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.
What happened
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
Key facts
- $250-300 million IPO
- $700 million raised to date
- $160-170 million Feb 2026 round
- $1.28 billion valuation
- FY25 revenue ₹4,656.83 cr
- FY25 loss ₹423.81 cr
- $70 billion used-car market by FY31
Why this matters
Spinny's DRHP filing tightens the window for OEMs, banks, and auto marketplaces to lock partnerships or stakes before public-market disclosure constraints and a listed competitor reshape the used-car deal landscape.