Used-Car Unicorns Slim Down to Raise $1 Billion Via India IPOs

Some of India’s biggest online vendors of used cars are trimming costs and quitting secondary ventures to prepare for potential stock listings that could raise more than $1 billion combined, according to people familiar with the development.

Three Unicorn startups — CARS24 Services Pvt., CarDekho and Spinny — that buy and sell pre-owned vehicles are in early talks with bankers to assess investor appetite, the people said, asking not to be named as the talks are private. The startups are also assessing restructuring requirements necessary for their businesses to be ready for initial share sales, they said.

The online used car marketplaces are looking to cash in on the growing investor interest in domestic-focused businesses in India, which has emerged as the third busiest IPO destination in the world this year.

Photographer: Sanjit Das/Bloomberg

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