Thursday, January 15, 2026
SoftBank-Backed CARS24 Prepares for 2026 IPO Debut After Slashing Burn and Scaling Vehicle Ownership Ecosystem
The GMA Admin
Used-car marketplace CARS24 is preparing to go public within the next year, following a strong financial performance in the first half of FY26. Co-founder and CEO Vikram Chopra announced the IPO timeline on January 15, 2026, citing a significant narrowing of losses and a pivot toward a high-margin “vehicle ownership” super-app model.
The SoftBank-backed unicorn reported an 18% year-on-year (YoY) increase in adjusted net revenue, reaching INR 651 Cr for H1 FY26.
Key Financial Highlights (H1 FY26)
CARS24 has focused on improving unit economics as it eyes a listing in the $200 billion used car market.
- Narrowing Losses: The startup trimmed its adjusted EBITDA loss by 36% YoY, reducing it to INR 162 Cr.
- Financing Growth: Loan disbursements rose 38% YoY to INR 1,600 Cr, emerging as a major growth engine.
- Volume Metrics: Approximately 85,000 cars worth INR 3,700 Cr were transacted on the platform across India, the UAE, and Australia.
- User Engagement: The platform recorded over 1.1 Cr monthly active users.
Strategic Pivot: From Marketplace to “Super-App”
Over the last 18 months, CARS24 has transformed from a simple buy/sell platform into an end-to-end vehicle ownership ecosystem. This transition was accelerated by two major acquisitions:
- Team-BHP (2025): Entry into automobile-focused content and community.
- CarInfo (Jan 2026): Integration of vehicle data, insurance, and compliance services.
These ancillary services—including challan payments, insurance, and “Chauferly”—contributed INR 94 Cr in GMV during H1, a 19x increase compared to previous periods.
Market Context & IPO Boom
CARS24’s move aligns with a broader surge in the Indian startup ecosystem. After 18 startup IPOs in 2025, CARS24 aims to join the likes of Amagi and Shadowfax in the 2026 public market pipeline. If successful, CARS24 would be the second major auto-tech player to list in India after its rival, CarTrade.
Conclusion
With its international operations in the UAE already turning EBITDA positive (INR 9 Cr profit in H1), CARS24 is positioning itself as a diversified, global technology firm rather than a local marketplace. The next 6–12 months will be critical as the company seeks to maintain its 35% growth trajectory for H2 FY26 while convincing public investors of its long-term profitability.