Cars24 expects to be eligible to file IPO papers by April: CFO
Kalpana Maurya
1 Oct 2026 · 3 min read
Used-car platform Cars24 has received Singapore's approval to move its domicile to India and expects to be eligible to file its draft IPO papers by April, CFO Shivanshu Makkar told PTI. He said the company has not raised money since 2022 and would use IPO proceeds to expand from 25 to as many as 200 Indian cities.
Cars24 expects to be eligible to file its draft red herring prospectus (DRHP) by April, after it completes a reverse flip from Singapore to India, chief financial officer Shivanshu Makkar told PTI in an interview published on 27 September 2026. He said the redomiciling would take six to nine months.
Cars24 was incorporated in Singapore in 2015 and has received approval from Singapore to shift its base, Makkar said. Once it becomes an Indian entity it can file the DRHP, and he expects SEBI approval, pricing and book-building to take a further three to four months after that.
No fresh capital since 2022
Cars24's last funding round was in 2022, a $400 million Series G at a $3.3 billion post-money valuation. Makkar said the company has not raised since because it has not needed to, and is not burning cash.
He said there is no valuation target for the listing and that he does not see the IPO as an end in itself. "I'm not married to a valuation per se," Makkar told PTI. In his view, a listing would give liquidity to shareholders and employees, raise growth capital, and put an external stamp on governance the company has built internally over two years. He added that Cars24 might go public for that governance reason even if capital were available elsewhere.
The timeline is later than the six to twelve months that co-founder and CEO Vikram Chopra indicated in January, Inc42 noted.
What the money would be for
Makkar described primary capital from the IPO as a war chest for going deeper into India. Cars24 is in 25 cities in retail today and could expand to 200 cities and about 50,000 cars, he said, pointing to low car ownership: about five in every 100 Indians own a car.
Outside India, the company is looking at further growth in the Gulf and Australia. Makkar said Cars24 has around 7% of the UAE used-car market and is growing there at nearly 30%, and has expanded to three cities in Australia.
About Cars24
Cars24 was founded in 2015 by Vikram Chopra, Mehul Agrawal, Gajendra Jangid and Ruchit Agarwal. It runs an online marketplace for buying and selling used cars, along with financing, insurance support and warranties, and entered new-car sales last year. It has raised more than $1.3 billion from investors including SoftBank, Alpha Wave Global and Peak XV Partners.
Its India entity's operating revenue fell 18.3% to ₹5,091.7 crore in FY26, partly because its wholesale business moved from an inventory model to a commission model in mid-FY26. Net loss narrowed 18.7% to ₹441.1 crore, and the company reported adjusted EBITDA of ₹20 crore in Q4 FY26. Rivals Spinny and CarDekho parent Girnar Software are also preparing to list.
Key facts
- Company: Cars24
- Co-founders: Vikram Chopra (CEO), Mehul Agrawal, Gajendra Jangid, Ruchit Agarwal
- CFO: Shivanshu Makkar
- Plan: reverse flip from Singapore, then DRHP filing
- Expected DRHP eligibility: by April (2027)
- Last round: $400 million Series G in 2022 at $3.3 billion post-money valuation
- Retail footprint: 25 Indian cities, aiming for up to 200
- Reported: 27 September 2026
Frequently asked questions
When will Cars24 file for its IPO?
Its CFO expects the company to be eligible to file a DRHP by April, once its move from Singapore to India is complete.
When did Cars24 last raise funding?
In 2022, a $400 million Series G round at a $3.3 billion post-money valuation. It has not raised since.
Who founded Cars24?
Vikram Chopra, Mehul Agrawal, Gajendra Jangid and Ruchit Agarwal, in 2015. Chopra is the CEO.
How will Cars24 use IPO money?
Mainly to expand in India, from 25 retail cities to as many as 200, and to grow in new geographies.
