Exclusive: CarDekho parent to convert into public company ahead of IPO

CarDekho Group, which operates platforms such as CarDekho, InsuranceDekho, BikeDekho, PriceDekho and Rupyy.com, is moving towards an IPO by converting its parent entity into a public company. The board has passed a special resolution to change the name of its parent entity from Girnar Software Private Limited to Girnar Software Limited, a move that typically precedes a public listing, according to regulatory filings accessed byEntrackr. Founded in 2008 by Amit Jain and Anurag Jain, CarDekho Group operates an automotive ecosystem spanning auto classifieds, used-car retail, financing, insurance and mobility. Its brands include CarDekho, BikeDekho, InsuranceDekho, Rupyy, ZigWheels, Revv and Carrum. Jaipur-based CarDekhoreportedlyplans to raise Rs 3,000 crore through an IPO comprising a fresh issue and an offer-for-sale (OFS), at a valuation of Rs 13,000-15,000 crore. The company has appointed Axis Bank, IIFL, Goldman Sachs and Nomura as bankers for the proposed issue. The group has raised around $750 million to date from investors including Peak XV Partners, Hillhouse Capital, CapitalG and LeapFrog Investments. In FY25, CarDekho Group’s consolidated operating revenue grew 24% YoY to Rs 2,795 crore, while its consolidated net loss narrowed marginally to Rs 266 crore from Rs 276 crore in FY24. The group has also expanded its mobility portfolio. Its fleet management business, Carrum, launched in 2024, haspartneredwith Uber and deployed more than 3,000 vehicles on its platform. The company claims that Carrum has been profitable since inception and is operating at an annualised revenue run rate of Rs 300 crore. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.

Original source: Entrackr