Used car marketplace Spinny is looking to go public within the first quarter of 2027, as per a report by Bloomberg. As per sources, the Tiger Global–backed unicorn is said to have roped in Kotak Mahindra Capital, Morgan Stanley, and Citigroup for a potential initial public offering (IPO).

The planned IPO is expected to include a mix of fresh issue and offer for sale (OFS) components. As discussions on the proposed public float are still underway, details like issue size, valuation, and timeline are yet to be ascertained. 

Queries on the development sent to Spinny by Inc42 did not elicit a response at the time of the publication. The story will be updated upon receiving a revert.

The development comes months after Spinny raised $170 Mn (around ₹1,400 Cr) in a funding round earlier in February, led by US-based investors Fidelity Investments and Accel India. 

The round reportedly included $90 Mn in primary capital infused directly into the startup, while the remaining $80 Mn came through secondary transactions. In the secondary deal, early investors Blume Ventures and Fundamentum partially exited their holdings, with Fidelity Investments and WestBridge Capital acquiring those shares.

The funding round valued Spinny at around $1.5 Bn, marking a slight decline from its previous valuation of $1.7 Bn, which it had achieved after raising $131 Mn in 2025.

Founded in 2015 by Niraj Singh, Mohit Gupta, and Ganesh Pawar, Spinny offers users a marketplace for buying and selling certified used cars. 

Since its inception, the startup has raised about $676 Mn from investors including Tiger Global and Accel, which are among its largest shareholders.

It competes with the likes of Cars24, CarDekho, and Droom in India’s fast-growing used car market, where more buyers are steadily moving towards organised and trusted platforms.

On the financial front, Spinny narrowed its net loss by 28% to ₹423.8 Cr in FY25 from ₹590.3 Cr in the previous fiscal year. The second consecutive year improvement in financials came on the back of strong revenue growth, with the ecommerce unicorn’s operating revenue rising 25% to ₹4,656.1 Cr in FY25 from ₹3,730 Cr a year earlier.

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