Cars24 is coming home — and then to Dalal Street. CFO Shivanshu Makkar told PTI that the used-car marketplace expects to complete its reverse flip from Singapore to India by April 2027, after which it becomes eligible to file its DRHP (reported September 27–28, 2026).
The mechanics: Singapore re-domicile approval is received, India filings are underway, and the flip process takes 6–9 months. After that, DRHP filing plus SEBI approval, pricing and book-building takes another 3–4 months.
Cars24's balance sheet gives it patience: no fresh capital raised since the $400 million Series G at a $3.3 billion valuation in 2022 — the company is cash-positive with no burn. The IPO rationale is liquidity for shareholders and employees, plus governance, not fundraising. Expansion plans: retail footprint from 25 to ~200 Indian cities, ~50,000-car inventory, plus growth in the UAE (~7% market share, ~30% growth) and Australia (3 cities).
The reverse-flip wave keeps growing — Cars24 joins the queue of India-founded, Singapore-domiciled companies re-domiciling for a local listing.
Why it matters for founders
For founders thinking about domicile: Cars24's timeline is instructive — 6–9 months for the flip plus 3–4 months for the IPO process means you need to start roughly a year before your target listing. Being cash-positive and burn-free gives them the luxury of choosing their moment instead of chasing one.
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