CarDekho parent moves to public-company structure ahead of planned ₹3,000 crore IPO

Jaipur-based CarDekho Group is converting parent Girnar Software into a public company ahead of a proposed ₹3,000 crore listing. The group reported FY25 operating revenue of ₹2,795 crore, up 24% year on year, while net loss narrowed to ₹266 crore.

— Source publishedTue, 22 Sept, 2026, 12:40 IST·First seen Tue, 22 Sept, 2026, 12:42 IST·Source Entrackr

What happened

CarDekho Group is converting Girnar Software into a public company ahead of a planned Rs 3,000 crore IPO. The Jaipur-based auto, insurance and mobility platform

Key facts

  • Planned IPO size: Rs 3,000 crore
  • Target valuation: Rs 13,000-15,000 crore
  • Capital raised to date: around $750 million
  • FY25 operating revenue: Rs 2,795 crore, up 24% YoY
  • FY25 net loss: Rs 266 crore; FY24 net loss: Rs 276 crore

What changed

CarDekho Group is converting Girnar Software into a public company ahead of a planned Rs 3,000 crore IPO. The Jaipur-based auto, insurance and mobility platform reported FY25 revenue growth of 24% and expanded fleet unit Carrum through an Uber partnership.

Why this matters

CarDekho’s public-company conversion signals greater discipline around growth, profitability and reporting as it prepares to scale under public-market scrutiny.

What to watch

  • Appointment of merchant bankers, legal advisers, independent directors or a new CFO/audit committee.
  • Filing of DRHP with SEBI and disclosure of issue mix, use of proceeds, shareholder exits and valuation expectations.
  • FY26 revenue growth, net-loss trend, adjusted EBITDA/contribution-margin disclosures and operating-cash-flow performance.
  • Any pre-IPO financing round, secondary share sale or reported valuation reset.
  • Regulatory developments affecting digital insurance distribution, vehicle lending, data use, marketplace commissions or used-car transactions.

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