Tiger Global-backed used-car platform Spinny has confidentially filed for an initial public offering with Sebi, targeting a total issue size of Rs 3,000-3,500 crore.
The IPO is expected to be split almost equally between a fresh capital raise and an offer for sale by existing investors. Spinny may use the funds to expand its presence across India.
Spinny’s Growth Trajectory
In February, Spinny closed a $160-170 million funding round led by US-based investors Fidelity and Accel Leaders Fund. The funding included $90 million of primary capital, while the rest was secondary sales by early investors.
Last November, Spinny acquired vehicle servicing startup GoMechanic in a Rs 450-crore cash and stock deal to expand its offerings.
Meanwhile, the government may discontinue subsidies for low-value UPI transactions as banks and payment companies start earning transaction-linked revenues from the network.
This shift aims to reduce the ecosystem’s reliance on taxpayer-funded support. No fresh subsidy has been paid for transactions since April 2025.
UPI Transaction Changes
The government introduced a 0.4% merchant discount rate (MDR) on person-to-merchant UPI transactions above Rs 2,000 from October 15, capped at Rs 300 for payments of Rs 75,000 and above.
Retail industry bodies fear small retailers will pass this cost to consumers or push for cash payments. Retailer associations, including RAI, AIMRA, and AICPDF, argue that retailers operating on thin margins have little room to absorb the additional cost.
Retail bodies would have preferred a nominal fixed charge on UPI transactions above Rs 2,000, similar to the Rs 5 levy on railway, mobile bill, and insurance payments.
The government began compensating banks and payment companies after making MDR on UPI and RuPay debit-card transactions zero from January 2020 to accelerate digital payment adoption.
Other IPOs on the Horizon
AceVector, the holding entity for Snapdeal, has set a price band of Rs 30-32 per share for its upcoming public offering.
The issue aims to raise Rs 287 crore in fresh capital, while existing shareholders will sell shares worth Rs 133 crore.
SoftBank plans to offload Rs 88 crore of its stake yet retain holdings valued at Rs 362 crore.
Its current ownership stands at 30.1%, positioning the Japanese investor as the largest shareholder.
Founders Kunal Bahl and Rohit Bansal together own roughly 34% of the company and will not participate in the sell-down.
Zetwerk, the contract manufacturing platform, reached a settlement with US-based Ayr Energy, ending a series of legal battles across jurisdictions.
The agreement also includes a joint request to terminate an ongoing US International Trade Commission probe into certain transformer components.
While financial terms remain undisclosed, the resolution clears a hurdle as Zetwerk prepares for a public listing.
Sebi has already cleared Zetwerk’s IPO proposal, targeting a total issue size of roughly Rs 5,000 crore.
The plan incorporates Rs 2,700-2,800 crore of fresh capital to fund expansion and technology upgrades.
Co-founders Srinath Ramakkrushnan and Amrit Acharya highlighted the settlement as a catalyst for accelerated growth.
Sector Updates: AI Safety and Captain Fresh
India’s AI policy circle has raised concerns over a safety gap in testing frontier models before public deployment.
Officials point to a lack of domestic large-scale models and no formal mechanism to evaluate overseas breakthroughs.
Kazim Rizvi of The Dialogue warned that models safe in Western settings might behave differently with Indian languages and critical infrastructure.
The proposed solution calls for a trusted evaluation programme involving government agencies, technical institutes, and independent experts.
Testing would occur in controlled environments with strict confidentiality, information-security, and conflict-of-interest safeguards.
The drop follows a one-time IPO-related expense of Rs 30 crore that weighed on earnings.
Operating profit, however, surged to Rs 105.8 crore, reflecting improved margins in core trading activities.
Net tax shifted to an expense of Rs 29.4 crore after a credit position in the prior fiscal year.
Losses under discontinued operations widened, reaching Rs 26.8 crore compared with Rs 15.5 crore previously.
Founder Utham Gowda outlined ambitions to double revenues to Rs 10,000 crore and lift adjusted EBITDA to Rs 700 crore by FY27.
The company’s strategic focus remains on expanding its logistics network and deepening supplier relationships across coastal regions.
