IPO · Commerce & Consumer Brands

Girnar Software plans IPO of Rs 3,000-3,500 crore

What they do

Girnar Software runs auto marketplaces CarDekho, BikeDekho, ZigWheels, and lending platform Rupyy

It plans to file a DRHP for an IPO of Rs 3,000-3,500 crore in the July-September 2026 quarter

The company aims for a valuation of Rs 13,000-15,000 crore, up from $1.2 billion in its last private round

Girnar Software is preparing to file a DRHP (draft red herring prospectus, the initial document for an IPO) in the July-September 2026 quarter.
The IPO issue size is Rs 3,000-3,500 crore.
A fresh issue of ~Rs 300 crore (about 10% of the total) is planned; the rest will be an offer for sale (OFS) by existing shareholders.
Potential OFS sellers include Peak XV Partners, Hillhouse Capital, and CapitalG (Google's investment arm).
The company may use the confidential filing route for the DRHP; a final decision has not been taken.
The IPO will cover the auto-classifieds, financing, and mobility businesses, but InsuranceDekho will remain an associate investment and is not part of this IPO.
InsuranceDekho is merging with insurance-distribution platform RenewBuy; CCI (Competition Commission of India) approval was received in November 2025, and the merger is expected to close in 3-4 quarters.
The combined insurance entity plans a separate IPO: file DRHP by September 2026 and complete by March 2027, with an issue size of Rs 3,500-4,000 crore.

Girnar Software had first floated IPO plans in 2024 to raise $300 million but deferred to focus on profitability.
In November 2025, it explored a combination with listed rival CarTrade Tech but mutually decided not to proceed.
CarTrade had considered a $1.2 billion acquisition of CarDekho and BikeDekho; the deal was called off in November 2025.
The company's consolidated operating revenue for FY25 was Rs 2,795 crore (up 24% YoY), and net loss narrowed to Rs 266 crore from Rs 276 crore.
Standalone business revenue exceeded Rs 1,000 crore and was profitable before exceptional items for the second consecutive year.

Girnar Software operates auto marketplaces CarDekho, BikeDekho, ZigWheels, and PowerDrift.
It runs a lending platform called Rupyy.
It offers car rental services under Revv and fleet management under Carrum.
The group also includes edtech platform CollegeDekho.
Consolidated operating revenue for FY25 was Rs 2,795 crore, up 24% year-on-year.
Consolidated net loss for FY25 was Rs 266 crore, narrowed from Rs 276 crore in FY24.
The company had net cash reserves of Rs 1,177 crore as of March 2025.
Total funding raised to date is approximately $750 million.

File DRHP in the July-September 2026 quarter.
InsuranceDekho-RenewBuy merger expected to close in 3-4 quarters.
Combined insurance entity plans to file DRHP by September 2026 and complete IPO by March 2027.