CarDekho’s parent Girnar Software will file for a ₹3,000-3,500 Cr IPO this quarter, targeting a ₹13,000-15,000 Cr valuation. The planned issue includes a small 10% fresh capital raise, with major shareholders offloading significant stakes via OFS. CarDekho's healthy operating cash flow means the IPO prioritizes exit for investors like Peak XV over growth capital.
How We Got Here
CarDekho became a unicorn in 2021, last raising equity five years ago at a ₹9,000 Cr valuation. The filing comes less than a year after CarTrade's $1.2 billion acquisition bid for CarDekho fell through in November.
The Numbers
- Bankers for the IPO include Axis Bank, IIFL, Goldman Sachs, and Nomura.
- The IPO will primarily include CarDekho's auto classifieds, loan disbursal, and mobility businesses.
- InsuranceDekho, after its RenewBuy merger, will pursue a separate listing later.
- CarDekho has raised approximately $750 million in total funding to date.
- Competitors in the auto classifieds space include listed player CarTrade and IPO-bound Cars24.
What Happens Next
🇮🇳 Why This Matters for India
For used car dealers in Tier 2 cities like Indore and Nagpur, CarDekho's platform offers essential reach, making its IPO a benchmark for vertical marketplaces.
The Take
CarDekho's push for a ₹15,000 Cr valuation, five years after its last raise, signals a high-stakes exit play by early investors. The market will demand strong growth metrics to justify this premium amidst a tougher IPO climate.
Source:
Inc42 ↗