Summary
- Amit and Anurag Jain began with IT outsourcing, then built CarDekho in Jaipur and say they ran it without outside money until 2013.
- CarDekho became a unicorn in October 2021, and parent Girnar Software reportedly plans a ₹3,000-3,500 crore IPO (about $311-363 million).
- FY25 consolidated revenue rose 24% to ₹2,795 crore, but the group still reports a consolidated loss, according to its own figures.
Two brothers walked into the 2008 Auto Expo in Delhi and noticed what was missing: product information. That gap is the CarDekho founder story in one line.
Amit Jain and Anurag Jain went home to Jaipur and built a website to fill it. Eighteen years later, their group, Girnar Software, sits behind a company valued at $1.2 billion in 2021 and is reportedly preparing for an IPO. The company has not publicly confirmed that plan.
Quick facts
USD figures marked “about” use ₹96.5 per US dollar, a mid-market rate seen in July 2026. Sources are listed at the end of the article.
Two engineers and a drive home to Jaipur
Amit and Anurag Jain are both IIT Delhi alumni. Amit worked for Trilogy for more than eight years, according to YourStory’s 2015 interview. A 2014 YourStory profile adds that he was responsible for setting up the company’s India operations. Anurag had a brief stint at Sabre Holdings before joining Girnar Soft.
Why Jaipur? The founders give two accounts, both in their own words. Amit told Inc42 that the brothers returned to India when they learned their father was battling cancer. In an Outlook Business column, the brothers wrote that they came back to Jaipur after losing their father. We’ve reported both and added nothing to either.
The family also ran a jewellery business, and YourStory reported in 2014 that Amit first considered an online jewellery store. He told YourStory in 2015 that he tried several ventures and failed at them before the IT outsourcing unit took shape.
Outsourcing paid the bills first
The brothers didn’t begin with cars. By Amit’s account, they started Girnar Soft as an IT outsourcing company in late 2006. Other profiles, including the Inc42 interview, date the parent company to 2007, so the exact year depends on who is counting.
He has said the outsourcing revenue is what let them skip venture capital early. In 2014, he told YourStory that cash flow was the reason to start with outsourcing.
Then came the names. In 2007 and 2008, Amit says, he bought several domain names ending in “dekho” without much planning. The suffix, Hindi for “look”, later gave the group easy brand recall across the country. Today it runs CarDekho, BikeDekho, ZigWheels, InsuranceDekho and more.
StartupIndiaX analysis: services revenue is an old Indian route to a first product. It let two engineers test ideas without a fundraising clock running.
The Auto Expo gap
The turning point was a trip to Delhi. Amit told Entrepreneur India in 2023 that his and Anurag’s love for cars took them to the 2008 Auto Expo, where they were surprised by how little product information buyers could find. That gap became the idea.
CarDekho began in 2008 as an online car review portal in Jaipur.
“Our vision was to build a billion-dollar IT-based company”
Amit Jain, speaking to Entrepreneur India, September 2023
Early revenue came from advertising, YourStory reported in 2014. By 2015, Amit described a shift toward selling leads to dealers. The 2014 profile also claimed that CarDekho was India’s biggest auto portal by 2012, with more than 70 lakh monthly visitors. That is a media claim from the time, and StartupIndiaX hasn’t verified it.
Staying in Jaipur was a cost decision as much as a sentimental one. Amit told Entrepreneur India that a small town meant lower rent, and that planning was easier in their hometown.
Five years without outside money
Amit says the brothers launched CarDekho in 2008 and bootstrapped it until 2013. Entrepreneur India repeats that account. It is the founder’s claim, and we found no independent record that contradicts it.
The first institutional round, $15 million from Sequoia Capital India, came in November 2013, according to funding trackers such as StartupTalky and Lapaas Voice.
He has been clear about why waiting mattered.
Bootstrapping, he said, “gave us a chance to dilute less and negotiate better with investors”
Amit Jain, speaking to YourStory, December 2015
By late 2015, YourStory reported, Girnar Soft had raised over $65 million across two rounds, and the brothers still held more than half the company. Amit also said that year that he found many unicorn valuations hard to reconcile with burn rates. Six years later, CarDekho joined that club itself.
In October 2015, CarDekho bought ZigWheels in an undisclosed all-stock deal. Amit said it paid off from day one.
How the group makes money
CarDekho started by selling ads. Inc42 describes the model as advertising and digital marketing solutions sold to automakers, plus used-car sales to dealers while that business ran. In FY24, the transaction business was the largest contributor, at 41% of operating revenue, Entrackr reported.
Today the reach is wider. Girnar Software also runs InsuranceDekho, the financing platform Rupyy, rental business Revv and fleet manager Carrum, Inc42 reports. In FY25, the company said, Rupyy facilitated about ₹16,000 crore (about $1.66 billion) in loan disbursements, and Carrum managed over 1,500 vehicles, including Uber Black fleets in Delhi-NCR and Mumbai. These are company figures from a press release, and StartupIndiaX has not independently verified them.
Inc42 noted in November 2025 that CarDekho had about 60 million monthly users in FY24. It also lists CarTrade and Spinny as competitors. Beyond India, the group began expanding in FY16 and, per Entrackr, has since entered the UAE and Saudi Arabia.
In the sources we reviewed, the company hasn’t disclosed a full segment-by-segment revenue split, so we don’t offer one.
Who put money in
Figure 1 charts CarDekho’s disclosed rounds above $10 million. Trackers disagree on several smaller or undisclosed rounds, so those are left out.
The five disclosed rounds run from a $15 million Series A in November 2013 to the $250 million Series E in October 2021, which included $50 million of debt.
The 2023 retreat from used-car retail
The Series E was pitched on growing used-car and financial-services businesses, Entrackr noted. Then, in May 2023, CarDekho wound down its used-car retail arm.
Amit told Entrackr the group had been in that business for about two and a half years and “we continuously lost money”, pointing to high costs for parking, showrooms and manpower.
The scale of the retreat shows in the numbers. Revenue from products, which included used-car sales, fell 81% to ₹176.64 crore (about $18 million) in FY24 from ₹952.22 crore (about $99 million) in FY23, Inc42 reported. Consolidated operating revenue slipped 3.49% to ₹2,250.43 crore (about $233 million), but the net loss fell nearly 40% to ₹340.08 crore (about $35 million) from ₹566.13 crore (about $59 million).
StartupIndiaX analysis: Amit said in 2015 that his early failures taught him not to lose focus on unit economics. The 2023 exit reads as that principle applied, though we found no place where he frames it that way.
Where the numbers stand
Consolidated operating revenue was ₹2,331.88 crore (about $242 million) in FY23 and ₹2,250.43 crore (about $233 million) in FY24, a fall of 3.49%. In FY25 it rose 24% to ₹2,795 crore (about $290 million), according to a company press release reported by Entrackr on 30 December 2025.
Profit is a more mixed picture. For FY25, the company said its consolidated loss, excluding exceptional items and share of losses in associates, narrowed to ₹266 crore (about $27.6 million) from ₹276 crore (about $28.6 million). That basis differs from the ₹340 crore net loss reported for FY24, so the two aren’t directly comparable. The company blamed the loss largely on continued investment in insurance and Southeast Asia.
The standalone business, which houses auto classifieds and financing, was profitable for a second year, the company said. Standalone revenue crossed ₹1,000 crore (about $104 million) and profit from auto classifieds rose 60%. Net cash stood at ₹1,177 crore (about $122 million) in March 2025.
For FY26, Inc42’s sources said in July 2026 that the company expected roughly 15% revenue growth and a 20-25% rise in EBITDA. Audited FY26 numbers hadn’t been filed at that point, and StartupIndiaX has not seen them.
The IPO that is still unconfirmed
Developing story. Status as of 20 October 2026.
In July 2026, Inc42 reported, citing sources, that Girnar Software planned to file draft papers in the July-September quarter for an IPO of ₹3,000-3,500 crore (about $311-363 million). It said the company was eyeing a valuation of ₹13,000-15,000 crore (about $1.35-1.55 billion), against the ₹9,000 crore it was last valued at in 2021. The fresh issue was expected to be around 10% of the total, with Axis Bank, IIFL, Goldman Sachs and Nomura picked as bankers. The confidential filing route was being considered, but not final.
CarDekho didn’t respond to Inc42’s queries, and the company has not publicly confirmed the plan, Indian Startup News noted. As of 20 October 2026, StartupIndiaX found no confirmation that draft papers have been filed.
Two other threads matter here:
- InsuranceDekho is heading for its own listing. Inc42 reported it planned to file draft papers by September-end, after merging with RenewBuy, with the parent holding it as an associate investment.
- CarTrade came and went. A CarTrade filing in November 2025 said the two companies had explored combining CarDekho and BikeDekho but mutually decided not to proceed, MarketScreener reported. Inc42 had reported the talks were valued at over $1.2 billion.
On leadership, BestMediaInfo reported on 16 October 2026 that Mayank Jain, who ran the group’s auto classifieds business for over five years, became CEO of Magicbricks from 1 October 2026.
Eighteen years at a glance
Why there is no net worth figure here
Search for Amit Jain’s net worth and you’ll find numbers. We aren’t printing one.
Kuvera’s 2026 explainer puts it at about ₹3,000 crore (about $311 million), while 5paisa’s Finschool, updated in August 2025, says US $365 million. Neither names a primary source, and the two disagree. Both are estimates, and StartupIndiaX has not verified either.
What is known is about the company, not the person. The company was valued at $1.2 billion in its October 2021 round, and reports in July 2026 pointed to a ₹13,000-15,000 crore target for an IPO. In 2015, the brothers held more than half the company. We found no verified current figure for their stake.
StartupIndiaX analysis: if draft IPO papers become public, they should show promoter shareholding. That would be a far better basis for any estimate than a blog post.
Beyond the balance sheet
Amit is a judge on Shark Tank India, according to a branded Inc42 interview, and he tells early founders to look beyond fundraising and high valuations. The brothers make the same case in their Outlook Business column, arguing for solving real problems over chasing financial metrics.
“ambition and ingenuity can flourish in the most unexpected places”
Amit and Anurag Jain, Outlook Business column
We’ve kept this section to what the founders have said publicly. Family and personal details beyond that aren’t part of this profile.
What founders can take from Jaipur
1. Fund the experiment with something that pays. Girnar Soft’s outsourcing revenue came first. It carried the group through the early years of CarDekho, by Amit’s own account.
2. Count the cost of your city. Amit’s reasoning for Jaipur was lower rent and a hometown he knew. For founders outside the metros, that’s a concrete advantage on burn, not a consolation prize.
3. Raise later if you can, and price the trade. Waiting until 2013 let the brothers negotiate on their own terms, Amit said, and they still held over half the company in 2015. Use a funding round dilution calculator to see what that means for your own cap table.
4. Close what doesn’t work, even if the investor pitch said otherwise. CarDekho exited used-car retail in May 2023, less than two years after a round pitched partly on used cars. Revenue dipped, and losses fell by nearly 40%.
5. Watch the gap between scale and profit. ₹2,795 crore in revenue is real scale, but the group still reports a consolidated loss. Public-market investors will read that gap closely, and a startup valuation calculator can help you test how they might price yours.
Compare it with CarTrade, the listed rival the group once explored joining. CarDekho is trying to reach the stock market on its own terms, after the earlier talks fell through.
The Jain brothers’ story isn’t finished. The IPO, if it happens, will be the first real test of what a Tier-II-city company is worth in public markets. If you’re building outside the metros, [share your story with us](URL TO BE ADDED) and tell us in the comments which part of this journey you’d borrow first.
FAQs
Who founded CarDekho?
CarDekho was founded in 2008 in Jaipur by brothers Amit Jain and Anurag Jain, both IIT Delhi alumni. Amit is group CEO and Anurag is COO of parent Girnar Software, according to an Inc42 interview.
How did CarDekho start?
By Amit Jain’s account, the brothers started Girnar Software as an IT outsourcing firm in late 2006. After visiting the 2008 Auto Expo and finding little product information for buyers, they launched CarDekho in Jaipur, funded by outsourcing revenue.
Was CarDekho bootstrapped?
Amit Jain says CarDekho was bootstrapped from 2008 until 2013, using revenue from the group’s IT outsourcing business. Sequoia Capital’s $15 million Series A in November 2013 is listed first by funding trackers. This is the founder’s account.
How much has CarDekho raised and what is its valuation?
Reported funding totals range from about $448 million to over $692 million. The last major round was $250 million, including debt, in October 2021 at a $1.2 billion valuation. A reported IPO could value the parent at ₹13,000-15,000 crore (about $1.35-1.55 billion at ₹96.5 per dollar, July 2026).
What is Amit Jain’s net worth?
No credible, consistent figure exists. Online estimates differ widely and cite no primary source. Better context comes from CarDekho’s $1.2 billion valuation in October 2021 and, if it is published, the promoter shareholding in a draft IPO prospectus.
Is CarDekho going public?
Media reports in July 2026 said parent Girnar Software planned to file draft IPO papers for ₹3,000-3,500 crore (about $311-363 million at ₹96.5 per dollar). The company had not publicly confirmed this, and StartupIndiaX could not verify a filing as of 20 October 2026.
Why did CarDekho close its used-car retail business?
Inc42 reported CarDekho shut its used-car retail business in 2023 after high operating costs made it unviable. The group continues to run its vehicle marketplaces and related financing and insurance businesses.
Read next
Related founder stories from StartupIndiaX will be linked here once live URLs are confirmed. In the meantime, try the Funding Round Dilution Calculator and the Startup Valuation Calculator to run your own numbers.
Sources and disclosure
Story type: public-source profile.
Sources
- Entrepreneur India, “CarDekho: Built With Precision”, 16 Sep 2023. Link
- YourStory, “Making sustainable automobile classifieds product from Jaipur: CarDekho’s story”, 28 Dec 2015. Link
- YourStory, “How two Jaipur-based brothers created profit making internet products without ever filing loss”, 2014. Link
- Inc42 (Brandlabs), “CarDekho’s Amit Jain On Building A Unicorn In A Tier II City, Investment Thesis & Scaling Abroad”, date not shown. Link
- Outlook Business, “CarDekho Founders Amit & Anurag Jain Write: How to Start-Up in a Tier-II City”, date not shown. Link
- Entrackr, “CarDekho Group posts Rs 2,795 Cr revenue in FY25; losses narrow marginally”, 30 Dec 2025. Link
- Inc42, “CarDekho’s FY24 Loss Declines 39% To INR 340 Cr”, 2024. Link
- Entrackr, “CarDekho Group’s revenue slips due to closure of used car biz; InsuranceDekho shines”, 2024. Link
- Entrackr, interview with Amit Jain on the used-car retail exit, 2023. Link
- Inc42, “CarDekho To File DRHP For ₹3,500 Cr IPO This Quarter”, 9 Jul 2026. Link
- Indian Startup News, “Amit Jain-led CarDekho parent eyes up to Rs 15,000 crore valuation in proposed IPO”, 10 Jul 2026. Link
- Inc42, “InsuranceDekho To File DRHP By September-End: Report”, Jul 2026. Link
- Inc42, “CarDekho Enters Unicorn Club With $250 Mn Pre-IPO Round”, Oct 2021. Link
- MarketScreener, “CarTrade and CarDekho end their deal talks”, Nov 2025. Link
- BestMediaInfo, “Magicbricks names CarDekho’s Mayank Jain as Chief Executive Officer”, 16 Oct 2026. Link
- Funding trackers: StartupTalky, Lapaas Voice, Dealroom, CB Insights
- Net worth estimates (unverified): Kuvera, 5paisa Finschool
AI-assistance note: This article was drafted with AI assistance and reviewed and fact-checked by the StartupIndiaX Editorial Team.
Corrections: Spotted an error? Email corrections@startupindiax.com and we will review and update the article.
Written by the StartupIndiaX Editorial Team, covering Indian startups, founders, and entrepreneurship.
