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Exclusive: Shiprocket converts to public entity ahead of 2025 IPO

EntrackrEntrackr · 5m 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.

Groww files confidential DRHP with SEBI

EntrackrEntrackr · 1m ago
Groww files confidential DRHP with SEBI
Medial

Stock broking platform Groww has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) through the confidential route, according to public notices published in newspapers on May 25. The pre-filing mechanism, introduced by SEBI in 2022, allows companies to privately submit their DRHPs. The document remains confidential until the firm decides to go public, giving companies greater flexibility in IPO planning. Groww is currently the largest stockbroking platform in India, with over 13 million active users monthly, according to NSE data. It commanded a 26.57% market share in February 2024, ahead of rivals Zerodha (16.25%) and Angel One (15.62%). Backed by Peak XV Partners, Tiger Global, Ribbit Capital, and Y Combinator’s Continuity Fund, Groww has raised around $400 million to date. Its last round was a $251 million Series E in October 2021, which pegged its valuation at $3 billion. The company is now looking to raise $200 million in a pre-IPO round, targeting a valuation in the $6.5–7 billion range. As part of this, Viggo Investments Pte Ltd has sought clearance from the Competition Commission of India (CCI) to acquire a 2.143% stake in Groww. On the financial front, Groww’s revenue from operations surged to Rs 3,145 crore in FY24, though the firm reported a net loss of Rs 805 crore, driven by a one-time tax expense of Rs 1,340 crore related to its redomicile to India. Several Indian startups have recently opted for the confidential filing route introduced by SEBI in 2022 to prepare for their public listings. This includes car marketplace CarTrade, logistics company Delhivery, Shiprocket, and consumer electronics brand boAt. Groww Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investors here.

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