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Exclusive: Ecom Express board approves Rs 2,600 Cr IPO
Entrackr · 11m ago
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Logistics firm Ecom Express appears close to file draft red herring prospectus as it has received board’s approval for initial public offering worth Rs 2,600 crore via a mix of fresh issue and offer for sale. The board at Ecom Express has passed a special resolution to approve its initial public offer of equity shares amounting to Rs 2,600 crore, which consists of Rs 1,284 crore of fresh issue and Rs 1,316 crore offer for sale, according to the company’s internal documents accessed by Entrackr. As per media reports, the Gurugram-based company already appointed bankers including Kotak Capital, IIFL, Axis Capital, and UBS for the IPO. Ecom Express’ major investors Warburg Pincus and Partners Group are likely to take part in the OFS, said sources. As per data intelligence platform TheKredible, Warburg Pincus is the largest external stakeholder with 48.26% followed by Partners Ground and CDC Group. This is the second attempt by the 13 year-old-firm for public listing. In February 2022, it approved a fundraise of up to Rs 4,860 crore via a public issue of shares. However, the firm put a hold on its IPO plan then. Meanwhile, Ecom Express is also raising Rs 1,424 crore (approximately $172 million) from existing investors via right issue. Since its inception, it has scooped up more than $250 million through equity and debt. Ecom Express claims to provide logistics services in over 2,700 towns and 27,000 pin codes in India. It employs over 50,000 people, and has more than 3,000 facility centers across the country. For the fiscal year ending in March 2023, Ecom Express’ revenue from operations increased by 21.9% to Rs 2,548 crore from Rs 2,090 crore in FY22. The company’s losses rose by 4X to Rs 375 crore in FY23 from Rs 91 crore in the previous fiscal year. It is yet to file its FY24 numbers. Ecom Express will be the second Indian startup from the logistics ecosystem that will be listed on the stock exchange. Its competitor Delhivery went public in May 2022. Flipkart-backed Shadowfax is also planning to raise up to Rs 3,000 crore through public listing.
Exclusive: upGrad raises $35 Mn debt from EvolutionX
Entrackr · 1y ago
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Edtech unicorn upGrad has raised Rs 287.5 crore (approximately $35 million) from EvolutionX. This is the first debt funding for the Mumbai-based company this year. The board at upGrad has passed a special resolution to issue 28,75,000 debentures at an issue price of Rs 1,000 each to raise Rs 287.5 crore or $35 million, its regulatory filing accessed from the Registrar of Companies shows. The company will use these funds for growth, operating expenses, and general corporate purposes, according to the filings. upGrad has raised over $650 million to date including $36.5 million via right issue from Teamsek, founder Ronnie Screwala, and other in March last year. The Temasek-backed company was reportedly in talks to raise $100 million to close the acquisition of online education firm Udacity. According to the startup data intelligence platform TheKredible, Temasek is the largest external stakeholder with 20.7% while Upgrad’s co-founder and chairperson Ronnie Screwvala holds a major 22.4% of the company. upGrad forayed into the offline higher education space in 2022 and invested $30 million to set up ten global campuses across India, the US, and other regions. upGrad experienced notable growth as its operational revenue increased by 72% to Rs 1,194 crore in FY23, up from Rs 692 crore in FY22. However, alongside this growth, the company’s losses also rose by 82% to Rs 1,114 crore in FY23. The company is yet to file its annual results for FY24.
Exclusive: Cleantech firm Hygenco raises Rs 50 Cr debt
Entrackr · 7m ago
Medial
Cleantech startup Hygenco has raised Rs 50 crore (approximately $6 million) via non-convertible debentures from Trifecta. This is the first debt investment for the Gurugram-based company this year. The board at Hygenco has passed a special resolution to issue 500 debentures at an issue price of Rs 1,00,000 each to raise Rs 50 crore, its regulatory filing sourced from the Registrar of Companies shows. The aforementioned dentures are issued for a tenure of 24 months and carry an interest rate of 14.5% per annum, the filing added. Hygenco specializes in developing and deploying commercial systems for green hydrogen and ammonia production. Its solutions cater to large-scale process industries, marine and terrestrial transportation, and personal mobility sectors. Hygenco secured its first investment of $25 million from the SBI through (Neev II Fund) in October 2022. Media reports suggest the company aims to raise a total of $100 million by the end of this year. The company also partnered with Jindal Stainless to set up the country's first green hydrogen plant. According to startup data intelligence platform TheKredible, SBI, through its Neev II Fund, holds a 49.6% stake in Hygenco. The company's co-founders—Amit Bansal, Anshual Gupta, and Aashish Gupta—collectively own 46.1% of the company. The company was in the pre-revenue stage till the financial year ended March 2023 with a loss of Rs 6.3 crore. Hygenco has yet to file annual results for the previous fiscal year (FY24).
Exclusive: BankBazaar bags Rs 130 Cr in equity and debt funding
Entrackr · 1y ago
Medial
BankBazaar, an online marketplace for financial products, has raised Rs 80 crore ($9.6 million) in its ongoing Series D round via private placement. This is the first round of investment for the firm in 2024. The board at BankBazaar has passed a special resolution to issue up to 22,821 Series D2 CCPS at an issue price of Rs 3,727 each to raise Rs 80 crore, its regulatory filing sourced from the RoC shows. According to the filings, the company will deploy this fund for purposes like meeting capital requirements, expansion, and growth. BankBazaar has already received Rs 46.35 crore in three tranches while the rest of the amount will flow to its account soon. The Peak XV Partners-backed firm also raised Rs 50 crore via non-convertible debentures and convertible share warrants from Vistra ITCL (India) Limited, separate filing reveals. As per TheKredible estimates, the Chennai-based company has been valued at around $217 million (post-allotment). BankBazaar is a co-branded credit card issuer that lets you check your credit score as well as cross-sells third-party loans and insurance products. As per the company website, it has partnered with more than 50 banks and has a customer base of over 50 million. The 15-year-old company has amassed over $110 million in funding to date from Amazon, GUS Holdings, Walden Investments, Eight Roads, and others. See TheKredible for the complete shareholding pattern. While the company claimed to achieve breakeven with revenue of Rs 250 crore in FY24, its revenue from operations saw a surge of 65.6% to Rs 159 crore in FY23 from Rs 96 crore in FY22. However, its losses stood at Rs 27 crore in FY23.
Exclusive: Swiggy to raise Rs 5,000 Cr via fresh issue
Entrackr · 10m ago
Medial
Swiggy, the food delivery and quick commerce firm, is set to raise Rs 5,000 crore ($602 million) in a fresh issue as part of its initial public offering (IPO). The Prosus-funded company has already targeted Rs 6,664 crore through an offer for sale (OFS), with plans to seek board approval for the OFS in the first week of next month. According to an internal document accessed by Entrackr, Swiggy’s board has passed a special resolution to issue equity shares worth up to Rs 5,000 crore, subject to shareholder approval at a meeting (EGM) on October 3. Swiggy’s IPO has been anticipated since the company filed draft papers confidentially in April. Reports suggest the firm has also received shareholder approval to raise Rs 10,400 crore in total (Rs 3,750 crore via a fresh issue and Rs 6,664 crore through an OFS). However, Swiggy’s IPO size may vary, as the fresh issue mentioned in the latest resolution is 1.3X larger than the previously estimated Rs 3,750 crore. The Bengaluru-based company is expected to file its draft red herring prospectus (DRHP) with SEBI soon. Queries sent to Swiggy did not elicit a response by the time of publication. Ahead of the IPO, Swiggy secured strategic investments from Amitabh Bachchan’s Family Office and Hindustan Composites. Meanwhile, investor Baron Capital recently valued Swiggy at $14.5 billion. The food tech firm demonstrated strong financial growth with 36% year-on-year growth in revenue to Rs 11,247 crore in FY24 and cut its losses by 44% to Rs 2,350 crore in the same period. Swiggy’s food business contributed Rs 6,100 crore to its overall income, while its quick commerce arm, Instamart, generated Rs 1,100 crore in gross revenue in FY24. To compete with rivals like Zepto and Zomato’s Blinkit, Swiggy invested $700 million in quick commerce in December 2021. Last month, the Sriharha Majety-led firm also roped in a new chief executive and new chief operating officer for Instamart. Following a series of startup IPOs from Delhi NCR, Bengaluru is catching up in 2024. A few city-based companies, including Digit Insurance and Ola Electric, have already made their stock exchange debuts this year. Besides Swiggy, Bengaluru-based Ather Energy also submitted its draft IPO papers on Monday, with its largest stakeholder, Hero MotoCorp, opting not to participate in the OFS.
Exclusive: Motilal Oswal invests Rs 100 Cr in Captain Fresh
Entrackr · 6m ago/entrackr/media/media_files/2024/12/26/9igu3pz50HfQR5l5IkO5.jpg)
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B2B seafood startup Captain Fresh has secured Rs 100 crore (approximately $12 million) in funding from Motilal Oswal Wealth Limited. This marks the second investment round for the Bengaluru-based firm this year. The board at Captain Fresh has passed a special resolution to issue 1,002 preference shares at an issue price of Rs 9,98,399 each to raise Rs 100 crore or $12 million, its regulatory filing accessed from the Registrar of Companies (RoC)shows. The new funding appears to be part of a pre-IPO round. According to media reports, the company has appointed Axis Capital and BofA as bankers for a proposed IPO worth $350-400 million.
Exclusive: FlexiLoans secures Rs 60 Cr debt from Vivriti AMC
Entrackr · 1y ago
Medial
MSMEs-focused fintech lender FlexiLoans has raised Rs 60 crore via non-convertible debt from Vivriti Asset Management. The fresh funds come after a gap of around 20 months for the Mumbai-based company. The board at FlexiLoans has passed a special resolution to issue 6,000 non-convertible debentures (NCDs) at an issue price of Rs 1,00,000 per debenture for a consideration of Rs 60 crore in one or more tranches, as per the company’s regulatory filings with the Registrar of Companies. The company has already received Rs 30 crore as part of the first tranche from Vivitri Emerging Corporate Bond Fund (Vivriti Asset Management). The debt has a rate of interest of 12.9% per annum with a tenure of 31 months. The company intends to utilize the funds for the ongoing business operations. Founded by Deepak Jain, Manish Lunia, Ritesh Jain and Abhishek Kothari, FlexiLoans provides MSMEs access to collateral-free funds through its digital lending platform. The company uses proprietary technology and risk models to score customers and approve loans within 48 hours. FlexiLoans has more than 120 partners including companies like Amazon, Flipkart, BharatPe, Pine Labs, and Mswipe. FlexiLoans has raised over $115 million to date via equity and debt. In June 2022, it raised $90 million in its Series B round through an equity and debt mix from Fasanara Capital, MAJ Invest, and Caravel Group chairman Harry Banga’s family office along with existing shareholders including Sanjay Nayar. FlexiLoans’ revenue from operations surged 110.7% to Rs 108.5 crore during FY23 from Rs 51.5 crore in FY22. The company generates revenue from interest on loans, loan processing fees and other financial charges. As per the startup intelligence platform TheKredible, the company also turned profitable with Rs 6.66 crore profit in FY23 against Rs 10.8 crore loss in FY22.
Bajaj Finserv-owned Bajaj Finance raises Rs 10,000 crore via QIP, preferential issue
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IndianStartupNews · 1y ago
Medial
Bajaj Finance, a subsidiary of Bajaj Finserv, plans to raise Rs 10,000 crore through a combination of Qualified Institutions Placement (QIP) and Preferential Issue (PI). The company will raise up to Rs 8,800 crore through equity shares via QIP and an additional Rs 1,200 crore through a preferential issue of warrants. The funds will be used for business expansion and to strengthen the company's capital base. After the preferential issue, Bajaj Finserv's holding in Bajaj Finance will increase to 52.57%.
Exclusive: Burger Singh scoops up Rs 47 Cr in fresh funding round
Entrackr · 2d ago
Medial
Exclusive: Burger Singh scoops up Rs 47 Cr in fresh funding round Burger Singh runs a hybrid model with both company-owned and franchise-led outlets, serving a range of burgers, momos, fries, beverages, and desserts. Homegrown quick service restaurant chain Burger Singh has raised Rs 47.15 crore (around $5.5 million) in a fresh round co-led by Negen Value Fund and Nine Rivers Capital. Rhodium Trust also participated alongside 19 other investors. As per regulatory filings accessed via the Registrar of Companies (RoC), the board approved a special resolution to issue 4,994 compulsory cumulative preference shares at an issue price of Rs 94,430 each to raise the funds. Negen Value Fund and Nine Rivers Capital contributed Rs 12 crore each, while Rhodium Trust invested Rs 8.5 crore. Turner Morrison and Thapar Family Trust pitched in with Rs 3.5 crore and Rs 2 crore, respectively. The round also saw participation from individual investors, including Vikas Kapur, Nomita Kapur, Sarfaraz Singh, and Rohit Khattar. The company plans to deploy the capital towards operations, capex, expansion, and general corporate purposes. As per Entrackr’s estimates, Burger Singh has been valued at around Rs 458 crore ($54 million) post-money. Queries sent to Kabir Singh (Founder of Burger Singh) didn't elicit any response till the publication of the story. The chain currently has over 175 outlets across 75 cities and aims to scale its footprint to more than 1,000 outlets by 2026. The company has yet to file its FY25 numbers. During the fiscal year ended March 2024, its revenue from operations grew 34% year-on-year to Rs 77.7 crore, up from Rs 57.8 crore in FY23. Burger Singh reported a net loss of Rs 27.91 crore during FY24. It competes with both global and local chain QSR (quick service restaurants) such as McDonald’s, Burger King, Wendy’s, Jumboking, Wat-a-Burger, Burgernama, and several others.
Exclusive: LifeWell set to raise $22 Mn more led by OrbiMed
Entrackr · 1y ago
Medial
Diagnosis and stem cell bank LifeWell (the merged entity of mFine and LifeCell International’s diagnostic business) is raising Rs 184 crore (approximately $22 million) in what appears to be a pre-IPO round led by existing backer OrbiMed. This will be the first round of investment for the Chennai-based company this year. The board at LifeWell has passed a special resolution to issue 43,18,865 compulsory convertible preference to issue Rs 426.71 each to raise to Rs 184 crore, as per the company’s regulatory filing accessed from the Registrar of Companies (RoC) shows. OrbiMed will inject Rs 150 crore while Cellution Biostorage will pump Rs 30 crore in LifeWell. Individuals including S. Vinod Kumar, Sanjay Singh Kumar Jain, Siremal Kothjari, and others will also invest in this round. The allotment was done on partly paid-up capital via the right basis issue which means 25% of the new round has already been injected. The rest of the amount will come as decided by the board. In July 2022, healthcare platform mFine announced its merger with LifeCell’s diagnostics business. At that time, the duo claimed to have a combined user base of more than six million. The combined entity had set a target to serve more than 50 million users by 2026. As a part of the merger, the combined entity also scooped up $80 million in funding from OrbiMed. Before that, mFine had managed to raise $75 million until its Series C round. The merger came soon after mass firings at mFine in which more than 50% of its workforce were asked to leave. mFine and LifeCell’s diagnostic business was one of the notable consolidations in the digital healthcare space since January 2020. Earlier, DocsApp was merged with MediBuddy while Pristyn Care acquired Lybrate. All of these were distressed sales. The list also includes the acquisitions of ThyroCare, Medlife and Aknamed by PharmEasy while Reliance took over NetMeds.
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