Amit Jain-led CarDekho Parent Eyes Up to Rs 15,000 Crore Valuation in Proposed IPO
The Indian automotive ecosystem is witnessing a significant milestone as Girnar Software, the parent company of popular platforms like CarDekho, prepares for a major public listing. Led by co-founder Amit Jain, the Jaipur-based company is gearing up to file draft papers for an Initial Public Offering (IPO) in the July-September quarter of 2026. According to media reports, the proposed issue size ranges between Rs 3,000 crore and Rs 3,500 crore, with the company targeting a valuation of Rs 13,000 crore to Rs 15,000 crore. This marks a notable jump from its previous private valuation of around $1.2 billion (approximately Rs 9,000 crore) achieved in October 2021.
From Humble Beginnings to Automotive Powerhouse
Girnar Software was founded in 2008 by brothers Amit Jain and Anurag Jain. What started as a small venture has evolved into a comprehensive automotive ecosystem. The group’s flagship platforms — CarDekho, BikeDekho, and ZigWheels — have become go-to destinations for millions of Indians seeking vehicles, comparisons, reviews, and expert insights. Beyond classifieds, the portfolio extends into vehicle financing through Rupyy, car rentals via Revv, fleet management with Carrum, and even content creation with PowerDrift.
This diversified approach has allowed Girnar Software to capture value across the automotive lifecycle — from discovery and purchase to financing, usage, and after-sales services. In an era where digital transformation is reshaping traditional industries, CarDekho Group stands out for its ability to blend technology with deep domain expertise in the auto sector.
The proposed IPO is expected to primarily consist of an Offer for Sale (OFS) by existing shareholders, providing liquidity to early investors. A smaller fresh issue component of around Rs 300 crore (roughly 10% of the total offering) will help the company raise some primary capital for growth initiatives. Investment bankers from Axis Capital, IIFL Capital, Goldman Sachs, and Nomura are reportedly managing the offering. The company is also weighing a confidential filing route for the draft prospectus.
Investor Participation and Share Sales
Several prominent investors are likely to participate in the OFS. Peak XV Partners, Hillhouse Capital, and Google’s CapitalG are among those expected to sell portions of their holdings. The exact quantum of shares each will offload will be finalized closer to the filing. This structure allows early backers to realize gains while the company maintains focus on long-term expansion with limited equity dilution from the fresh issue.
Financial Performance: On the Path to Profitability
Girnar Software has shown steady improvement in its financials. For the financial year ended March 2025, the group’s consolidated operating revenue grew 24% year-on-year to Rs 2,795 crore, up from Rs 2,250 crore in the previous year. More importantly, the consolidated loss before exceptional items and share of losses in associates narrowed to Rs 266 crore from Rs 276 crore.
The standalone business, encompassing core automotive classifieds and financing operations, remained profitable before exceptional items for the second consecutive year, with revenue crossing Rs 1,000 crore. As of March 2025, the company held healthy net cash reserves of Rs 1,177 crore, providing a strong balance sheet position ahead of the listing.
This financial resilience comes after a period of strategic consolidation. The group had earlier explored a potential merger with listed peer CarTrade Tech, involving CarDekho and BikeDekho, but both parties mutually decided against proceeding in November 2025. The pause in IPO plans allowed Girnar Software to prioritize profitability and monitor developments around its associate company, InsuranceDekho.
InsuranceDekho: A Separate Listing Story
InsuranceDekho, incubated within the CarDekho Group, will not be part of the upcoming IPO. It is currently finalizing a merger with RenewBuy, having received CCI approval in November 2025. The combined entity plans its own IPO, with draft papers expected by September 2026 and a potential listing by March 2027. That offering could be sized between Rs 3,500 crore and Rs 4,000 crore.
This separation allows investors to evaluate the core automotive and mobility businesses independently while InsuranceDekho charts its independent course in the competitive insurtech space.
Market Context and Growth Drivers
The timing of Girnar Software’s IPO appears strategic. India’s auto industry is experiencing robust growth, driven by rising incomes, urbanization, and increasing preference for organized digital platforms over traditional dealerships. Government push towards electric vehicles (EVs), coupled with easier financing options, is expanding the addressable market.
CarDekho and its sister platforms have benefited from this shift. Features like detailed comparisons, user reviews, 360-degree views, and integrated financing have enhanced user experience and conversion rates. The addition of mobility services like Revv and fleet solutions through Carrum positions the group well in the evolving shared mobility landscape.
However, challenges remain. Intense competition in the auto-classifieds space, regulatory uncertainties in financing and insurance, and the need to continuously invest in technology are key considerations. The company’s ability to sustain revenue growth while marching towards consistent profitability will be closely watched by public market investors.
What the IPO Means for Stakeholders
For Amit Jain and the leadership team, a successful listing at the targeted valuation would validate years of building a diversified automotive tech platform. It would also provide capital and visibility to accelerate innovation, expand into newer segments, and potentially explore strategic acquisitions.
For existing investors, the OFS represents an opportunity to partially exit after backing the company through its growth journey. New investors in the IPO will gain exposure to a profitable-leaning business with strong cash reserves and multiple growth levers in India’s massive auto market.
Looking Ahead
As Girnar Software moves closer to filing its draft papers, the market will eagerly await detailed financial disclosures, growth strategies, and use of proceeds. The proposed valuation reflects optimism around the company’s market position but will ultimately be tested by investor appetite during the roadshows.
In a broader sense, the IPO underscores the maturing of India’s digital auto ecosystem. From startups that began as content and comparison sites, companies like Girnar Software have grown into comprehensive platforms influencing how Indians buy, finance, and use vehicles.
With Amit Jain at the helm, CarDekho’s parent is poised to enter the public markets with a compelling story of resilience, diversification, and digital disruption in one of India’s largest industries. Whether it achieves the upper end of its Rs 15,000 crore valuation target will depend on execution and market conditions, but the journey so far highlights a remarkable entrepreneurial success story.