CarDekho Group Moves Towards IPO

CarDekho Group, which runs various platforms like CarDekho, InsuranceDekho, BikeDekho, PriceDekho, and Rupyy.com, is progressing towards an IPO by transforming its parent company into a public entity. The board has approved a special resolution to rename its parent company from Girnar Software Private Limited to Girnar Software Limited, an action typically taken before a public listing, as indicated by regulatory filings reviewed by Startup Superb.

Company Background and Operations

Established in 2008 by Amit Jain and Anurag Jain, CarDekho Group encompasses a comprehensive automotive ecosystem that includes auto classifieds, used car sales, financing, insurance, and mobility services. Key brands under its umbrella consist of CarDekho, BikeDekho, InsuranceDekho, Rupyy, ZigWheels, Revv, and Carrum.

IPO Plans and Financial Goals

The Jaipur-based CarDekho aims to secure Rs 3,000 crore through its IPO, which will consist of both a fresh issue and an offer-for-sale (OFS), with a valuation estimated between Rs 13,000 crore and Rs 15,000 crore. The company has engaged Axis Bank, IIFL, Goldman Sachs, and Nomura to assist with the upcoming issue.

Investments and Revenue Growth

To date, the group has raised around $750 million from several investors, such as Peak XV Partners, Hillhouse Capital, CapitalG, and LeapFrog Investments. In FY25, the consolidated operating revenue of CarDekho Group saw a year-on-year growth of 24%, amounting to Rs 2,795 crore, while the consolidated net loss slightly reduced to Rs 266 crore compared to Rs 276 crore in FY24.

Expansion in Mobility Sector

Additionally, the group is expanding its mobility services. Its fleet management division, Carrum, which was launched in 2024, has collaborated with Uber and has deployed over 3,000 vehicles on its platform. The company asserts that Carrum has been profitable since its inception, boasting an annualised revenue run rate of Rs 300 crore.