Tiger Global-backed Spinny said to hire banks for IPO

Valuedrive Technologies Pvt. Ltd., which operates the Indian used-car marketplace Spinny, is weighing an initial public offering in Mumbai and has engaged investment banks for the process, according to people familiar with the matter.

The company, backed by investors including Tiger Global and Accel Leaders Fund, has tapped Kotak Mahindra Capital Co., Morgan Stanley and Citigroup Inc. as advisers, the people said, asking not to be identified as the information is private.

The planned IPO is expected to include a mix of primary and secondary shares and may take place in the first quarter of next year, the people said, adding that discussions are ongoing and details of the offering, including size and timing, remain subject to change.

Representatives for Spinny and the banks didn’t immediately respond to requests for comment.

India’s IPO market has cooled in recent months, with companies deferring listings amid volatility driven by the Iran war and slower domestic earnings growth. Conditions may shift if equity markets stabilize, potentially drawing issuers with resilient business models back to revive fundraising plans.

Earlier this year, Spinny raised about $170 million in a funding round led by Fidelity Investments and Accel, valuing the company at around $1.5 billion, according to a report by The Economic Times.