CarDekho Parent Girnar Software To File DRHP For ₹3,500 Cr IPO This Quarter

Girnar Software plans a ₹3,000-3,500 Cr IPO at a ₹13,000-15,000 Cr valuation, largely via OFS, spanning its auto classifieds, lending (Rupyy) and mobility businesses. FY25 revenue hit ₹2,795 Cr with 24% YoY growth but a ₹266 Cr net loss.

— Source publishedThu, 9 Jul, 2026, 20:14 IST·First seen Thu, 9 Jul, 2026, 20:22 IST·Source Inc42 · Buzz

What happened

CarDekho's parent Girnar Software plans to file DRHP this quarter for a ₹3,000-3,500 Cr IPO at ₹13,000-15,000 Cr valuation, largely via OFS, covering its auto

Key facts

  • ₹3,000-3,500 Cr IPO
  • ₹13,000-15,000 Cr valuation
  • FY25 revenue ₹2,795 Cr
  • net loss ₹266 Cr
  • 24% YoY revenue growth
  • $750 Mn total funding

Why this matters

Girnar's DRHP filing this quarter marks a maturing auto-classifieds-plus-fintech platform, reshaping the competitive and M&A landscape as a public comparable emerges in the mobility-lending space.

What to watch

  • DRHP filing date and SEBI observations timeline
  • Final valuation band vs ₹13,000-15,000 Cr target
  • OFS-to-fresh-issue split ratio
  • FY26 quarterly loss trajectory and Rupyy AUM growth
  • Secondary market conditions / IPO sentiment at launch window
  • CarTrade share reaction as listed comparable
  • Girnar to finalize BRLMs and file DRHP with SEBI within the quarter
  • Sharpen Rupyy lending disclosures to reframe loss as growth investment
  • Line up anchor investors and pre-IPO cornerstone commitments
  • Comparable digital platforms (PB Fintech, CarTrade) re-rate on read-across
  • Existing investors (Sequoia/Peak XV, others) prep OFS exit tranches

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