Cars24 Eyes India IPO Filing After Singapore Reverse Flip
Indian used-car marketplace Cars24 expects to become eligible to file draft IPO papers in India by April, following a reverse flip from Singapore.
Cars24, an India-founded marketplace for used cars, is aiming to become eligible to file its initial public offering (IPO) papers in India by April. This move follows the completion of a reverse corporate restructuring, shifting its domicile from Singapore back to India, according to Chief Financial Officer Shivanshu Makkar.
The company, originally incorporated in Singapore in 2015, has received approval in Singapore and is proceeding with filings in India. The redomiciling process is anticipated to take approximately six to nine months to finalize.
Cars24 last raised capital in 2022, achieving a post-money valuation of US$3.3 billion. Makkar stated that the primary motivation for pursuing an IPO is to secure funding for expansion, both within its home market in India and in overseas territories, including the Gulf region and Australia. The company currently operates in India, the United Arab Emirates, and Australia.
Makkar also noted that Cars24 has not sought external funding since 2022, indicating that the company has not required additional capital. The planned IPO is intended to fuel future growth and market expansion initiatives.