Its most recent funding round brought in around $165 million from investors including Accel Leaders Fund and Fidelity Investments, valuing the company between $1.5 billion and $1.8 billion.
As India’s organised used car market matures, Spinny’s IPO preparations, expanding city presence, integrated service ecosystem, and strong revenue trajectory position the company for its next chapter of long-term growth.
Source: Based on publicly available reporting, with additional editorial adaptation and analysis.
