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Stock Radar: Titan, Jio Financial, Bandhan Bank, Lupin, CG Power, Diffusion Engineers, GAIL in focus on Monday

Money ControlMoney Control · 9m ago
Stock Radar: Titan, Jio Financial, Bandhan Bank, Lupin, CG Power, Diffusion Engineers, GAIL in focus on Monday
Medial

- Quarterly earnings (YoY) of companies such as Titan Company, Induslnd Bank, Bandhan Bank, Poonawalla Fincorp, Jammu & Kashmir Bank, AU Small Finance Bank, IDBI Bank, RBL Bank, Godrej Properties, L&T Finance, Macrotech Developers, Federal Bank, Metropolis Healthcare, Indian Bank, Union Bank of India, Utkarsh Small Finance Bank, Equitas Small Finance Bank, Dhanlaxmi Bank, Ujjivan Small Finance Bank, Adani Wilmar expected to be released. - SEBI grants in-principle approval for Jio Financial Services and BlackRock Financial Management Inc to set up a proposed mutual fund. - GAIL (India) signs MoU with AM Green to jointly develop renewable energy and green chemical projects. - Lupin receives five observations from the US FDA for its biotech facility in Pune. - Antony Waste Handling Cell's subsidiary wins a contract worth Rs 908 crore from Navi Mumbai Municipal Corporation for waste collection and transportation. - CFO resignations at Univa Foods (Sandhya Rani Koochana) and Mahanagar Telephone Nigam (Vinay Srivastav). - BLS International Services completes the acquisition of Citizenship Invest for $31 million. - Paytm's Chief Technology Officer - Payments, Manmeet Singh Dhody, steps down and transitions to a new role as an AI Fellow, while Deependra Singh Rathore is appointed as the new CTO - Payments. - Gravita India plans to raise up to Rs 1,000 crore through the issuance of equity shares and makes management changes. - Akzo Nobel India's parent company, Akzo Nobel NV, conducts a strategic review of its portfolio, focusing on its decorative paints positions in South Asia. - Apollo Tyres' stake increases as LIC buys 3 lakh additional shares. - R Systems International witnesses a significant stake sale by Non-Resident Indian Bhavook Tripathi. - HDFC Bank witnesses a block deal as BNP Paribas Financial Markets sells equity shares to Morgan Stanley Asia (Singapore) Pte and Citigroup Global Markets Mauritius. - SME listings on October 7: HVAX Technologies, Saj Hotels. - Stocks will trade ex-dividend: Jupiter Wagons, KP Energy. - Rights offered by Geojit Financial Services trade ex-date. - F&O ban on GNFC, Bandhan Bank, Birlasoft, Granules India, Hindustan Copper, Manappuram Finance, RBL Bank. Note: This content is for informative purposes only and not a recommendation to invest or trade.

Funding and acquisitions in Indian startup this week [19 - 24 Aug]

EntrackrEntrackr · 11m ago
Funding and acquisitions in Indian startup this week [19 - 24 Aug]
Medial

During the week, 21 Indian startups raised around $144.46 million in funding. These deals count 5 growth-stage deals and 13 early-stage deals while 3 early-stage startups kept their transaction details undisclosed. During the previous week, 25 early and growth-stage startups cumulatively raised $432 million in funding. [Growth-stage deals] Among the growth-stage deals, 5 startups raised $91 million in funding this week. D2C water purifiers and air conditioners manufacturer Livpure spearheaded its $28 million worth Series C round. D2C ice cream brand Hangyo raised $25 million followed by online lending platform Axio, MSMEs-focused fintech lender FlexiLoans, and D2C luggage brand Uppercase with $20 million, $9 million, and $9 million in funding, respectively. [Early-stage deals] Further, 13 early-stage startups secured funding worth $53.46 million during the week. Healthtech care startup Even led the list followed by equity investment platform InvestorAI, D2C spice brand Zoff, cricket league featuring senior cricketers Legends League Cricket (LLC), and fintech startup TransBnk among others. As many as 3 startups that did not disclose the funding amount raised are; PadelPark, NxtQube, and TailBlaze. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru and Delhi-NCR-based startups co-led with 7 deals each followed by Mumbai, Mangalore, Chennai, Raipur, and Nashik. Segment-wise, Fintech startups are in the top spot with 7 deals. E-commerce, Sportstech, Agritech, AI, Aquatech, and Dronetech startups followed this list among others. [Series-wise deals] During the week, Seed funding deals are on top with 7 deals followed by 5 Series A, 2 pre-Series A, 2 Series B, and 1 Debt deal. Pre-seed, pre-Series B, Series C, and Series G deals are next on the list. [Week-on-week funding trend] On a weekly basis, startup funding slipped 66.57% to $144.46 million as compared to around $432 million raised during the previous week. The average funding in the last eight weeks stands at around $225.36 million with 26 deals per week. [Fund launches] Titan Capital Winners Fund, backed by Snapdeal co-founders Kunal Bahl and Rohit Bansal, has raised its target corpus of Rs 200 crore. This fund will focus on follow-on investments in standout companies from its seed portfolio, with Bahl and Bansal serving as the largest investors. Meanwhile, Volt VC has launched its first fund, Volt VC Fund-1, aimed at closing the gap in pre-seed funding for startups across India. Additionally, Arka Investment Advisory Services has completed the final closing of its Arka Credit Fund I, a sector-agnostic, diversified credit fund that supports mid-market corporates. Edtech unicorn PhysicsWallah has introduced the PW School of Startups (SOS), backed by a Rs 100 crore fund, to nurture entrepreneurial skills and support 100 startups over the next five years through training, mentorship, and capital access. [Key hirings] Brij Bhushan, co-founder and former COO of Magicpin, has joined Prime Venture Partners as a full-time venture partner. In this role, he will be deeply involved in the firm’s investment strategies, portfolio management, and fundraising efforts, contributing his extensive experience in building and scaling startups. Sachin Bansal’s Navi Finserv onboarded former RBI executive Anil Kumar Misra as their non-executive chairman at the board. In other leadership updates, Perfios has appointed Rajesh Kini, formerly with Infosys, as their new CFO, while the Veefin Group has named Shantanu Bairagi as CEO of Veefin Capital, focusing on MSME supply chain finance. Additionally, Zapcom Group Inc. has appointed Prasanth Nair as CTO to lead their engineering initiatives, leveraging his expertise in global team management. [Mergers and Acquisitions] Zomato, the leading food delivery platform in India, has announced the acquisition of Paytm’s movies and ticketing business. This strategic move will allow Zomato to expand its offerings beyond food delivery and cater to a wider customer base. The acquisition is valued at Rs 2,048 crore ($244 million) and includes two of Paytm’s subsidiaries, TicketNew and Insider, along with their 280 employees. Zappfresh, an online retailer of fresh fish and meat, has acquired Bonsaro, a Mumbai-based company specializing in the online delivery of poultry, goat, and seafood. This acquisition marks Zappfresh’s second strategic move, following the acquisition of Sukos Foods-owned Dr. Meat in July 2023. With Bonsaro, Zappfresh aims to expand its operations in the western region and enhance its brand presence. [Shutdown] Kenko Health, a Mumbai-based healthcare startup, has shut down operations due to a financial and operational crisis. Despite raising over $13.7 million and achieving significant revenue growth, the company faced mounting losses and failed to secure an insurance license. The startup’s offices have been closed, leaving employees without pay for months. Founders Aniruddha Sen and Dhiraj Goel admitted the firm ran out of funds and was taken to the National Company Law Tribunal (NCLT) by investors. Attempts to secure further funding or investor support failed, leading to the company’s collapse. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [Financial results this week] MobiKwik posts Rs 875 Cr revenue and Rs 14 Cr profit in FY24 [News flash this week] Ola Electric market share drops more than 30% in last two months Baron Capital values Swiggy at $14.7 Bn How Fampay’s Rs 200 Cr bet on fintech for teenagers fell flat Paytm proposes to cut directors’ remuneration Swiggy eyes $15 Bn valuation for its $1-1.2 Bn IPO RBI imposes Rs 4 Cr fines on LenDen Club and LiquiLoans NCLT approves slice and North East Small Finance Bank’s merger IPV announces full exit from Fashor with 33% IRR Mitron TV, TrainMan co-founders set to launch AI startup Callmatic [Conclusion] The weekly funding again dwindled 66.57% to $144.46 million this week. Meanwhile, four startup-focused funds launched this week namely Titan Capital (Winners Fund), Volt VC, Arka Credit Fund, and PW School of Startups. Ola Electric, which recently went public, has seen a significant decline in its market share in the electric two-wheeler segment over the past two months. According to a report by Jefferies, Ola’s market share dropped from 49% in Q1 FY25 to 39% in July, and further to 33% in August. Meanwhile, TVS has regained some ground, increasing its market share to 19% in August from 15% in Q1 FY25. Despite this recent decline, Ola Electric has maintained its dominance in the market, with its market share having grown from 21% in FY23 to 35% in FY24. US investor Baron Capital has valued Swiggy at $14.74 billion as of June 2024, reflecting a slight decrease of 2.6% from its previous valuation of $15.1 billion in March. This dip is attributed to rupee depreciation. The valuation update comes as Swiggy prepares for its $1.25 billion initial public offering (IPO), for which it has already received shareholder approval and reportedly filed confidential papers with SEBI in May. Paytm has proposed reducing the remuneration of its independent directors as part of an effort to enhance corporate governance. The annual compensation for independent directors, currently up to Rs 2.07 crore, will be capped at Rs 48 lakh from April 2024, with a fixed portion of Rs 20 lakh and the rest tied to their attendance and contributions. Meanwhile, Fampay, a fintech startup that initially targeted teenagers, raised $38 million in 2021 but faced setbacks after losing its payment partner, IDFC Bank, in February 2023. This led to a pivot towards becoming a UPI-focused app, but the company still reported significant losses of Rs 120 crore in FY23. Despite entering the top 10 UPI apps by late 2023, Fampay’s future remains uncertain, with a potential selloff being a plausible outcome as it struggles to achieve profitability.

BluSmart drivers face uncertainty amid company troubles, founder issues

EntrackrEntrackr · 2m ago
BluSmart drivers face uncertainty amid company troubles, founder issues
Medial

BluSmart suspended its operations in April in Mumbai, Delhi-NCR, and Bengaluru, asking its 10,000 driver-partners to return their vehicles. The move has left several drivers scrambling to find new sources of income. Rajesh [name changed], a 35-year-old man in Gurugram, secured a driving job with a heavily VC-funded electric vehicle cab hailing company which once aimed to take on the duopoly of Ola Cabs and Uber in India. An average income of Rs 20,000 to Rs 25,000 per month, Rajesh admits, was not much for his family but managed to pay bills. Though, Rajesh, who also is a father of two young children, put in 10 hours to 12 hours daily - to reach the estimated monthly income. With his company now pausing the services, Rajesh has no source of earning, and does not know how he will pay his kids’ education fees. "... Now, I don’t know how I’ll manage. I missed my kids' school fees this month. My family depends on me, and I’ve never felt so helpless,” a visibly stressed Rajesh told Entrackr. One of the things that is agonising Rajesh the most is the deceptive way his employer pushed them out. “On Wednesday (April 16th), we [drivers] received a message saying the car needed to be submitted to the hub for a breakdown. We thought it was just a minor technical issue. When we got there, they told us it was a failure and we’d be informed later. But there was no word from the company after that. We just had to go home. We were left in complete shock," says Rajesh as his voice strains, reliving the fateful moment. Rajesh says he was among the first lot of employees, when the company had just 50 cars. Like many others, he too bought the company’s promise of stability. “Now, it feels like we’ve been left out to dry,” he said. “I’m considering working with Uber or Ola… I’m looking for something else, maybe a different field altogether. But BluSmart was my livelihood, and I’d go back in a heartbeat if they reopened. It was my only source of income,” he added. Rajesh’s story resonates with another thousands of drivers who are now scrambling to find new sources of income after BluSmart’s sudden suspension of its services. Entrackr has reached out to BluSmart seeking responses on how they plan to compensate the affected drivers. In case they respond, we will incorporate their inputs. Staging the protest On May 4, a group of BluSmart drivers raised their grievances at Jantar Mantar, a historic site for protests. They pressed for demands for alternative income avenues as well as called for crucial policy reforms to prevent similar abrupt dismissals. Additionally, they also sought a government intervention. Tajinder Singh, president of Parivahan Morcha Athavale and also among those spearheading the protest, told Entrackr that women drivers of BluSmart were among those bearing the brunt the most as other taxi companies refused to recruit them. He further said that some drivers were working on a per day basis as and when required but asserted that this was not a long-term solution. “We are demanding compensation for affected BluSmart drivers. We have also sought government intervention so that the drivers can continue to earn their livelihood,” Singh said. Singh also claimed that hundreds of BluSmart employees working at charging hubs were affected by the company’s sudden suspension of its services. A business model that promised to be different than rivals Even as ‘sustainability’ remained the headline grabber, BluSmart also deployed a rather different business model compared to rivals Ola Cabs and Uber. The company used a full-stack B2C model wherein they owned and managed the vehicles whereas Ola and Uber work with independent drivers. The model allowed BluSmart to have a better control on the quality of cars, maintenance, and subsequently better customer service. For drivers, the company offered a fixed salary along with incentives. An assured income was a big factor why a lot of drivers showed interest in joining BluSmart. Ola and Uber, on the other hand, operated on a familiar commission-based system, also common with several gig working-reliant service providers. Singh also highlighted this stark difference between BluSmart and its rivals. He said that the job of driver was to pick and drop the passenger and earn a regular income (per day payout and incentives). They needed to work 10 hours to 12 hours a day. Other things like maintenance and documentation was taken care of by the company, giving drivers a more relaxed environment to operate. Blusmart has raised over $180 million to date, including its $50 million series B round in January this year. Though, it received only Rs 61 crore out of $50 million. That said, a heavily-funded BluSmart juggernaut appeared unstoppable, until it did. Earlier this year, reports emerged that BluSmart delayed salary payments to cash crunch. It had also shut down operations in Dubai and also saw an exodus of top management employees, including CEO, CBO, and CTO. A month later, SEBI published findings of its probe into Gensol Engineering, BluSmart’s partner and EV lessor. The SEBI order highlighted misuse of funds, and also barred promoters Anmol and Puneet Singh Jaggi from accessing the securities market and holding key positions in Gensol Engineering. What next for BluSmart drivers BluSmart drivers facing joblessness due to the shutdown can go for legal remedy and urgently demand clearance of any unpaid dues and better severance compensation, if not given already. The legal course, which may take a relatively long time, may also help them investigate if BluSmart violated the contract by sudden halting of their services and returning vehicles. Moreover, they can also seek intervention from regulatory boards. Singh, however, did not appear enthusiastic about taking the legal course. “Companies like these make such contracts that they keep them protected in such incidents and don’t have to own any responsibility towards people working so hard for them,” he said [loosely translated from Hindi]. As far as the future of the company goes, it’s hard to predict considering the massive VC money riding on the company. Despite the major dent in public image and also several legal troubles, it’s likely that the company may stay afloat with a rather new management and new board - a few known steps troubled companies often take to course correct. It’s worth noting that quality of drivers and cabs were the top highlight of the platform, and if it resumes, it should continue with that. With the ongoing protests and lack of communication between drivers and management, it seems unlikely that the company will enjoy the same level of trust from its network drivers.

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