Girnar Insurance Brokers (Girnar Insurance), the parent of Indian insurance aggregator InsuranceDekho, has selected banks to advise on a possible initial public offering (IPO), Bloomberg reported, citing sources.
The banks chosen are HSBC Holdings, Morgan Stanley, ICICI Securities and IIFL Capital Services.
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The sources said the offering, backed by Investcorp and BNP Paribas Cardif, could take place this year or in early 2027 and may seek to raise as much as $400m (Rs38.19bn).
According to the sources, the IPO is expected to include a fresh issue of shares to bring in new capital, alongside a share sale by some current investors to enable an exit.
They also said the size, timing and valuation of the proposed listing remain under discussion and may change depending on market conditions.
Data compiled by Bloomberg showed that India’s IPO market has been relatively subdued this year, with around $3.9bn raised in the first six months, compared to $22bn last year.
The same data showed that several large offerings are being planned, including those by Jio Platforms, the National Stock Exchange of India, SBI Funds Management and Manipal Health Enterprises.
Founded in 2016, InsuranceDekho runs an online marketplace where customers can compare and buy policies.
In November 2025, the Competition Commission of India (CCI) approved the proposed merger of Girnar Finserv Private, Girnar Insurance, D2C Consulting Services Private and RB Info Services Private into Artivatic Data Labs Private.
A notice issued by the CCI stated that Girnar Insurance is controlled by Girnar Software and distributes insurance products in India through its platform, InsuranceDekho.
The notice also stated that InsuranceDekho holds a composite broking licence from the Insurance Regulatory and Development Authority of India.
According to the same notice, the proposed combination provides for Girnar Finserv, Girnar Insurance, D2C Consulting and RB Info to merge into Artivatic under the Merger Framework Agreement executed on 12 May 2025.
