CarDekho's Parent Girnar Software Set to Convert Into a Public Company Ahead of Its Rs 3,000 Crore IPO
Jaipur-based CarDekho Group's parent entity has taken a decisive step toward its long-awaited public listing. The board has passed a special resolution to change the company's name from Girnar Software Private Limited to Girnar Software Limited, a move that typically signals a company is preparing for an IPO, according to regulatory filings.
Here's the scale of what's going public. Founded in 2008 by brothers Amit Jain and Anurag Jain, CarDekho Group has built out a full automotive ecosystem over the years, spanning auto classifieds, used-car retail, vehicle financing, insurance and mobility, under brands like CarDekho, BikeDekho, InsuranceDekho, Rupyy, ZigWheels, Revv and Carrum. The company is reportedly planning to raise Rs 3,000 crore through the IPO, combining a fresh issue with an offer-for-sale, at a targeted valuation of Rs 13,000 to 15,000 crore, notably higher than the roughly Rs 9,000 crore, or $1.2 billion, valuation it commanded during its last equity round back in October 2021.
The financials tell a business that's steadily maturing. CarDekho Group's consolidated operating revenue rose 24% year-on-year to Rs 2,795 crore in FY25, up from Rs 2,250 crore the year before, while its consolidated loss narrowed slightly to Rs 266 crore from Rs 276 crore. Importantly, the group's standalone business, covering its core auto-classifieds and financing operations, has stayed profitable before exceptional items for two consecutive years now, with revenue crossing Rs 1,000 crore. The company also held net cash reserves of Rs 1,177 crore as of March 2025, giving it a solid financial cushion heading into the listing process.
The banking lineup reflects serious institutional backing. Axis Capital, IIFL Capital, Goldman Sachs and Nomura have reportedly been appointed to manage the offering, and the DRHP is expected to be filed through the confidential route with SEBI in the coming months.
This move places CarDekho squarely within a broader wave of consolidation and public-market ambition sweeping India's used-car and auto-tech space, with CarTrade already listed, Cars24 and Spinny also working toward their own IPOs, and CarDekho itself reportedly having explored and then called off acquisition talks with CarTrade last year.
From an IT outsourcing side-project in 2008 to a Rs 13,000 crore-plus IPO candidate, CarDekho's public-company conversion marks the real starting gun for its stock market debut.
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