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Solarium Green Energy's Rs 105 Cr SME IPO opens on Feb 6

EntrackrEntrackr · 9m ago
Solarium Green Energy's Rs 105 Cr SME IPO opens on Feb 6
Medial

Turnkey solar solutions provider Solarium Green Energy is set to launch its SME initial public offering (IPO) on February 6, 2025, aiming to raise Rs 105.04 crore (approximately $12.5 million). According to the press release, the IPO comprises 55,00,000 shares with a face value of Rs 10 each, priced in the range of Rs 181-191 per share. The lot size for the IPO is 600 equity shares, requiring a minimum investment of Rs 1,41,600 for investors looking to participate. 46% of the total share allocation (26,05,000 shares) is reserved for Qualified Institutional Buyers. High Net-Worth Individuals (HNIs) will receive 7,82,400 equity shares, while market makers will be allocated 2,86,8000 shares. Retail investors will account for 33.17% of the total share allocation. The IPO issue will be open from 06th February to 10th February. According to the company, the net proceeds from the IPO will be utilized to meet working capital requirements and to address general corporate purposes. Founded by Ankit Garg, Solarium Green Energy Limited specializes in turnkey solar solutions. It offers services such as design, engineering, procurement, testing, installation, commissioning, and comprehensive operation and maintenance (O&M). The company claims to have executed 11,195 residential rooftop projects, 172 commercial and industrial (C&I) projects, and 17 government projects during April 2021 to September 2024. Solarium has reported a revenue of Rs 177.80 crore with net profits of Rs 15.59 crore during the fiscal year ended March 2024. Meanwhile, in H1FY25 (the first half of the ongoing fiscal), its revenue was recorded at Rs 81.99 crore with net profits of Rs 7.55 crore. The firm achieved this growth without any venture or institutional funding. Solarium, which competes with Zunroof, SolarSquare, Cleantech, Mysun, Oorjan, and Freyr Energy, has become the first company from the Indian startup ecosystem to launch an SME IPO in 2025. Last year, Trust Fintech, TAC Security, and Menhood also went public through the SME route.

Exclusive: SriMandir’s parent AppsForBharat in talks to raise $15-20 Mn

EntrackrEntrackr · 1y ago
Exclusive: SriMandir’s parent AppsForBharat in talks to raise $15-20 Mn
Medial

AppsForBharat, the parent company of devotional app SriMandir, is in talks to raise a new round from new and existing investors, according to three people aware of the development. “AppsForBharat is in late-stage discussion with three new investors to raise $15-20 million,” said one of the sources requesting anonymity. “An Indian growth stage fund and a Singapore-based investor are in the race to lead the round.” Sources outline that the Bengaluru-based growth stage fund has backed companies including Spinny, Pharmeasy, FarEye and Probo. The Bengaluru-based startup had scooped up $10 million Series A in September 2021 and $4 million Seed round in August. As per sources, AppsForBharat is seeking a valuation of close to $100 million. “Existing investors including Peak XV and Elevation will also join the round on a pro-rata basis. The contours of the deal are being chalked out and the deal is likely to materialize later this month,” said another source who also wished not to be named as discussions are private. Queries sent to AppsForBharat didn’t elicit any response. AppsForBharat’s flagship product SriMandir allows users to create their personalized shrines, consume devotional content, connect with prayer groups, and access a large library of spiritual texts, scriptures and videos. Users can also consult with astrologers and priests. It claims to have over 10 million downloads since its inception in 2021. AppsForBharat’s long list of investors includes Peak XV, BEENEXT, Matrix Partners and angels such as Scott Schleifer, Ankush Sachdeva, Farid Ahsan and Bhanu Pratap Singh, Utsav Somani, Vidit Aatrey and Sanjeev Barnwal, Kunal Shah and Sai Srinivas. AppsForBharat registered Rs 3.53 crore in revenue with Rs 45 crore loss in FY23, according to startup data intelligence platform TheKredible. The firm is expected to post a better result in the last fiscal year (FY24). It competes with DevDham, Utsav App, Sutradhar, and 27 Mantra. As per data compiled by TheKredible, astro and spiritual tech startups have raised around $25 million in the past 12 months. Besides Ustav App and DevDham, InstaAstro, AstroTalk, Vama, and Melooha also raised decent funding during the period.

InsuranceDekho revenue soars 7.7X in FY24, posts Rs 86 Cr profit

EntrackrEntrackr · 12m ago
InsuranceDekho revenue soars 7.7X in FY24, posts Rs 86 Cr profit
Medial

InsuranceDekho turned out a stellar financial performance in the last fiscal year, with revenue from operations spiking 7.7 times. At the same time, the company reported a profit of Rs 86 crore for the fiscal year ending March 2024, compared to a loss of Rs 51 crore in FY23. InsuranceDekho’s revenue from operations surged to Rs 743.6 crore in FY24 from Rs 96.5 crore in FY23, its standalone financial statement filed with the Registrar of Companies (RoC) shows. InsuranceDekho helps customers to compare and buy motor, health, travel and pet insurance. It also offers several investment plans including ULIP, child, fixed deposit, retirement plans among others. At Rs 726.61 crore, insurance brokerage was the largest revenue generator for the firm which accounted for 97.7% of the total operating revenue while ancillary services brought in Rs 17 crore. The Gurugram-based firm also made an additional Rs 41.3 crore from non operating sources, including software sales and interest income which pushed InsuranceDekho total income to Rs 785 crore in FY24. Looking at the expenses, point of sales charges was the major element, which formed 43% of the total expense. This cost surged by 36X to Rs 301 crore in FY24, from mere Rs 8.3 crore in FY23. Employee benefit expenses stood at Rs 130.26 crore, showing a 21.7% rise from Rs 107.05 crore in FY23. Manpower management was another expense that ballooned 53X to Rs 35 crore in FY24. Advertising, finance costs collectively formed Rs 98 crore. In the end, the CarDekho-incubated company’s total expenses increased by 4.6X to Rs 699.21 crore during the last fiscal year. With over 650% growth in scale, InsuranceDekho turned profitable in FY24. It posted a profit of Rs 85.71 crore in the last fiscal year from a loss of -51.59 crore in FY23. Its ROCE and EBITDA margin improved to 16.5% and 11.73%, respectively. On a unit basis, the company spent Re 0.94 to earn a rupee of operating revenue in FY24. InsuranceDekho reported a Cash and Bank Balance of Rs 37.7 crore and Current Asset of 795.32 crore in the fiscal year ending March 2024. In October 2023, the firm secured $60 million in a Series B funding round led by Mitsubishi UFJ Financial Group. It is reportedly in discussions to merge with Renewbuy—a strategic move intended to establish a major player in the insurance aggregation market and compete with industry leader PolicyBazaar. PB Fintech, the parent firm of Policybazaar closed FY24 with about Rs 3,500 crore, which places the Rs 750 odd crores of InsuranceDekho in context. A very positive context, we will add, considering the fact that Insurance Dekho has managed to turn up the numbers with profits to show as well. Something Policybazaar managed well after it crossed the Rs 2,000 crore mark. In a market that is evolving at a pace it has never seen before, the opportunities for InsuranceDekho remain immense, and another strong year in FY25 will open up the IPO route as well, in all probability, making it a formidable competitor in the market that increasingly looks like it will consolidate into a two or three horse race as far as aggregators go.

NoBroker reports Rs 803 Cr revenue in FY24, but 57% expenses remain unexplained

EntrackrEntrackr · 6m ago
NoBroker reports Rs 803 Cr revenue in FY24, but 57% expenses remain unexplained
Medial

Real estate platform NoBroker improved its financial performance during the fiscal year ending March 2024, with operating revenue increasing by nearly one-third year-on-year. The subscription-based house-hunting platform also reduced its losses by 19% in FY24. However, the company disclosed limited details about its expenses, with 57% of total expenditures categorized under “miscellaneous overheads”. NoBroker’s operating revenue rose 32% to Rs 803 crore in FY24 from Rs 609 crore in FY23, according to its standalone financial statement sourced from the Registrar of Companies (RoC). NoBroker is a real estate platform that connects property owners directly with tenants, removing the need for brokers or agents. Its main source of revenue is subscription plans which accounted for 99% of the income. Income from product sales — including home services and allied segments — contributed Rs 5 crore in FY24. The firm made an additional Rs 85 crore from the interest of fixed deposit and gain on current investments, and mutual funds which pushed its total income to Rs 888 crore in FY24 from Rs 683 crore in FY23. Looking at the expenses, NoBroker did not disclose much of its expense breakup. Employee benefit expenses, which accounted for 33% of the total costs, remained flat at Rs 436 crore. Rent and legal charges were curtailed to Rs 7 crore and Rs 12 crore, respectively, while depreciation expenses increased modestly to Rs 31 crore in the said fiscal year. Importantly, NoBroker booked Rs 738 crore under miscellaneous expenses. Overall, the firm’s total expenses increased 9.2% to Rs 1,299 crore in FY24 from Rs 1,190 crore in the previous fiscal year. Despite the rise in total expenses, the company managed to reduce its net loss by 19% to Rs 411 crore in FY24 from Rs 506 crore in FY23. Its ROCE and EBITDA margin stood at -37.76% and -42.45% respectively. On a unit basis, the company spent Rs 1.62 to earn a rupee of operating revenue in FY24. As of March 2024, the Bengaluru-based firm reported current assets worth Rs 1,082 crore, out of which Rs 55 crore were in cash. According to TheKredible, NoBroker has raised a total of $366 million of funding to date, having Tiger Global, BEENEXT, and Elevation as its lead investors. The company’s co-founders Ankit Agarwal, Saurabh Garg, and Akhil Gupta together own 16.6% of the company.

Pratilipi approaches Rs 60 Cr revenue mark in FY24, cuts losses by 62%

EntrackrEntrackr · 11m ago
Pratilipi approaches Rs 60 Cr revenue mark in FY24, cuts losses by 62%
Medial

Pratilipi demonstrated strong financial performance in the last fiscal year, with the company's revenue spiking nearly 66%. Moreover, the Bengaluru-based storytelling platform reduced its losses by over 62% during the fiscal year ending in March 2024. Pratilipi ’s revenue from operations grew to Rs 57.8 crore in FY24 from Rs 35 crore in FY23, its financial statement filed with the RoC shows. Pratilipi is an online storytelling platform which essentially focuses on text and audio storytelling in Indian languages such as Hindi, Gujarati, Bengali, Marathi, and Malayalam across various formats including audiobooks, podcasts, comics, web series and movies. Revenue from content and premium subscription services soared 2X to Rs 34.97 crore in FY24 and accounted for 60.5% of total operating revenue. Brand advertising services grew by 79% to Rs 7.53 crore, while the sale of books went up by 62% to Rs 10.62 crore in the last fiscal year. The company made an additional Rs 70 lakh from interest income which pushed its total revenue to Rs 58.5 crore in FY24. Looking at the expenses, employee benefit expenses, the largest cost segment, dropped by 21% to Rs 46.94 crore in FY24. Advertising expenses saw a steep decline of 62% to Rs 19.36 crore in the last fiscal year . Cloud services and software charges also fell down significantly. Overall, Pratilipi’s total expenses fell by 39% to Rs 116.7 crore in FY24. Due to tight control in expenses, the company’s net loss decreased by 62% to Rs 58.13 crore in FY24 from Rs 152.6 crore in FY23. Its ROCE and EBITDA margin stood at -81.01% and -89.74%, respectively. On a unit basis, Pratilipi spent Rs 2.02 to earn a rupee in FY24. The company reported Rs 2.3 crore in cash and bank balances and had a current asset of Rs 33.26 crore as of FY24. According to the startup data intelligence platform TheKredible, the Gurugram-based firm has raised over $80 million to date. Its leading investors include Krafton, Nexus Venture Partners, Omidyar Network, Shunwei Capital and Tencent. Pratilipi's CEO, Ranjeet Pratap Singh, recently said that the company aims to launch an initial public offering (IPO) in January 2026, depending on market conditions. He also mentioned plans to raise $12 million in a pre-IPO funding round, potentially at a lower valuation.

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