InsuranceDekho Plans September DRHP Filing for ₹3,000 Cr IPO

InsuranceDekho plans to submit its draft red herring prospectus by the end of September. The insurance distribution firm aims to launch its initial public offering by March 2027.

The Gurgaon-based firm plans to raise ₹2,500-3,000 crore at a valuation of around ₹9,500 crore.

This move adds the firm to a growing list of new-age financial services companies queuing up for the public markets, the Economic Times reported.

The offer structure is expected to rely on a sizeable fresh issue and an offer-for-sale by early investors. InsuranceDekho does not intend to run a pre-IPO round.

It will deploy fresh capital towards technology investments, acquisitions, and expansion into adjacent financial-services verticals.

The company, incubated within the CarDekho group, will list independently. CarDekho, meanwhile, is also preparing its own IPO and is expected to file its papers by August, the Economic Times reported.

Merger and Market Scale

The company is finalising its merger with RenewBuy. It has already secured the nod from the Competition Commission of India and received initial clearance from the Insurance Regulatory and Development Authority of India.

This transaction pegged the joint business at ₹7,400 crore in May last year. This figure sits significantly lower than the ₹9,500 crore valuation the firm seeks to achieve through its public listing.

During the 2025-26 fiscal, the unified entity generated ₹6,700 crore in premiums and achieved operational profitability. The firm competes directly with Turtlemint and Policybazaar in the domestic digital insurance distribution space.

Parent Company IPO Plans

Parent company Girnar Software plans to submit its draft IPO documents to SEBI during the current quarter ending September, to raise ₹3,500 crore, Inc42 reported. This public offer will consist of a fresh share issue alongside an offer for sale. The fresh issue component will likely account for about 10% of the total size.

The firm seeks a valuation of ₹13,000-15,000 crore. This is a significant jump from its ₹9,000 crore valuation during its previous funding round five years ago.

It has selected Axis Bank, IIFL, Goldman Sachs and Nomura as book-running lead managers, the sources said. The company might opt for a confidential filing route, though a final decision is pending. Several major investors in CarDekho will likely trim their holdings through the offer-for-sale.