Spinny kicks off $250-300M IPO, racing Cars24 to be India's first listed used-car platform
Valuedrive Technologies, which operates Spinny, has begun DRHP work with Morgan Stanley, Kotak and Citi for a $250-300M IPO expected to file next quarter. Last valued at $1.28B with $700M raised to date, Spinny posted FY25 revenue of ₹4,656.83 cr against a ₹423.81 cr loss as it eyes a used-car market projected at $70B by FY31.
Spinny operator Valuedrive Technologies has started work on a $250-300 million IPO, with DRHP expected next quarter via Morgan Stanley, Kotak and Citi. Would be India's first listed used-car platform, ahead of Cars24 and CarDekho.