Girnar Insurance Brokers, the parent company of Indian insurer aggregator InsuranceDekho, has appointed advisory banks for a potential initial public offering, according to Bloomberg’s sources.
The selected advisors are HSBC Holdings, Morgan Stanley, ICICI Securities and IIFL Capital Services.
The deal is backed by Investcorp and BNP Paribas Cardif, with the IPO possibly launched this year or early 2027 and aiming to raise up to $400 million (approximately ₹38.19 billion).
The offering is expected to consist of a new share issuance to generate fresh capital, together with a secondary sale by existing investors to provide an exit route.
The size, timing and valuation of the planned listing are still being negotiated and could be adjusted based on market conditions.
Bloomberg data indicates that India’s IPO market has been subdued in 2025, with roughly $3.9 billion raised in the first half, down from $22 billion a year earlier.
The same data highlights that several major listings are in the pipeline, such as those by Jio Platforms, the National Stock Exchange of India, SBI Funds Management and Manipal Health Enterprises.
Launched in 2016, InsuranceDekho operates an online platform that enables customers to compare and purchase insurance policies.
In November 2025, the Competition Commission of India cleared the merger of Girnar Finserv Private, Girnar Insurance, D2C Consulting Services Private and RB Info Services Private into Artivatic Data Labs Private.
According to the CCI notice, Girnar Insurance is controlled by Girnar Software and markets insurance products across India via the InsuranceDekho platform.
The notice further confirms that InsuranceDekho possesses a composite broking licence issued by the Insurance Regulatory and Development Authority of India.
The notice indicates that Girnar Finserv, Girnar Insurance, D2C Consulting and RB Info are set to combine into Artivatic under a Merger Framework Agreement dated 12 May 2025.
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