Tiger Global-Backed Spinny Said to Hire Banks for Indian 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 ...