{
  "id": 10385963,
  "title": "Cars24 Eyes April 2027 Reverse Flip Ahead Of IPO Filing",
  "url": "https://urgent.news/2026/09/28/cars24-eyes-april-2027-reverse-flip-ahead-of-ipo-filing",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-28T06:26:58.000Z",
  "source": {
    "name": "Inc42",
    "slug": "inc42",
    "url": "https://inc42.com/buzz/cars24-eyes-april-2027-reverse-flip-ahead-of-ipo-filing/"
  },
  "original_language": "en",
  "account": "Cars24, an online marketplace for buying and selling used cars, is planning to reverse its domicile from Singapore to India by April 2027, paving the way for an IPO filing. CFO Shivanshu Makkar informed PTI that Singapore has given its approval for the redomicile, and the company is currently filing the necessary paperwork in India. Makkar estimates that the process will take six to nine months.\n\nFollowing the filing of the Direct Offer Document (DRHP), the IPO process could take another three to four months, including SEBI approvals, pricing, and book-building. This timeline exceeds the window previously set by founder and CEO Vikram Chopra, who previously stated that the company aimed to go public within six to twelve months. Makkar clarified that Cars24 has not raised any fresh capital since its $400 million Series G round, as it currently has sufficient cash reserves and does not require additional funds.\n\nThe IPO will provide liquidity to existing shareholders and employees, while also giving the company an opportunity to strengthen its corporate governance as a listed entity. The primary capital raised from the IPO will be used to expand Cars24's presence in the Indian market, which has ample room for growth due to low car ownership figures. Makkar also mentioned that the company is exploring expansion opportunities in the Gulf countries and Australia.\n\nCurrently, Cars24 holds a 7% share of the UAE's used-car market and has experienced nearly 30% growth in that region. In Australia, the company has expanded into three cities. Since its founding in 2015 by Chopra, Agrawal, Jangid, and Agarwal, Cars24 has raised over $1.3 billion in funding from investors like SoftBank, Alpha Wave Global, and Peak XV Partners. The startup recently reported profitability, with adjusted EBITDA reaching ₹20 crore in Q4 FY26.",
  "summary": "Used-car marketplace Cars24 expects to complete its reverse flip from Singapore to India by April 2027, following which it plans…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}