Spinny Files Confidential Papers for ₹2,500–3,000 Crore IPO

Spinny has filed confidential papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) that could raise ₹2,500–3,000 crore, according to Fortune India. 

The development follows a change in the structure of Spinny’s parent company, Valuedrive Technologies. In August, the company was converted from a private limited company into a public limited company. 

The proposed IPO is likely to have two parts — a fresh issue of shares and an offer for sale (OFS) by existing investors. The final size and the mix between the two could change as the process moves forward. 

Revenue crosses ₹4,600 crore 

Spinny’s revenue from operations increased to ₹4,657 crore in FY25 from ₹3,730 crore a year earlier, a 25% rise. 

The company is estimated to have generated around ₹6,000 crore in revenue in FY26. It is also targeting 25–30% growth in FY27, according to the report. 

Investment banks appointed for the issue 

Kotak Mahindra Capital Company, Citigroup Global Markets India, Morgan Stanley India Company and 360 ONE WAM have been appointed as book-running lead managers for the IPO. 

The proposed issue would give existing investors an opportunity to sell part of their holdings through the OFS component, while the fresh issue would raise new capital for the company. The exact allocation between the two has not been disclosed. 

$90 million raised in latest funding round 

Spinny has raised around $698 million from institutional investors, including Accel, Tiger Global Management and General Catalyst. 

The company’s latest funding came through a $90 million Series G round in December 2025. 

Spinny has also made five acquisitions across auto e-commerce, retail, after-sales, road transport technology and media. 

The confidential filing puts Spinny’s IPO process in motion as the company moves towards a potential public listing. 

Source: Fortune India