Sachin Tendulkar-backed Spinny set to launch IPO

Spinny, an online marketplace for pre-owned vehicles, has submitted its draft red herring prospectus to the Securities and Exchange Board of India (SEBI), marking a significant milestone in the company's growth trajectory. The IPO is expected to value the company at around Rs 3,000 crore, positioning it as a major player in India's rapidly expanding digital automotive sector.

The automotive e-commerce platform has gained prominence in recent years for its digital-first approach to buying and selling used cars. Spinny's business model leverages technology to streamline the traditionally fragmented second-hand vehicle market, offering consumers transparent pricing, quality assurance, and convenient transaction processes.

Tendulkar's backing reflects the growing trend of marquee personalities investing in high-growth technology startups. The former Indian cricket captain's involvement underscores the potential investors see in India's digital transformation and the automotive sector's modernization.

The IPO filing comes as online platforms continue to reshape consumer behavior in India, particularly in categories traditionally dominated by offline retail. Spinny's move to go public will likely intensify competition in the used car segment, which has attracted significant venture capital attention over the past few years.

Pending SEBI approval, the IPO is expected to provide the company with capital for expansion, technology development, and strengthening its market position across India.