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Cars24 Eyes April DRHP Filing After Singapore-India Reverse Flip
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News18•27-09-2026, 10:45
Cars24 Eyes April DRHP Filing After Singapore-India Reverse Flip
- •Cars24 expects to be eligible to file its draft red herring prospectus (DRHP) by April 2024, following the completion of its reverse flip from Singapore to India.
- •The re-domiciling process, similar to Flipkart and Myntra, is anticipated to take six to nine months, with approval already secured from Singapore.
- •The company's last funding round in 2022 valued it at USD 3.3 billion, and it has not raised additional capital since due to sufficient existing funds.
- •Cars24 plans an IPO primarily to create a war chest for expansion into new Indian cities and international markets like the Gulf region and Australia, not to address an immediate funding need.
- •CFO Shivanshu Makkar emphasized that the IPO would also provide liquidity to shareholders and employees, and offer a stamp of governance for the company.
Key Questions Answered
Cars24 expects to be eligible to file its draft red herring prospectus by April after completing its reverse flip from Singapore to India, which is estimated to take six to nine months.
The primary purpose of the IPO is to create capital for expansion into new geographies and deeper into India, as well as to provide liquidity to shareholders and employees.
Cars24 secured its last funding round in 2022 at a USD 3.3 billion post-money valuation and has not raised external capital since then.
