CarDekho Plans IPO Worth Rs 3,500 Crore This Quarter

CarDekho, the parent company of automotive classifieds platform Girnar Software, is planning to file draft papers for an Initial Public Offering (IPO) worth up to INR 3,000-3,500 crore within the current quarter (July-September). Sources indicate the IPO will include both fresh issuance of shares and an offer for sale (OFS) by existing shareholders.

The unicorn startup is targeting a valuation of INR 13,000-15,000 crore for the IPO, a significant increase from its valuation of INR 9,000 crore during its last funding round approximately five years ago. Investment banks including Axis Bank, IIFL, Goldman Sachs, and Nomura have been appointed to manage the offering. The company may opt for a confidential filing route, though this is not yet finalized.

CarDekho, which achieved unicorn status in 2021, operates across various segments including auto classifieds, edtech, fintech, and mobility solutions. It competes with listed player CarTrade and IPO-bound Cars24 in the online automotive marketplace. The group has raised a total of about $750 million in funding to date.

For the fiscal year 2025, CarDekho reported a 24% year-on-year increase in consolidated operating revenue to INR 2,795 crore, while its consolidated net loss narrowed slightly to INR 266 crore. The company anticipates a further 15% revenue growth and a 20-25% rise in EBITDA for the current fiscal year.