CarDekho parent Girnar Software to file DRHP with SEBI this quarter for a ₹3,000-3,500 crore IPO, targeting a ₹13,000-15,000 crore valuation. Check
CarDekho parent Girnar Software plans to file draft IPO papers with SEBI, targeting a ₹13,000-15,000 crore valuation. Get details on issue size, bankers & investors. CarDekho, one of India's most recognised names in online car buying and selling, is finally moving toward its stock market debut. Girnar Software, the parent company behind the platform, is expected to file its draft IPO papers with SEBI sometime between July and September this year, aiming to raise up to ₹3,000-3,500 crore.
About CarDekho
Founded in 2008 by brothers Amit Jain and Anurag Jain, CarDekho has grown well beyond just car listings. The group today includes BikeDekho, ZigWheels, and Powerdrift in the auto space, CollegeDekho in education, Rupyy in lending, and mobility brands like Revv and Carrum. The company has raised close to $750 million in funding so far.
For this IPO, CarDekho plans to include its car classifieds, loan, and mobility businesses. However, InsuranceDekho, its insurance arm, will stay out of this listing for now. It's set to merge with RenewBuy first and go public separately later, likely within the next three to four quarters.
This isn't CarDekho's first attempt at an IPO. The company had originally planned to raise $300 million back in 2024 but pushed those plans back to focus on turning profitable first.
What's the IPO Structure?
Only around 10% of the total issue will come from fresh shares, while the rest will be an offer for sale, where existing shareholders sell part of their stake to the public. This tells you something about the company's financial position: CarDekho already has healthy cash reserves and is generating positive cash flow from its operations, so it doesn't need to raise much fresh capital.
Valuation Target
Through this listing, CarDekho is hoping to be valued at ₹13,000-15,000 crore, a solid jump from the ₹9,000 crore valuation it commanded during its last funding round about five years ago.
Bankers on Board
The company has already brought in major names to manage the issue, including Axis Bank, IIFL, Goldman Sachs, and Nomura. There's also a possibility the draft papers could be filed confidentially, though this hasn't been finalised yet.
Who's Selling Shares?
Several of CarDekho's early investors are expected to trim their holdings through the offer for sale. The backer list includes Peak XV Partners, Hillhouse Capital, Google's investment arm CapitalG, LeapFrog Investments, Times Internet, and HDFC Bank.
Financial Snapshot
CarDekho's group revenue grew 24% year-on-year to ₹2,795 crore in FY25, while its net loss narrowed slightly to ₹266 crore from ₹276 crore the year before. FY26 numbers haven't been finalised yet, but the company expects around 15% revenue growth and a 20-25% rise in EBITDA for the year.
Competition in the Space
CarDekho competes closely with listed rival CarTrade and Cars24, which is preparing for its own IPO. Notably, CarTrade had been in talks to acquire CarDekho in a deal worth around $1.2 billion, but those talks fell apart last November