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Ixigo gets SEBI nod for IPO; Oyo withdraws listing plans

EntrackrEntrackr ยท 1y ago
Ixigo gets SEBI nod for IPO; Oyo withdraws listing plans
Medial

Le Travenues Technology Limited, which operates the travel booking platform ixigo, has received the final nod from SEBI for its initial public offering (IPO), the market watchdog notified on Wednesday. In February, Ixigo re-filed its draft red herring prospectus (DRHP) with SEBI for an IPO as the firm proposed to raise Rs 120 crore worth of fresh issue and an offer for sale (OFS) of up to 66,677,674 equity shares. As per DRHP, Elevation Capital, Peak XV Partners and the companyโ€™s co-founders Aloke Bajpai and Rajnish Kumar will participate in the offer for sale. The company will use the funds for investments in technology as well as data science, including cloud and server hosting, technology on artificial intelligence and customer engagement. For the nine months ending December 2023, Ixigo recorded Rs 491 crore in revenue from operations with a profit of Rs 65.7 crore. In FY23, its revenue from operations jumped 32% to Rs 501 crore from Rs 379.6 crore in FY22. It also turned profitable in FY23 with Rs 23.4 crore profit against Rs 21 crore loss in FY22. Meanwhile, hospitality firm Oyo has withdrawn its draft IPO papers. As per the SEBIโ€™s website, Oyo parent Oravel Stays withdrew the document on May 17. The Ritesh Aggarwal-led company did not mention the reason behind the back out. Oyo had plans to raise up to $450 million through the sale of dollar bonds. As per a media report, Oyo is seeking funding to the tune of $80-90 million from family offices at an 80% valuation haircut. Earlier, travel tech platform TBO, co-working space provider Awfis and general insurance company Digit also received a nod from SEBI and got listed on the stock exchanges. In the past six months, a clutch of startups have filed their draft IPO papers and are waiting for the approval from SEBI. The notable names include Ola Electric, FirstCry, MobiKwik, and Unicommerce.

Exclusive: Curefoods gets Landmark Group backing, expands ESOP pool

EntrackrEntrackr ยท 8m ago
Exclusive: Curefoods gets Landmark Group backing, expands ESOP pool
Medial

Exclusive: Curefoods gets Landmark Group backing, expands ESOP pool Cloud kitchen startup Curefoods is raising Rs 37 crore (around $4.4 million) from Landmark Group. The funding comes just a month after Curefoods acquired Krispy Kremeโ€™s South and West India operations from the same group. The board at Curefoods has passed a special resolution to issue 3,458 compulsory convertible preference shares at an issue price of Rs 1,07,526 each to raise Rs 37 crore, its regulatory filing accessed from the Registrar of Companies (RoC) shows. The Landmark Group is reportedly to invest an undisclosed amount in Curefood in its $40 million round of fundraising. After the latest funding, Landmark Group will retain a 0.96% stake in the company, which could increase with additional investments. Entrackr estimates the firm's post-allotment valuation at around $460 million. Curefoods has also increased its ESOP pool size by adding fresh 10,613 employee stock options worth Rs 114 crore or $13.5 million, the separate resolution shows. According to Entrackrโ€™s estimates, Curefoodโ€™s total ESOP plan is now valued at approximately Rs 213 crore or 25 million, encompassing 19,842 employee stock options. Launched in 2020, Curefoods operates brands like EatFit, Yumlane, Aligarh House Biryani, Masalabox, and CakeZone. It has over 100 kitchens in over 200 locations across 15 cities serviced by a backend operation of over 7 food factories, and 150 multi-brand cloud kitchens. The company also acquired two brands โ€“ YumLane Pizza and Millet Express in 2023. Curefoods grew at a rapid clip with a 53% year-on-year growth in its revenue to Rs 585 crore in FY24 from Rs 382 crore in FY23. According to its annual report, the sharp decline in advertising costs helped Curefoods to control its losses by 50% to Rs 172.6 crore in the same period.

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