Girnar Software, the parent of CarDekho, is preparing for an IPO of up to ₹3,500 crore. The listing will primarily involve an offer for sale by existing investors, with a small fresh capital raise of ₹300 crore. The group reported ₹2,795 crore in operating revenue for FY25 and holds a net cash balance of ₹1,177 crore as it seeks a valuation between ₹13,000 crore and ₹15,000 crore.
Girnar Software, the parent company of the automotive marketplace CarDekho, is moving forward with plans for an initial public offering. The company is expected to file its draft documents between July and September 2026. This move follows the company’s efforts to strengthen its financials after earlier discussions regarding a potential consolidation with the listed peer CarTrade Tech concluded without a deal in November 2025.
Financial Position and IPO Structure
The planned IPO is expected to be valued between ₹13,000 crore and ₹15,000 crore, a figure that represents an increase from the company’s $1.2 billion private valuation secured in October 2021. The total offering size is estimated at ₹3,000 crore to ₹3,500 crore. A large part of this will be an offer for sale, where existing backers such as Peak XV Partners, Hillhouse Capital, and Google’s CapitalG may reduce their stakes. The company also plans a fresh issue of around ₹300 crore, which is expected to be used for general corporate purposes.
For the fiscal year ending March 2025, the CarDekho Group recorded a 24% growth in consolidated operating revenue, reaching ₹2,795 crore. While the group reported a consolidated loss before exceptional items of ₹266 crore, its core business units—covering automotive classifieds and vehicle financing—achieved profitability for the second year in a row. The company maintains a healthy liquidity position with net cash reserves of ₹1,177 crore, which may provide some flexibility as it moves toward the public market.
Strategic Scope and Separate Entities
The upcoming listing will include Girnar Software's primary automotive and mobility segments, such as CarDekho, BikeDekho, ZigWheels, and its financing platform, Rupyy. Investors should note that the group’s insurance venture, InsuranceDekho, is not part of this IPO. InsuranceDekho is currently finalizing its merger with RenewBuy. Following this integration, the combined insurance entity is separately planning its own IPO, which may potentially seek to raise between ₹3,500 crore and ₹4,000 crore by March 2027.
As the company prepares for its public debut, the key areas for investors to monitor will be the final valuation determined during the process, the extent of the stake sale by early investors, and the company's ability to maintain revenue growth while managing overall profitability. The IPO process is being managed by a group of banks including Axis Capital, IIFL Capital, Goldman Sachs, and Nomura.