Spinny Parent Valuedrive Technologies Files Confidential Papers for IPO
Tiger Global backed Valuedrive Technologies begins the regulatory process for a proposed public listing of its used car business Spinny.
NEW DELHI, Sept 23: Valuedrive Technologies, the parent company of used car platform Spinny and backed by Tiger Global, has confidentially filed draft papers with the market regulator for an initial public offering (IPO).
The proposed listing comes as India’s online used car market continues to attract investor interest. The company disclosed the filing through a newspaper advertisement published on Wednesday, according to a Reuters report.
Valuedrive Technologies operates Spinny, a platform focused on the buying and selling of pre-owned vehicles. The confidential filing allows the company to begin the regulatory process while keeping details of the proposed issue private until a later stage.
The IPO move adds Spinny to a growing group of Indian consumer and technology focused companies exploring public market listings. The development also reflects continued investor interest in India’s digital commerce and automobile services sectors.
Further details on the size, structure and timing of the proposed share sale are expected to emerge as the company progresses through the regulatory process.
