New Delhi, Sept. 22 -- Valuedrive Technologies Pvt Ltd, which operates used-car platform Spinny, has filed draft papers for an initial public offering (IPO) with the Securities and Exchange Board of India through the confidential route.

The company plans to raise Rs.3,000 crore through the IPO, according to a person close to the matter. While the timeline for the listing has not been finalised and may depend on regulatory clearances, it could take place in FY27, the person added.

According to Moneycontrol, which first reported the news, the issue is expected to comprise fresh capital and an offer for sale by existing shareholders.

On 12 June, Mint reported that the company has begun preparations to raise up to $300 million (around Rs.2...