Peak XV, Google, Hillhouse eye part exits as CarDekho plans IPO
Subscribe to enjoy similar stories. Bengaluru: CarDekho’s early investors including Peak XV, Google Capital and Hillhouse Capital are expected to sell part of their stakes in the automobile marketplace as the company initiates conversations with merchant bankers for an initial public offering next year. CarDekho, which is expected to file its IPO papers in March, may see other early investors also book a profit from its public share offering, two people with direct knowledge of the matter told Mint.
“The company is planning to raise about $500 million including a primary component at a valuation of $2-2.5 billion," one of them said. “The net proceeds from the public offering will be used to fund CarDekho’s geographical and category expansion and also for future acquisitions to expand its portfolio of its services." Google, Peak XV and Hillhouse have been on CarDekho’s capitalisation table for about a decade. “These investment firms will offload a part of their stake under the offer-for-sale option," the second person mentioned above said, adding that CarDekho is in advanced discussions to appoint bankers for its IPO, which could be as early as next week.
CarDekho declined to comment. Google Capital said it would not comment on what it termed as ‘speculation’. Peak XV (formerly Sequoia India) said it had no comments on the matter, while Hillhouse did not immediately respond toMint’s emailed queries.
Startup IPOs are on a comeback this year after a tepid 2022 and 2023. So far in 2024, 10 startups have listed their shares, including FirstCry, Ola Electric, Go Digit, Awfis, and ixigo, riding the stock market’s bull run. Food and grocery delivery platform Swiggy’s upcoming IPOand electric-scooter maker Ather Energy’s listing
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