CarDekho IPO is the proposed Mainboard public issue of Girnar Software, the parent company of the CarDekho Group. The proposed public issue is expected to comprise a combination of fresh equity shares and an Offer for Sale by existing shareholders. Current reports indicate that the IPO could be in the range of ₹3,000 crore to ₹3,500 crore, with a relatively small fresh issue and a larger OFS component. The company is preparing for its public-market listing and has been working towards filing its draft IPO documents.
The proposed IPO is expected to include the group’s core automotive classifieds business, financing and lending platform Rupyy, and mobility businesses. InsuranceDekho is expected to remain outside the proposed listing structure as it progresses with its separate business combination and potential future listing plans.
Girnar Software operates a technology-led automotive ecosystem through brands and platforms serving consumers, dealers, OEMs and other participants in the vehicle lifecycle. The group has expanded from online automotive discovery into vehicle financing, mobility and other digital automotive services. Its official website currently highlights more than 50 million monthly users, more than 1,000 group employees and eight-plus brand platforms, while identifying Amit Jain as Co-Founder and CEO of the CarDekho Group and Anurag Jain as Co-Founder and Chief Business Officer.
The group reported consolidated operating revenue of approximately ₹2,795 crore in FY2025, representing 24% growth from approximately ₹2,250 crore in FY2024. The group continued to report a consolidated loss, although reports indicated that the loss narrowed to approximately ₹266 crore. The standalone business, which includes the core auto classifieds and financing operations, remained profitable for the second consecutive year.
Table of Contents
CarDekho IPO Details
| Information | Details |
|---|---|
| IPO Name | CarDekho IPO |
| Company Name | Girnar Software Limited |
| Brand Name | CarDekho |
| IPO Type | Book Built Issue |
| IPO Category | Mainboard IPO |
| Face Value | ₹1 Per Equity Share* |
| Price Band | |
| Issue Size | ₹3,000–₹3,500 Crore* |
| Fresh Issue | Approximately ₹300 Crore* |
| Offer for Sale | Balance portion of the proposed issue* |
| IPO Open Date | |
| IPO Close Date | |
| Anchor Investor Bidding | |
| Basis of Allotment | |
| Refund Initiation | |
| Shares Credited to Demat Account | |
| Listing Date | |
| Listing Exchange | BSE & NSE |
| Lot Size | |
| Registrar | To be updated |
| Book Running Lead Managers | Axis Capital, IIFL Capital, Goldman Sachs, Nomura* |
*The proposed issue size, fresh issue, selling shareholders, face value presentation and lead-manager structure are subject to the final offer documents and regulatory filings. Current media reports indicate an IPO size of around ₹3,000–₹3,500 crore, with approximately ₹300 crore expected through a fresh issue and the balance largely through OFS.
CarDekho IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | |
| IPO Opening Date | |
| IPO Closing Date | |
| Basis of Allotment | |
| Refund Initiation | |
| Shares Credited to Demat Account | |
| Listing Date |
The IPO bidding schedule has not yet been officially announced. Current reports indicate that Girnar Software has been preparing its draft IPO documents and moving towards a public listing. The final IPO dates will be updated after the relevant regulatory filings and issue timetable are announced.
CarDekho IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | To be updated |
| Non-Institutional Investors (NII) | To be updated |
| Retail Individual Investors (RII) | To be updated |
| Employee Category | To be updated |
The final investor reservation structure will be disclosed in the company’s IPO documents. The allocation between QIB, NII and retail investors will depend on the final offer structure and applicable regulatory requirements.
CarDekho IPO Lot Size
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | ||
| Retail Maximum | ||
| S-HNI Minimum | ||
| S-HNI Maximum | ||
| B-HNI Minimum |
The minimum bid lot and corresponding application amount have not yet been announced. These details will be updated after Girnar Software announces the IPO price band and minimum bid quantity.
About Girnar Software Limited
Girnar Software is the parent company of the CarDekho Group and operates technology platforms across the automotive and mobility ecosystem. The company was founded by brothers Amit Jain and Anurag Jain and launched CarDekho as its flagship automotive platform.
The group has expanded beyond vehicle discovery and classifieds into financing, mobility and other digital services. Its automotive ecosystem includes platforms such as CarDekho, BikeDekho and other group businesses, while Rupyy provides financing-related services. Current reports indicate that the proposed IPO would include the core auto classifieds, financing and mobility businesses.
CarDekho’s official terms identify Girnar Software Private Limited as the entity that owns the CarDekho.com domain and operates the CarDekho platform. The company was incorporated in Jaipur and maintains corporate operations in Gurugram.
The group has built its business around helping consumers research, compare, buy and sell vehicles while providing digital solutions for dealers, OEMs and other automotive stakeholders. It has also expanded into financial products and mobility services, creating multiple revenue streams around the automotive ownership lifecycle.
Business Operations
Girnar Software operates a technology-driven ecosystem covering several parts of the automotive and mobility value chain.
- Automotive Classifieds – CarDekho provides consumers with information and digital tools for researching new and used cars. The platform connects consumers with automotive dealers, manufacturers and other industry participants.
- Bike Marketplace – BikeDekho extends the group’s digital automotive marketplace into the two-wheeler segment, providing information and discovery services for customers looking to research and purchase motorcycles and scooters.
- Vehicle Financing – The group operates Rupyy, its financing platform, which provides digital access to vehicle financing products and connects customers with financial services.
- Used-Car Services – The group’s platforms provide services related to used-car discovery, valuation, inspection and transactions. These services enable consumers to research vehicles and participate in the used-car market through digital channels.
- Mobility Business – The group has expanded into mobility and fleet-management activities. Current reports identify Carrum as one of the group’s mobility initiatives, including its partnership with Uber.
- Digital Automotive Services – The group combines automotive content, marketplace services, financing and technology to create a broader digital ecosystem for consumers, dealers and other automotive businesses.
Industry Overview
India’s automotive market is undergoing continued digital transformation as consumers increasingly use online platforms to research vehicles, compare prices, evaluate specifications, find dealers and explore financing options.
The online automotive marketplace segment benefits from increasing internet penetration, smartphone usage, digital payments and greater consumer preference for online research before purchasing vehicles.
The used-car market also provides opportunities for digital platforms because consumers increasingly seek online valuation, inspection, financing and transaction-support services. Automotive financing and related financial products can further expand the revenue opportunities available across the vehicle ownership lifecycle.
At the same time, the sector remains competitive, with online automotive marketplaces, used-car platforms, dealer networks and other technology companies competing for consumers, dealers and transaction volumes.
Business Strategy
Girnar Software focuses on building a broad digital ecosystem around automotive discovery, transactions, financing and mobility.
The company has expanded its original automotive marketplace model by adding financial services, mobility businesses and other technology-led offerings. This strategy allows the group to participate in multiple stages of the vehicle ownership journey rather than depending solely on advertising or lead-generation revenue.
The group is also focusing on technology, product development, artificial intelligence and digital infrastructure. Its official corporate website states that the group is focused on scalable digital solutions and AI-powered innovation and currently highlights eight-plus brand platforms and more than 50 million monthly users.
The proposed public listing is expected to provide a public-market platform for the group while allowing existing investors to monetise part of their holdings through the OFS component.
CarDekho IPO Financial Information
A company’s financial performance provides valuable insights into revenue growth, profitability, operating efficiency and financial stability. Reviewing the consolidated financial performance of Girnar Software helps investors understand the scale and financial direction of the CarDekho Group.
CarDekho Financial Summary
| Particulars | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue from Operations | ₹2,331.88 Crore | ₹2,250.30 Crore | ₹2,794.90 Crore |
| Total Income | |||
| EBITDA | |||
| Profit Before Tax (PBT) | |||
| Profit After Tax (PAT) | |||
| Net Worth | |||
| Total Borrowings |
For FY2025, publicly reported figures indicate consolidated operating revenue of approximately ₹2,795 crore, up around 24% from approximately ₹2,250 crore in FY2024. The group continued to report a consolidated loss, while reports indicate that the loss narrowed to approximately ₹266 crore. The detailed restated financial statements and final KPI calculations will need to be taken from the DRHP/RHP once filed and made publicly available.
CarDekho IPO Key Performance Indicators (KPIs)
Key Performance Indicators help investors assess profitability, operating efficiency, financial strength and capital utilisation.
| KPI | Value |
|---|---|
| Return on Equity (ROE) | To be updated |
| Return on Capital Employed (ROCE) | To be updated |
| Return on Net Worth (RONW) | To be updated |
| EBITDA Margin | To be updated |
| PAT Margin | To be updated |
| Debt-to-Equity Ratio | To be updated |
| Earnings Per Share (EPS) | To be updated |
| Net Asset Value (NAV) Per Share | To be updated |
| Price to Earnings (P/E) |
The final IPO KPIs will depend on the audited and restated financial statements included in the company’s offer documents. The P/E ratio can only be calculated after the final IPO price and applicable EPS are available.
Objects of the CarDekho IPO
The final objects of the issue will be disclosed in the company’s DRHP and subsequent offer documents.
Current reports indicate that the proposed issue is expected to contain a relatively small fresh issue of approximately ₹300 crore, with most of the proposed ₹3,000–₹3,500 crore issue expected to come through an Offer for Sale by existing shareholders.
The proceeds from the fresh issue will accrue to the company and will be utilised according to the objects specified in the final offer documents.
The proceeds from the Offer for Sale will be received by the respective selling shareholders and will not form part of the company’s operating funds.
CarDekho IPO Listing Performance
The listing performance will reflect how Girnar Software’s shares perform after the proposed IPO listing.
| Particular | Value |
|---|---|
| Listing Exchange | BSE & NSE |
| Listing Date | |
| Issue Price | |
| Listing Price | To be updated |
| Listing Gain | To be updated |
| Listing Gain (%) | To be updated |
The listing price, issue price and listing date are not available at this stage. These details will be updated after the IPO price band is announced and the shares are listed.
CarDekho IPO Subscription Status
The subscription figures indicate the level of investor participation received during the IPO bidding period.
CarDekho IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | To be updated |
| Non-Institutional Investors (NII) | To be updated |
| Retail Individual Investors (RII) | To be updated |
| Employee Category | To be updated |
| Total Subscription | To be updated |
The subscription figures will be available after the IPO opens for bidding. No final subscription figures are currently available.
CarDekho IPO Review
Girnar Software, the parent company of the CarDekho Group, operates a diversified technology-led automotive ecosystem covering vehicle classifieds, automotive discovery, financing and mobility services. CarDekho has developed from an online automotive information and classifieds platform into a broader digital automotive business serving consumers, dealers and other industry participants.
The group has demonstrated significant revenue growth in recent years. Consolidated operating revenue increased approximately 24% from ₹2,250 crore in FY2024 to ₹2,795 crore in FY2025. The group continued to report a consolidated loss, although reported losses narrowed to approximately ₹266 crore. The standalone business remained profitable for the second consecutive year, according to reports on the proposed IPO.
The proposed IPO is expected to be largely an OFS, with a relatively small fresh issue of approximately ₹300 crore. This means a significant portion of the IPO proceeds would go to selling shareholders rather than directly to the company. Investors should therefore examine the final OFS structure, selling shareholders, valuation, profitability, cash generation, competitive position and business-level financial performance once the DRHP is filed.
The final assessment of the CarDekho IPO will depend on the price band and valuation, the final financial statements, the precise IPO structure, the company’s ability to sustain growth and profitability, and the risks associated with competition in automotive marketplaces, financing and mobility services.
CarDekho IPO Strengths
- Established automotive technology platform with a recognised CarDekho brand.
- Diversified presence across automotive classifieds, financing and mobility.
- Large digital user base across the group’s technology platforms.
- Multiple revenue opportunities across the vehicle ownership lifecycle.
- Strong founder-led management team with long operating experience.
- Consolidated operating revenue increased approximately 24% in FY2025.
- Core standalone business reportedly remained profitable for the second consecutive year.
- More than 50 million monthly users highlighted on the group’s official corporate website.
CarDekho IPO Risk Factors
- The consolidated group has reported losses despite strong revenue growth.
- The automotive marketplace industry is highly competitive.
- The company operates across multiple businesses with different operating and regulatory requirements.
- Consumer demand and automotive transaction volumes can be affected by broader economic conditions.
- The financing business is exposed to credit, funding, regulatory and asset-quality risks.
- Changes in digital advertising and customer acquisition costs may affect marketplace economics.
- Mobility businesses require effective fleet, operational and technology management.
- A large OFS component would mean a significant part of the IPO proceeds may go to selling shareholders rather than the company.
- The final IPO valuation could materially affect investor returns.
- The company depends heavily on technology platforms, digital infrastructure and continued consumer engagement.
CarDekho IPO Promoters
Girnar Software was founded by brothers Amit Jain and Anurag Jain. The company’s official website identifies both as co-founders of the GirnarSoft Group, with Amit Jain serving as CEO of the CarDekho Group and Anurag Jain serving as Chief Business Officer of the CarDekho Group.
The final promoter classification and promoter shareholding immediately before and after the IPO will be disclosed in the DRHP and RHP.
CarDekho IPO Promoters Details
| Promoter | Designation |
|---|---|
| Amit Jain | Co-Founder & CEO, CarDekho Group |
| Anurag Jain | Co-Founder & Chief Business Officer, CarDekho Group |
The final promoter group and shareholding details will be updated from the company’s IPO documents after filing.
CarDekho IPO Management Team
The company is led by its founders and a broader management team with experience across technology, product development, automotive marketplaces, business operations and financial services.
Management Team
| Name | Designation |
|---|---|
| Amit Jain | Co-Founder & CEO, CarDekho Group |
| Anurag Jain | Co-Founder & Chief Business Officer, CarDekho Group |
| Umang Kumar | Co-Founder & CEO, CarDekho SEA* |
*Management roles and designations should be verified against the final IPO documents before publication. The current corporate website identifies Amit Jain and Anurag Jain in the above roles.
CarDekho IPO Registrar Details
The registrar is responsible for processing IPO applications, finalising the basis of allotment, crediting shares to successful applicants, initiating refunds and handling investor-related services.
| Particular | Details |
|---|---|
| Registrar Name | To be updated |
| Website | To be updated |
| IPO Allotment Status | To be updated |
| Email ID | To be updated |
| Contact Number | To be updated |
The registrar for the IPO has not yet been officially disclosed in a final public offer document.
CarDekho IPO Lead Manager Details
The Book Running Lead Managers are responsible for managing the IPO process, coordinating regulatory requirements and assisting the company throughout the public issue.
| Particular | Details |
|---|---|
| Lead Managers | Axis Capital, IIFL Capital, Goldman Sachs and Nomura* |
*These investment banks have been reported in connection with the company’s IPO preparations. The final Book Running Lead Manager list should be confirmed from the DRHP/RHP.
Girnar Software Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Girnar Software Private Limited |
| Registered Office | Girnar, 21 Govind Marg, Moti Doongari Road, Dharam Singh Circle, Jaipur, Rajasthan – 302004 |
| Corporate Office | Gurugram, Haryana, India |
| Website | www.cardekho.com |
| Email ID | [email protected] |
CarDekho’s official website identifies Girnar Software Private Limited as the owner of the CarDekho.com domain and lists the registered office in Jaipur. The company’s current privacy documentation also identifies [email protected] as a corporate contact.
How to Check CarDekho IPO Allotment Status
Investors can check the IPO allotment status after the basis of allotment is finalised through the registrar’s website or the relevant stock exchange IPO portal.
Through IPO Registrar
- Visit the official IPO registrar website after the allotment is announced.
- Select CarDekho IPO from the IPO list.
- Choose PAN Number, Application Number, or DP/Client ID.
- Enter the required details.
- Click Submit to view the allotment status.
Through BSE
- Visit the official BSE IPO allotment page.
- Select CarDekho IPO from the list of IPOs.
- Enter your PAN Number or Application Number.
- Complete the verification process if required.
- Click Search to view the allotment result.
CarDekho IPO Conclusion
CarDekho IPO is the proposed public issue of Girnar Software, the parent company behind the CarDekho Group. The group has built a diversified digital automotive ecosystem covering vehicle discovery, classifieds, financing and mobility services.
The company has achieved significant scale, with consolidated operating revenue of approximately ₹2,795 crore in FY2025 and a reported 24% year-on-year increase. The group continued to work towards improving profitability and cash generation as it prepared for a potential public listing.
The proposed IPO is expected to be largely an Offer for Sale, with a smaller fresh issue. Investors should therefore examine the final IPO structure, valuation, financial performance, selling shareholders, business-level profitability and competitive environment before making an investment decision.
A detailed assessment of the final price band, valuation, financial statements, IPO objects, risks and future business strategy will be possible after the company files and makes its final offer documents available.
CarDekho IPO FAQs
What is CarDekho IPO?
CarDekho IPO is the proposed Mainboard public issue of Girnar Software, the parent company of the CarDekho Group.
What is the price band of CarDekho IPO?
The price band has not yet been announced.
What is the issue size of CarDekho IPO?
Current reports indicate that the proposed IPO could be approximately ₹3,000 crore to ₹3,500 crore. The final issue size will be confirmed in the company’s IPO documents.
When will the CarDekho IPO open?
The IPO opening date has not yet been announced.
When will the CarDekho IPO close?
The IPO closing date has not yet been announced.
On which stock exchanges will CarDekho shares be listed?
The proposed IPO is expected to seek listing on BSE and NSE, subject to the final IPO documents and regulatory approvals.
Who is the registrar for the CarDekho IPO?
The IPO registrar has not yet been officially announced.
What is the face value of CarDekho IPO shares?
The final face value and capital structure should be confirmed from the DRHP/RHP.
What does Girnar Software do?
Girnar Software operates a technology-led automotive ecosystem through businesses covering vehicle discovery and classifieds, financing, mobility and other digital automotive services. CarDekho is its flagship automotive platform.
What are the objects of the CarDekho IPO?
The final objects of the fresh issue will be disclosed in the DRHP and RHP. Current reports indicate that the proposed IPO is expected to have a relatively small fresh issue of approximately ₹300 crore and a much larger OFS component.
