IPO · Commerce & Consumer Brands

Cars24 targets April DRHP filing after India reverse flip

By Startup Enthusiast · 27 September 2026

Date: 27 September 2026
Company: Cars24
What it does: Used car buying and selling platform
Kind: IPO
Based in: Gurugram
Founded: 2015
Sector: Commerce & Consumer Brands

What they do

Cars24 operates a digital marketplace for buying and selling used cars, offering financing, inspection, and vehicle management services across multiple…

What happened

CFO Shivanshu Makkar stated the firm expects to file its IPO draft papers by April after completing its reverse-domiciliation process to India

Why it matters

The public listing aims to build a financial war chest for deeper expansion into domestic cities and international markets like the UAE and Australia

The details

Cars24 intends to submit its preliminary public offering papers (DRHP [preliminary registration document filed by a company with the market regulator before an initial public offering]) by April following the relocation of its corporate base from Singapore to India.
Chief Financial Officer Shivanshu Makkar explained that this corporate re-domestication [process of shifting a foreign-incorporated startup's parent entity back to its home country] requires six to nine months after receiving clearance from authorities abroad.
The enterprise secured its previous financing round in 2022 at a $3.3 billion post-money valuation and has sustained operations without additional outside capital since then.
Management intends to direct the proceeds from the upcoming stock market debut toward expanding retail operations across domestic and overseas markets.
Apart from its local presence, the organization plans to grow its footprint in international territories such as the UAE and Australia, currently serving three cities abroad.
Within the UAE territory, the firm captures around a 7 percent portion of the pre-owned vehicle sector while advancing at a growth rate near 30 percent.

The bigger picture

The migration back to the domestic market mirrors a strategic shift undertaken by other prominent digital consumer firms such as Flipkart and Myntra ahead of local stock market listings.
Executives view the public market debut not primarily as a fundraising necessity but as a milestone to establish formal compliance standards and offer exits to early participants.

About the business

Cars24 manages an online portal facilitating the purchase, sale, and financing of second-hand automobiles alongside related vehicle services.
The organization delivers used vehicle credit facilities, automobile assessments, price evaluations, insurance renewals, traffic fine settlements, and tag top-ups via its mobile software.
It maintains brick-and-mortar storefronts, verification centers, and online trading hubs for pre-owned automobiles.
Income is derived through transaction fees on vehicle exchanges, merchant subscription packages, interest on automotive loans, and ancillary service charges.
The enterprise caters to millions of consumers globally and has completed transactions for more than one million vehicles since inception.

What happens next

File the DRHP for an Indian public listing by April
Expand retail presence from 25 cities to 200 cities domestically
Scale inventory capacity to approximately 50,000 cars

The deal

Type: IPO

Founders

Vikram Chopra, Co-Founder and CEO
Gajendra Jangid, Co-Founder
Mehul Agrawal, Co-Founder
Ruchit Agarwal, Co-Founder

About Cars24

Product: An online platform for used-car buying, selling, and related lending services.
Customers: Consumers and dealers transacting in used cars.
How it makes money: It earns from vehicle sales, marketplace transactions, and financing-related services.
What sets it apart: Uses AI to improve operating efficiency and support growth.
Operations: Operates across multiple countries and runs auction and retail businesses in India.

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