Cars24, the IPO-bound used-car marketplace, says it became profitable for the first time in Q4 FY26 with ₹20 crore adjusted EBITDA. The company also claims “structurally positive” margins in the UAE and operating profitability in Australia, attributing gains to AI-led efficiencies, lower acquisition costs, and lending momentum. Full FY26 EBITDA loss narrowed, while transaction volumes shifted toward vehicle ownership services.
India’s used car market is expected to nearly double to around $70 billion by 2031 from about $35 billion today, a Redseer Strategy Consultants report says. Growth is being powered by greater affordability, shorter ownership cycles and rising buyer demand as more customers look for value without sacrificing mobility.
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Spinny, the used car platform backed by Tiger Global, is reportedly gearing up for an IPO in early 2027. It has brought in investment bankers including Kotak Mahindra Capital, Morgan Stanley, and Citigroup, with an IPO structure likely combining fresh issue and offer for sale. The company recently raised $170 million, and its valuation is estimated around $1.5 billion.
Cars24 cofounder Gajendra Jangid is taking a break from his CMO role amid fresh top-level changes at the used-car platform. The company says it is targeting an IPO within the next six to twelve months, supported by strong recent financial performance. The leadership shift is widely viewed as aligning the business for growth and a public-market debut.
Used car unicorn Spinny is reportedly preparing for a potential IPO in the first quarter of 2027, with investment banking advisers including Kotak Mahindra Capital, Morgan Stanley and Citigroup. The plan is expected to combine fresh issue and offer for sale, but discussions on public float, valuation and issue size are still ongoing. The move follows its recent $170 million funding round.
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