India’s Leading Auto-Tech & Mobility Platform | Unlisted | Potential IPO
Legal Entity: Girnar Software Private Limited
Brand: CarDekho
CIN: U72200RJ2006PTC023499
ISIN: INE731P01010
Face Value: ₹10
Founded: 2008
Headquarters: Jaipur, Rajasthan
Founders: Amit Jain & Anurag Jain
Status: Active, Unlisted Private Company
About the Company
CarDekho is one of India’s leading digital automotive platforms. Founded by brothers Amit Jain and Anurag Jain in 2008, the company started as a car research and discovery platform and has evolved into a broader auto-tech ecosystem covering vehicle discovery, new and used cars, dealer technology, financing and automotive services.
The parent company, Girnar Software Private Limited, operates multiple brands and businesses across automotive technology and financial services, including CarDekho, BikeDekho, ZigWheels, TrucksDekho, Rupyy and other mobility-focused platforms.
Key Highlights
| Particular | Details |
|---|---|
| Founded | 2008 |
| Founders | Amit Jain, Anurag Jain |
| Parent Company | Girnar Software Pvt. Ltd. |
| Business | Auto-tech, vehicle discovery, digital automotive services |
| CarDekho Dealer Network | 4,000+ dealers |
| FY25 Consolidated Operating Revenue | ~₹2,795 Cr |
| FY25 Consolidated PAT | Loss of ~₹401 Cr |
| FY25 Standalone Revenue | ~₹1,002 Cr |
| FY25 Standalone Profit | ~₹27 Cr |
| Latest Unlisted Reference | ~₹1,32,288/share |
| IPO Discussions | Yes |
| Reported IPO Size | ~₹3,000–3,500 Cr |
| Reported Target Valuation | ~₹13,000–15,000 Cr |
| Current Status | Unlisted; IPO preparation stage |
CarDekho’s official platform currently describes itself as India’s largest auto portal and offers new-car search, used cars, comparisons, reviews, pricing, dealer connections and other automotive services.
Business Model
CarDekho operates a diversified digital automotive ecosystem:
1. New Car Marketplace
Users can compare cars, specifications, prices, variants, features, offers and dealers.
2. Used Car Marketplace
The platform connects used-car buyers, sellers and dealers and provides vehicle discovery, valuation and related services.
3. Dealer Technology
CarDekho provides dealers with digital tools for lead management, sales tracking, marketing, call tracking and online showroom solutions. The company says it has relationships with 4,000+ car dealers.
4. Automotive Advertising
OEMs and dealers pay for digital advertising, leads, listings and technology-enabled customer acquisition.
5. Financing — Rupyy
The group has expanded into vehicle financing through its fintech/mobility ecosystem, allowing customers to access financing alongside the vehicle-purchase journey.
6. Insurance
InsuranceDekho was developed within the Girnar ecosystem. In September 2026, InsuranceDekho and RenewBuy completed their combination, creating an insurance-distribution platform with more than ₹6,600 Cr premium book and 6 lakh+ digital partners. This is now a separate/associated business within the broader group ecosystem rather than simply being treated as CarDekho’s core auto-classifieds business.
Major Brands / Ecosystem
The Girnar ecosystem has included:
- CarDekho – New & used cars
- BikeDekho – Two-wheelers
- ZigWheels – Automotive content & discovery
- TruckDekho – Commercial vehicles
- Rupyy – Vehicle financing
- CarDekho Auctions
- Revv – Mobility / car subscription ecosystem
- Other automotive and technology businesses
The group has also expanded internationally, including Southeast Asian markets.
Financial Snapshot
Consolidated Financials
| ₹ Crore | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Operating Revenue | 936 | 1,598 | ~2,408 | ~2,250 | ~2,795 |
| PAT | -343 | -247 | -566 | -340 | ~-401 |
FY25 consolidated operating revenue increased approximately 24% YoY to ₹2,794.95 Cr, while the company remained loss-making at the consolidated level.
Standalone FY25
| Particular | FY25 |
|---|---|
| Revenue | ~₹1,001.8 Cr |
| Profit | ~₹27 Cr |
| Status | Profitable |
Venture Intelligence reports FY25 standalone revenue of approximately ₹1,001.8 Cr.
Important: Different databases report different profit figures because of differences between standalone/consolidated accounts and treatment of exceptional items/associates. For investment analysis, the consolidated numbers should be considered when evaluating the overall Girnar group.
Growth Story
CarDekho has moved from being primarily a car-information website to a much broader automotive technology platform.
The long-term strategy is to capture multiple stages of the vehicle ownership journey:
Research → Compare → Lead → Buy → Finance → Insurance → Sell/Exchange → Ownership
This ecosystem approach is one of the company’s biggest competitive advantages.
CarDekho had already reported more than 50 million unique monthly visitors in FY22, demonstrating the scale of its consumer platform.
Funding & Valuation History
CarDekho became a unicorn in 2021 after raising approximately $250 million, including a $200 million Series E equity round and $50 million debt/pre-IPO financing.
The transaction valued the company at approximately $1.2 billion.
Major investors have included:
- Peak XV Partners
- CapitalG / Google
- Hillhouse Capital
- LeapFrog Investments
- Mirae Asset
- Canyon Partners
- Tybourne Capital
- Ratan Tata and other investors
Venture Intelligence tracks approximately $457.6 million of funding for CarDekho/Girnar Software, although databases differ depending on whether debt and group-level transactions are included.
IPO Status
This is currently one of the most important developments for CarDekho.
As of September 2026, Girnar Software has not publicly filed a DRHP with SEBI, based on the latest available reports.
However, the company is preparing for an IPO.
Reports indicate:
- Potential IPO size: ₹3,000–3,500 Cr
- Fresh issue: relatively small component
- Majority: Offer for Sale (OFS)
- Reported target valuation: ₹13,000–15,000 Cr
- Expected DRHP filing: September 2026
- Potential listing: 2027, subject to regulatory approvals and market conditions
Economic Times earlier reported a proposed ₹3,000 Cr issue with approximately ₹300 Cr fresh issue and a potential valuation around ₹13,000 Cr. More recent startup-IPO tracking reports indicate a potential ₹3,500 Cr issue and ₹13,000–15,000 Cr valuation range.
Therefore, the IPO should currently be described as “IPO preparation / expected DRHP,” not as an approved or confirmed IPO.
Current Unlisted Share Price
As of 9 September 2026, Planify reported an indicative unlisted reference price of approximately:
₹1,32,288 per share
ISIN: INE731P01010
Face Value: ₹10
Reported equity shares: 2,12,782
⚠️ Important: This is an OTC/private-market reference and not an NSE/BSE market price.
Also, CarDekho/Girnar Software has a complex capital structure containing multiple equity and compulsorily convertible preference-share classes. Therefore, simply multiplying the quoted ₹1.32 lakh price by the reported equity-share count does not provide a reliable fully diluted valuation. The IPO valuation discussions of ₹13,000–15,000 Cr are a more useful reference for the potential public-market valuation.
Investment Rationale
1. Strong Brand & Market Position
CarDekho is one of India’s best-known automotive digital platforms with significant consumer traffic and dealer relationships.
2. Large Automotive Opportunity
India’s vehicle ownership, used-car market, financing penetration and digital automotive transactions continue to expand.
3. Multiple Revenue Streams
The company is not dependent purely on advertising. It has exposure to:
Listings + Leads + Dealer SaaS + Advertising + Financing + Automotive Services
4. High-Value Consumer Funnel
CarDekho can monetize a customer at multiple points instead of earning only from the initial vehicle search.
5. Strong Investor Base
The company has attracted globally recognised investors including Peak XV, CapitalG, Hillhouse and LeapFrog.
6. IPO Catalyst
A successful DRHP filing and eventual listing could provide liquidity to existing shareholders and potentially unlock valuation.
7. Financial Improvement Potential
The group has significantly scaled revenue over the last five years, although consolidated profitability remains the key issue to watch.
Key Risks
| Risk | Concern |
|---|---|
| Consolidated Losses | Group remains loss-making on consolidated basis |
| Valuation | Potential IPO valuation of ₹13,000–15,000 Cr requires strong growth |
| Competition | CarTrade, Cars24, Spinny and other auto platforms |
| Used-Car Economics | Inventory and transaction businesses can have lower margins |
| IPO Risk | DRHP/listing is not yet confirmed |
| Regulatory Risk | Financing and insurance businesses face regulatory oversight |
| Capital Structure | Multiple equity/preference classes make valuation analysis complex |
| Execution | Managing multiple businesses increases operational complexity |
| Insurance Separation | InsuranceDekho/RenewBuy restructuring changes group economics |
| Market Conditions | IPO valuation can change significantly before listing |
CarDekho vs Investment Thesis
| Positive | Concern |
|---|---|
| Strong consumer brand | Consolidated losses |
| Large automotive ecosystem | High expected IPO valuation |
| 4,000+ dealer relationships | Competitive market |
| Financing opportunity | Regulatory exposure |
| Large digital traffic | Profitability needs improvement |
| Strong institutional investors | IPO not yet approved |
| Potential 2027 listing | Unlisted liquidity risk |
| Multiple monetisation channels | Complex group structure |
Investment View
CarDekho is an interesting pre-IPO opportunity, but it should not be evaluated simply as an “auto website.”
The larger thesis is an integrated automotive technology ecosystem combining vehicle discovery, dealer technology, financing and other mobility-related services.
The biggest attraction is the combination of brand + traffic + automotive data + monetisation opportunities + potential IPO catalyst.
However, the biggest question is valuation versus profitability.
At the reported potential IPO valuation of ₹13,000–15,000 Cr, investors will need to see continued revenue growth and a credible path toward consolidated profitability.
Investment Category
High-Growth Auto-Tech / Pre-IPO Opportunity
Risk Level: High
Growth Potential: High
Profitability: Needs improvement
IPO Catalyst: Strong but not yet confirmed
Valuation Sensitivity: Very High
Overall View
CarDekho can be considered a strong watchlist candidate for investors seeking exposure to India’s digital automotive ecosystem, but entry valuation is critical.
The most important upcoming trigger is the DRHP filing. Once the actual DRHP is filed, investors should reassess the opportunity using the official IPO valuation, fully diluted share capital, FY26 financials, fresh issue/OFS structure and use of proceeds.
Share Details
| Particular | Details |
|---|---|
| Company | Girnar Software Private Limited |
| Brand | CarDekho |
| CIN | U72200RJ2006PTC023499 |
| ISIN | INE731P01010 |
| Face Value | ₹10 |
| Current Indicative Price | ~₹1,32,288 |
| Security Type | Unlisted / Private |
| IPO Status | Preparation / DRHP expected |
| Potential IPO Size | ₹3,000–3,500 Cr |
| Potential Valuation | ₹13,000–15,000 Cr |
How to Invest
CarDekho is not currently available for purchase through NSE/BSE.
Investors seeking exposure before a potential IPO would need to transact through the private/unlisted-share market, subject to availability, applicable documentation, transfer restrictions, pricing and settlement conditions.
Because the quoted unlisted price can differ substantially between sellers, investors should independently verify:
- ISIN
- Exact share class
- Number of shares
- Fully diluted ownership
- Seller’s title
- Transferability
- Latest company filings
- Price and transaction terms
Final Verdict
CarDekho is one of India’s better-known auto-tech pre-IPO stories.
The company has built a strong automotive digital ecosystem and has demonstrated substantial revenue scale. The potential IPO provides an important future liquidity and valuation catalyst.
But this is not a cheap-value story.
The key question is whether the business can convert its large consumer reach and diversified ecosystem into sustainable consolidated profitability at the proposed ₹13,000–15,000 Cr valuation.
For pre-IPO investors: Attractive business + strong IPO potential + high valuation sensitivity.
Watch the DRHP before taking a final investment decision.
Disclaimer
This report is for informational and educational purposes only and should not be considered investment advice, an offer to buy or sell securities, or a guarantee of future returns. Unlisted-share prices are indicative OTC/private-market references and may differ from actual transaction prices. Financial and IPO information may change as new filings and disclosures become available. Investors should conduct their own due diligence and consult a SEBI-registered investment professional before investing.
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