Spinny Files Confidential IPO Papers With SEBI to Raise ₹3,000 Crore
· Business · LiveMint, Moneycontrol
Valuedrive Technologies Pvt Ltd, which operates the used-car platform Spinny, has confidentially filed draft papers for an initial public offering with SEBI. The company plans to raise ₹3,000 crore through a combination of fresh capital issuance and an offer for sale by existing shareholders. The public listing could take place in FY27, pending final regulatory clearances and market conditions. Founded in 2015, Spinny reported revenue of ₹4,746.3 crore in FY24-25 with a narrowed net loss of ₹423.8 crore. Morgan Stanley, Kotak Mahindra Capital, and Citi India have been appointed as financial advisers for the upcoming IPO process.
Why it matters
Spinny's planned public listing marks a major milestone for India's organized pre-owned car sector, providing early institutional investors an exit while funding aggressive retail expansion.
Read the original report — LiveMint
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