Tiger Global-backed Spinny prepares Mumbai IPO as used-car startups chase $1bn pipeline

India's used-car market is about to test public investors' appetite for inventory-heavy business models. Spinny has engaged investment banks for a Mumbai listing, joining peers CARS24 and CarDekho in pursuing IPOs that could collectively raise over $1 billion within 18 months. The company raised $131 million in pre-IPO funding at a flat $1.7 billion valuation while cutting losses by 28 percent to INR 424 crore for the second consecutive year as financial reports detail. Spinny's acquisition of automotive media titles signals a bet that content can drive trust in an industry where procurement costs and refurbishment expenses still plague unit economics. Early backers like Tiger Global need exits, and India's hot IPO market offers the best window in years.