Spinny lines up $250-300M IPO, picks Morgan Stanley, Kotak, Citi for DRHP next quarter
Used-car platform Spinny is prepping India's first listed pure-play used-car IPO, targeting a $250-300 million raise with a DRHP filing next quarter. FY25 revenue rose to ₹4,657 crore against a ₹424 crore loss. Last valued at $1.28 billion, Spinny is also closing a $160-170 million round in Feb 2026.
Used-car platform Spinny is preparing a $250-300 million IPO with Morgan Stanley, Kotak and Citi, targeting a DRHP filing next quarter. FY25 revenue rose to ₹4,657 crore; it would be India's first listed used-car platform.