The Amit Jain-led CarDekho parent company is reportedly targeting a valuation of up to Rs 15,000 crore as it prepares for a proposed initial public offering.
Girnar Software plans to file draft IPO papers as investors look to unlock value through a proposed stock market debut.
CarDekho parent Girnar Software is preparing to move ahead with its long-awaited initial public offering (IPO), with reports indicating the company is targeting a valuation of ₹13,000 crore to ₹15,000 crore.
The Jaipur-based company is expected to file its draft red herring prospectus during the July-September quarter, with the proposed IPO size estimated at ₹3,000 crore to ₹3,500 crore.
Although the company has not officially confirmed the offering, the proposed listing would mark a significant milestone for one of India’s largest automotive technology platforms.
IPO likely to be driven by an offer for sale
According to media reports, the IPO will primarily consist of an offer for sale (OFS) by existing shareholders.
A fresh issue of approximately ₹300 crore is expected to account for about 10 percent of the total offering, allowing the company to raise limited new capital while providing early investors with an opportunity to partially exit their investments.
Axis Capital, IIFL Capital, Goldman Sachs, and Nomura have reportedly been appointed as the book-running lead managers for the proposed issue.
Girnar Software is also considering filing its draft prospectus through the confidential pre-filing route, although the company has not yet made a final decision.
Existing investors may reduce their holdings.
Several prominent investors are expected to participate in the offer for sale.
Reports suggest that Peak XV Partners, Hillhouse Capital, and CapitalG, Google’s investment arm, could sell part of their shareholdings during the IPO. However, the final list of selling shareholders and the size of their respective stakes are expected to be determined closer to the filing.
The proposed valuation exceeds the company’s previous private valuation of approximately US$1.2 billion, or around ₹9,000 crore, following its funding round in October 2021.
Diversified automotive technology business
Founded in 2008 by brothers Amit Jain and Anurag Jain, Girnar Software has expanded far beyond its original online automotive marketplace.
Today, the group’s portfolio includes CarDekho, BikeDekho, ZigWheels, PowerDrift, vehicle financing platform Rupyy, car rental business Revv, and fleet management company Carrum.
The proposed IPO is expected to include the group’s automotive classifieds, financing, and mobility businesses.
However, InsuranceDekho, which was incubated within the CarDekho Group, will remain an associate investment and is not expected to form part of the proposed listing. The final structure will become clear once the official offer documents are filed.
InsuranceDekho is pursuing a separate listing.
InsuranceDekho is progressing independently towards its own public market debut.
The company is completing its merger with insurance distribution platform RenewBuy, following approval from the Competition Commission of India in November 2025.
The combined insurance business plans to file draft IPO papers by the end of September, with a listing targeted before March 2027. The proposed offering is expected to raise between ₹3,500 crore and ₹4,000 crore through a combination of fresh shares and an offer for sale.
Stronger financial performance supports IPO plans.
Girnar Software’s renewed listing plans follow a period of improving financial performance.
For the financial year ended March 2025, the CarDekho Group reported consolidated operating revenue of ₹2,795 crore, representing a 24 percent increase from ₹2,250 crore in the previous year.
The company’s consolidated loss before exceptional items and its share of associate losses narrowed to ₹266 crore, compared with ₹276 crore a year earlier.
Meanwhile, the group’s standalone automotive classifieds and financing business remained profitable before exceptional items for the second consecutive year, with revenue exceeding ₹1,000 crore.
Girnar Software also strengthened its balance sheet, ending March 2025 with net cash reserves of ₹1,177 crore.
IPO follows strategic realignment
The proposed listing comes after Girnar Software ended preliminary merger discussions with listed automotive marketplace CarTrade Tech.
In November 2025, CarTrade disclosed that both companies had explored a possible combination involving CarDekho and BikeDekho but mutually decided not to proceed with the transaction.
Girnar Software had previously considered an IPO before postponing its plans to focus on improving profitability and completing the InsuranceDekho-RenewBuy merger process.
With stronger financial performance, a healthier cash position, and renewed investor interest, the company now appears to be positioning itself for one of India’s closely watched technology IPOs, subject to regulatory approvals and market conditions.
Source: ISN
