Valuedrive Technologies Pvt Ltd, which operates used-car platform Spinny, has begun preparations to raise up to $300 million through an initial public offering (IPO) and is expected to file draft papers over the next quarter, according to two people familiar with the matter.
“The company plans to raise about $250-300 million and has begun work on the DRHP,” one of the people cited above said. It has roped in Morgan Stanley, Kotak Mahindra Capital, and Citi India to advise on the process, the second person added.
Both the people spoke on condition of anonymity as the discussions remain private.
If the plans proceed as expected, the listing will add to the growing pipeline of companies heading to public markets and could make Spinny the first major player in India’s used-car platform segment to list, ahead of rivals such as Cars24 and CarDekho.
The IPO is expected to provide an exit opportunity for some of Spinny’s early investors while giving the company fresh capital to fund expansion.
While Citi declined to comment; Morgan Stanley, Kotak, and Spinny founder and chief executive Niraj Singh did not immediately respond to Mint’s requests for comment till the time of publishing.
Growth journey
Founded in 2015 by Singh, Mohit Gupta and Ramanshu Mahau, Spinny was launched as India’s used-car market began gaining momentum, driven by consumers seeking better value and affordability.
The company sought to address key challenges in used-car transactions, including information asymmetry, a lack of trusted intermediaries, and the difficulty buyers and sellers faced in discovering fair prices across a fragmented market.
Through the years, Spinny raised over $700 million from several investors including Tiger Global Management and Elevation Capital. More recently, the company closed a $160-170 million round led by US-based investors Fidelity and Accel Leaders Fund in February 2026, according to a report by Economic Times.
The transaction included about $90 million of primary capital, with the remainder coming through secondary share sales by early investors Blume Ventures and Fundamentum. The round valued Spinny at about $1.28 billion as of February 2026, according to data sourced from Tracxn.
In FY25, Spinny’s revenue from operations rose to ₹4,656.83 crore from ₹3,730.01 crore a year earlier.
Its losses narrowed to ₹423.81 crore from ₹587.52 crore in FY24, according to filings sourced by Tofler from the Ministry of Corporate Affairs.
Market opportunity
India’s used-car market is growing faster than any other major used-car market, and is on track to touch $70 billion with 9-10 million projected retail transactions by FY31, making it the third largest globally, Redseer said in a report in April.
While the unorganized segment still accounts for about 80% of the market, it often falls short on critical aspects such as transparency, trust, pricing and customer experience.
This, Redseer said, creates a significant opportunity for organized platforms such as Spinny as consumers increasingly seek a comprehensive offering that includes wider vehicle selection, competitive pricing, authenticity, financing options and value-added services.
