Used-car platforms CARS24, Spinny, CarDekho mull $1B IPO
CARS24, CarDekho, and Spinny—some of India's biggest online used-car platforms—are exploring going public and together raise over $1 billion in the next 12-18 months.
They're currently talking with bankers about how to make it happen, even as India's IPO scene is buzzing this year, with local companies already pulling in more than $10 billion.
Restructuring and cost-cutting measures at play
Facing pressure from major backers like Google Capital and Tencent, CARS24 has cut jobs and dropped side projects to focus on its main business.
CarDekho has delayed its IPO plans for now and might merge its insurance arm with RenewBuy.
Spinny is slowing down expansion while looking for more funding.
Droom is also restructuring to target premium buyers—all moves coming after these companies reported losses for the year ending March 2024.