Quick Take
- CarDekho parent Girnar Software plans a Rs 3,000 Cr ($313.9 Mn) IPO with a July filing.
- The issue targets a Rs 13,000 Cr valuation, up from its prior Rs 9,000 Cr private mark.
- InsuranceDekho now sits inside the group as an associate, heading for its own listing.
In This Article
The CarDekho IPO is on track for a confidential draft filing this quarter, with parent Girnar Software targeting an issue size of about Rs 3,000 Cr ($313.9 Mn) at a valuation near Rs 13,000 Cr, people aware of the plan said in early July 2026.
The Jaipur-based autotech group is preparing to submit its DRHP (Draft Red Herring Prospectus, filed with SEBI before an IPO) in the July to September window. The listing would value the firm well above its last private round of about Rs 9,000 Cr, set in 2021 when it raised Rs 1,900 Cr in a round led by LeapFrog Investments and others.
StartupFeed Insight
The number that matters here is not the Rs 3,000 Cr headline, it is the tiny Rs 300 Cr fresh issue. That means over 90% of the raise is an Offer for Sale, so CarDekho is not desperate for cash. It closed FY25 with Rs 1,177 Cr in net cash and standalone profit for a second straight year. This is a liquidity event for early backers like Peak XV and CapitalG, not a fund-raising rescue. Watch the InsuranceDekho carve-out closely: a clean CarDekho core plus a separately listed insurance arm is a sharper story for public investors. Expect the DRHP to land with SEBI before September 30, 2026. By Avinash.
CarDekho IPO Deal Breakdown
The CarDekho IPO is a book-built issue of about Rs 3,000 Cr ($313.9 Mn), structured as a small fresh issue plus a large secondary sale, according to people cited by StartupFeed and multiple market reports. The core figures are below.
| Metric | Detail | Notes |
|---|---|---|
| Total issue size | ~Rs 3,000 Cr ($313.9 Mn) | Book-built, subject to DRHP confirmation |
| Fresh issue | ~Rs 300 Cr ($31.4 Mn) | Bulk of the deal is an Offer for Sale |
| Target valuation | ~Rs 13,000 Cr ($1.4 Bn) | Up from ~Rs 9,000 Cr prior private mark |
| Last private round | Rs 1,900 Cr (2021) | Valued the firm near Rs 9,000 Cr then |
| Filing window | July to September 2026 | Confidential DRHP route with SEBI |
| Structure note | InsuranceDekho as associate | Insurance arm now merged with RenewBuy |
The most striking fact is the split: a roughly Rs 300 Cr fresh issue against a Rs 3,000 Cr total means existing shareholders are selling the vast majority of the shares. This is an exit-led listing, not a cash grab.
About CarDekho
CarDekho, legally Girnar Software Private Limited, is an autotech group founded in 2008 by brothers Amit Jain and Anurag Jain, headquartered in Jaipur. It runs auto classifieds (CarDekho, BikeDekho), used-car lending arm Rupyy, fleet business Carrum, and edtech platform CollegeDekho. Key investors include Peak XV Partners, CapitalG, Hillhouse Capital, and Advent International. The group posted Rs 2,795 Cr revenue in FY25.
Why File the CarDekho IPO Now?
CarDekho is filing now because its core business turned profitable and a subdued primary market rewards clean, cash-positive stories. The group had first prepared IPO papers in early 2025 but held back as conditions softened. It also spent late 2025 restructuring its insurance business, merging InsuranceDekho with RenewBuy under Artivatic Data Labs, a step the Competition Commission of India (CCI) cleared in November 2025.
“With increased focus on profitability, we have attained profitability for the second year in a row for the standalone business and are on the path of achieving profitability for the Group as well,” said Mayank Gupta, Group CFO, CarDekho Group.
Splitting the insurance arm into a separate listing track leaves a simpler CarDekho core for public buyers. The issue will cover the group’s auto classifieds, lending, and mobility businesses, while CCI-approved InsuranceDekho prepares its own IPO under Girnar Insurance Brokers.
Is CarDekho Profitable Before Its IPO?
CarDekho is profitable at the standalone level but still posts a small consolidated loss. On a standalone basis, which houses the core auto classifieds and financing operations, the firm reported Rs 1,001 Cr revenue and a Rs 27 Cr profit in FY25, its second straight profitable year, according to filings with the Ministry of Corporate Affairs (MCA).
At the group level, consolidated operating revenue rose 24% year-on-year to Rs 2,795 Cr in FY25 from Rs 2,250 Cr, per the company release. Consolidated losses narrowed to Rs 266 Cr from Rs 276 Cr, driven mainly by growth-stage spending in insurance and Southeast Asia. The company closed the year with Rs 1,177 Cr in net cash reserves, a strong buffer heading into a listing.
How Does CarDekho Compare to Rivals?
CarDekho competes with listed peer CarTrade Tech and private challenger Spinny in India’s used-car market. The three take different routes: CarDekho blends classifieds with lending, CarTrade runs an asset-light marketplace, and Spinny holds inventory directly.
| Company | Model | Status |
|---|---|---|
| CarDekho | Classifieds + Rupyy lending | DRHP due this quarter |
| CarTrade Tech | Asset-light marketplace | Listed on BSE and NSE |
| Spinny | Full-stack, holds inventory | Private, VC-backed |
Notably, CarTrade and CarDekho held acquisition talks in late 2025 that both sides called off in November, with CarDekho choosing independent growth. What sets CarDekho apart is Rupyy, which facilitated about Rs 16,000 Cr in loan disbursements in FY25, giving it a fintech engine its classifieds rivals lack.
What’s Next
The next milestone is the confidential DRHP itself, which the group aims to file with SEBI before September 30, 2026. After that, SEBI review typically runs a few months, pointing to a possible listing later in FY27. A separate InsuranceDekho IPO under Girnar Insurance Brokers could follow in the same window. Will a near all-secondary offer tempt Indian retail buyers, or will they wait for the numbers in the prospectus?
Frequently Asked Questions
Disclaimer: This article is for informational purposes only and does not constitute investment advice. StartupFeed and its authors are not SEBI-registered investment advisors. The analysis above is based on publicly available information and should not be the sole basis for any investment decision. Please consult a SEBI-registered financial advisor before making investment decisions.
Written by Avinash. Have a tip? Write to us at editorial@startupfeed.in.
