CEO Vikram Chopra says Cars24 intends to go public within the next 12 months
Cars24 plans IPO in next 6–12 months as revenue growth accelerates
Used-car sales platform Cars24 is planning to go public in the next six to 12 months, founder and chief executive Vikram Chopra said, as the company reported improved revenue growth in the first half of FY26 and expanded beyond its core marketplace business.
Sharing the company’s
financial performance in a post on X, Chopra said, “Hoping to go for
the IPO in 6–12 months from now. We have built momentum. Now we compound it. It
is a huge market of $200 bn+.”
The proposed listing comes as the SoftBank-backed company accelerates its push into financing and vehicle ownership services, seeking to diversify revenue streams and improve margins.
For H1 FY26 (April–September), Cars24 reported adjusted net revenue of Rs 651 crore, up 18% year-on-year, according to its performance update. During the period, the platform facilitated transactions of about 85,000 vehicles across India, the UAE and Australia, with vehicle transaction gross merchandise value (GMV) of Rs 3,731 crore.
While overall transaction GMV declined marginally, the company attributed this to a strategic shift toward higher-margin retail transactions, which now account for more than half of vehicle GMV.
Financing emerges as key growth driver
Financing has emerged as a major growth lever for Cars24. Loan disbursements rose 38% year-on-year to Rs 1,637 crore globally in H1 FY26, reflecting increased focus on credit-led monetisation.
In 2024, the company launched a superapp that brings together ancillary services such as vehicle repairs, financing, on-demand chauffeur bookings and service history records, aimed at deeper engagement and monetisation of its user base built through pre-owned car sales.
Cars24 has also expanded its vehicle ownership services, including insurance, challan payments, vehicle inspections and history reports under its CarTruth brand. GMV from these services jumped sharply to Rs 94 crore in H1 FY26, from Rs 5 crore a year earlier.
Acquisitions and growth outlook
Earlier this month, Cars24 announced the acquisition of Delhi-based vehicle information management startup CarInfo. While financial details were not disclosed, people aware of the matter estimated the cash-and-stock deal at Rs 400–425 crore. Last year, the company also acquired automotive community platform Team-BHP.
Looking ahead, Cars24 expects adjusted net revenue to exceed Rs 750 crore in the second half of FY26, implying around 35% year-on-year growth.
The company currently operates in India, the UAE and Australia, with more than 11 million monthly users visiting its platform. Cars24 was last valued at about $3.3 billion after raising $450 million in 2021.
A public listing would place Cars24 among a growing pipeline of new-age technology companies preparing to tap the capital markets amid improving investor sentiment. The company competes with Accel-backed Spinny, which acquired vehicle servicing platform GoMechanic last year.
