Cars24, an India-founded used-car marketplace, expects to become eligible to file draft IPO papers in India by April after completing a reverse flip from Singapore to India, CFO Shivanshu Makkar said.

Makkar said the company, incorporated in Singapore in 2015, has received approval in Singapore and is filing in India.

The redomiciling process is expected to take six to nine months.

Cars24 last raised capital in 2022 at a post-money valuation of US$3.3 billion.

Makkar said the company is considering an IPO mainly to fund expansion in India and overseas markets, including the Gulf and Australia.

It already operates in India, the United Arab Emirates, and Australia.

Makkar also said Cars24 has not raised external funding since 2022 because it has not needed more capital.

🔗 Source: Press Trust of India

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