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Exclusive: IndiQube takes key step towards IPO, becomes public company

EntrackrEntrackr · 8m ago
Exclusive: IndiQube takes key step towards IPO, becomes public company
Medial

Workspace provider IndiQube has converted itself into a public company. This marks the company’s concrete step towards its planned initial public offering (IPO). The board at IndiQube has approved the resolution to change the company’s status from private to public. Its name has now changed from “Indiqube Space Private Limited” to “Indiqube Spaces Limited”. According to the media reports, the company is looking to raise Rs 1,000-1,500 crore in the IPO which will largely consist of fresh issues of shares. IndiQube provides workspaces to startups, offshore development centers, and large enterprises across India. The company derived 80% of its revenue from rental income. IndiQube has raised around $45 million to date and is valued at around over $200 million in its last round. According to the startup data intelligence platform TheKredible, WestBridge Capital is the largest external stakeholder with 27.67%. Its co-founders Rishi Das and Meghna Agarwal cumulatively hold over 30% of the company. For FY24, the company reported revenue of approximately Rs 840 crore with a net profit of Rs 80 crore. Several co-working startups are preparing to launch their IPOs. Awfis made its debut on the stock market earlier this year, while Smartworks recently secured SEBI’s approval for its proposed IPO. According to media reports, other players like WeWork India, Simpliwork, Table Space, and DevX are also gearing up to go public.

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Exclusive: Urban Company converts into public company

EntrackrEntrackr · 6m ago
Exclusive: Urban Company converts into public company
Medial

Urban Company is preparing for a definitive initial public offering (IPO) this year. The company has taken its first significant step toward going public by converting into a public entity. The board of OfBusiness has approved a resolution to change its status to a public company and rename it from "Urbancalp Technologies India Private Limited" to "Urbanclap Technologies India Limited," according to its regulatory filing. Urban Company reportedly aims to raise Rs 3,000 crore (approximately $350 million) through its IPO and has hired Kotak Mahindra Bank, Goldman Sachs, and Morgan Stanley as its lead managers. It is likely to file draft IPO papers by the end of March. Ahead of the IPO, Prosus is planning to increase its investment in the company. Prosus is reportedly looking to invest $30 million (Rs 250 crore) in a secondary deal, allowing Bessemer Venture Partners to make a partial exit. The Abhiraj Bhal-led company concluded its last ESOP liquidity program in December 2021 at a valuation of $2.8 billion. Last year, it also completed a new buyback at a valuation of approximately $2.2 billion to $2.5 billion. According to startup data intelligence platform TheKredible, Urban Company has raised Rs 3,457.16 crore (more than $450 million) from investors including Tiger Global, Accel, Elevation Capital, and Dharana, among others. Urban Company operates in more than 60 cities across India, the UAE, Singapore, and Saudi Arabia. The company has a partner network of over 55,000 hand-picked service professionals. For the fiscal year ending in March 2024, Urban Company's revenue from operations grew 30% year-on-year to Rs 827 crore from Rs 637 crore in FY23. The Gurugram-based startup also reported a 70% decline in losses to Rs 93 crore in the last fiscal year.

Exclusive: Shiprocket converts to public entity ahead of 2025 IPO

EntrackrEntrackr · 6m ago
Exclusive: Shiprocket converts to public entity ahead of 2025 IPO
Medial

Exclusive: Shiprocket converts to public entity ahead of 2025 IPO Logistics and supply chain enabler Shiprocket is gearing up for a definitive initial public offering (IPO) plan in 2025, taking its first major step toward public listing by converting it into a public entity. The board at Shiprocket has approved a resolution to change its status to a public company and rename it from “Shiprocket Private Limited” to “Shiprocket Limited”, as per its regulatory filing. The conversion into the public entity has come a month after raising $26 million in its Series E round led by KDT Ventures, with participation from MUFG Bank, Tribe Capital, and SAI Global. The company will likely raise more capital in its pre-IPO round. Shiprocket reportedly plans to raise between Rs 2,000-2,500 crore through its IPO, which will include both primary components and an offer for sale (OFS). According to media reports, the company has enlisted Axis Capital, Kotak Mahindra, JM Financial, and BofA Securities as its investment bankers for the offering. Founded by Saahil Goel, Gautam Kapoor, and Vishesh Khurana, Shiprocket is a logistics and supply chain platform that enables businesses to streamline shipping through courier integration, real-time tracking, and automated solutions. Shiprocket has raised over $320 million to date and is valued at $1.21 billion. According to the startup data intelligence platform TheKredible, Bertelsmann Nederland B.V is the largest external stakeholder followed by Tribe. Zomato, Temasek, LightRock, and Paypal are other notable investors in Shiprocket. During the fiscal year ending March 2024, the company recorded a 21% year-on-year increase in revenue, reaching Rs 1,316 crore, while its losses stood at Rs 595 crore for the same period. It competes with Unicommerce which recently acquired Shipway, along with other players such as Shipyard.

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