Author: Nishtha Mehrotra | EQMint
Tiger Global-backed Valuedrive Technologies, the parent company of used-car marketplace Spinny, has confidentially filed draft IPO papers with the Securities and Exchange Board of India (SEBI), according to a newspaper advertisement published on Wednesday.
The Gurugram-based company is targeting an IPO of at least ₹3,000 crore ($313.84 million). The issue is expected to comprise an almost equal mix of fresh shares and an offer for sale (OFS) by existing investors, according to sources cited by the Economic Times.
Spinny was valued at up to $1.5 billion in February 2026 following a funding round of up to $170 million led by Fidelity and Accel Leaders Fund. In 2021, the company raised $283 million from investors including Tiger Global and Abu Dhabi-based ADQ at a $1.8 billion valuation.
Founded in 2015, Spinny operates an online platform for buying and selling pre-owned vehicles and also offers test-drive bookings. The company competes with players such as CARS24 and CarDekho in India’s used-car market.
The confidential filing allows Spinny to seek regulatory feedback while keeping its draft IPO documents and sensitive financial information private during the initial stage of the process.
Sources: Reuters, Economic Times, Moneycontrol
Disclaimer: This article is for information purposes only and is not investment advice.
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