Tiger Global-backed Valuedrive Technologies, the operator of Indian used-car platform Spinny, has confidentially filed draft papers with the market regulator for an initial public offering, a newspaper advertisement published on Wednesday showed.
The Gurugram-based company is targeting a total issue size of at least 30 billion rupees ($313.84 million) through the IPO, comprising an almost equal mix of fresh shares and an offer for sale by existing investors, the Economic Times reported on Tuesday, citing sources.
Spinny could not be immediately reached for comment outside regular business hours.
Spinny was valued at up to $1.5 billion in February after an up to $170 million funding round led by Fidelity and Accel Leaders Fund, the ET previously reported. In 2021, it raised $283 million from investors including Abu Dhabi-based ADQ and New York-based Tiger Global at a $1.8 billion valuation.
Under India’s confidential filing process, companies can submit draft IPO documents to the market regulator without making them public, allowing them to shield sensitive financial and business information while seeking regulatory feedback.
Founded in 2015, Spinny operates an online marketplace for pre-owned vehicles, allowing customers to buy and sell used cars online and book test drives. It competes with used-car marketplace CARS24 in India’s growing pre-owned car market.
The IPO filing comes as primary market activity in India picks up pace after a muted first half of the year.
Reuters
