Spinny plans up to $300 million IPO for used-car listing
Spinny, the used-car platform you might have seen ads for, is planning to raise up to $300 million through an IPO soon.
The company is getting help from big names like Morgan Stanley and Citi India and could become the first major Indian used-car platform to list, ahead of rivals like Cars24 and CarDekho, if the plans proceed as expected.
Spinny IPO offers early investor exits
This IPO is not just about raising money; it also gives early investors a chance to cash out.
Spinny, founded in 2015, has focused on making used-car buying more transparent and trustworthy.
They have already raised more than $700 million (including a fresh round earlier this year at a $1.28 billion valuation).
With revenues growing and losses shrinking last year, Spinny is hoping to ride the wave as India's used-car market heads toward a projected $70 billion by 2031.