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Analyst Tracker: Tech Mahindra gets maximum brokerage upgrades in 1 month; turnaround plan sparks hopes

Money ControlMoney Control · 1y ago
Analyst Tracker: Tech Mahindra gets maximum brokerage upgrades in 1 month; turnaround plan sparks hopes
Medial

Tech Mahindra, an IT company, has seen an increase in brokerage analyst upgrades after announcing a strategic vision for a business turnaround. The company aims for over 15% growth in operating profit and higher revenues by 2026-27 through client accounts, restructuring, and new investments. Brokerages have noted the company's efforts in addressing client engagement issues and maintaining a solid deal pipeline. However, uncertainty in demand could impact revenue growth in the near term. Morgan Stanley and Prabhudas Lilladher have a positive outlook, while HSBC and Nuvama express caution about execution challenges. Other IT stocks like Infosys, TCS, HCL Tech, Wipro, and LTI Mindtree had minimal changes in brokerage calls post-earnings. Disclaimer: The mentioned information is the view of investment experts and not Moneycontrol.com's opinion.

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Exclusive: FamApp’s turnaround with profitability, new round and co-founder exit

EntrackrEntrackr · 1m ago
Exclusive: FamApp’s turnaround with profitability, new round and co-founder exit
Medial

Exclusive: FamApp’s turnaround with profitability, new round and co-founder exit Fintech startup FamApp (formerly FamPay) seems to have made a significant turnaround, as the company turned profitable and reached Rs 90–100 crore in revenue in the last fiscal year (FY25). Moreover, the six-year-old firm is in late-stage talks to raise secondary and primary capital from existing investors, according to three sources familiar with the matter. “Elevation Capital is leading a $15 million round, primarily comprising secondary capital, for FamApp,” said one of the sources on condition of anonymity. “The secondary component will facilitate an exit for co-founder Kush Taneja and potentially some seed-stage investors.” According to sources, ongoing differences between co-founders Taneja and Sambhav Jain over several months is a key reason for Taneja’s exit. FamApp last raised $38 million in its Series A round four years ago. So far, it has raised $42.7 million from investors like Elevation Capital, Y Combinator, Peak XV, and angels such as Kunal Shah and Amrish Rau. According to sources, Elevation and other investors will primarily acquire Taneja’s stake in the new round. The renewed investor confidence in FamApp comes after the company established stable and sizable revenue channels. “FamApp closed FY25 with Rs 90–100 crore in revenue and turned profitable, recording a profit before tax of Rs 10–12 crore,” said the second source, who wished to remain anonymous. While FamApp’s FY25 performance will be officially confirmed once it reports consolidated numbers, figures shared by sources indicate a major turnaround. In FY24, the company generated Rs 25 crore in revenue but reduced its losses by nearly 90%. FamApp earns revenue through premium upgrades like FamX Ultra (Rs 699), ATM withdrawals (Rs 29), video KYC (Rs 99), autosave feature (Rs 29), and nominal charges on loading of the teen wallet. Moreover, the platform sells premium skins that users can apply as stickers within the app. It also sells codes for gaming (like PUBG) and shopping, targeting the interests of its teen user base. During the first quarter of FY25, FamApp (by Trio) launched Namaspay, a UPI app for foreign travelers in India. It charges a Rs 1,650 one-time fee, 4% on loading, and 1% on withdrawals. According to sources, these revenue channels performed well for FamApp during the fiscal year ending March 2025. Queries sent to FamApp, Elevation, Sambhav Jain and Kush Taneja didn’t elicit any response. The sustained turnaround will be a welcome respite for investors for a concept they had high hopes from. Profitability also ensures the firm is better positioned to adapt to new changes in the fast evolving fintech space, especially the payments space. The exit of Co-Founder Taneja seems to have been handled well, with a cash exit for his labours over the years. Six years after starting with Jain, it is not odd for him to relook his own ambitions and interests vis-a-vis the direction the firm has taken. In fact, many would consider him lucky to be exiting on what appears to be friendly terms.

Exclusive: Aakash CEO Deepak Mehrotra gets Rs 5 Cr in annual salary

EntrackrEntrackr · 11m ago
Exclusive: Aakash CEO Deepak Mehrotra gets Rs 5 Cr in annual salary
Medial

Deepak Mehrotra, who was appointed as the managing director and chief executive officer of Byju’s-owned Aakash Educational Services Limited (AESL) in April, will receive Rs 5 crore in annual salary starting from the current fiscal year (FY25). As per documents accessed by Entrackr, Mehrotra will get Rs 41.66 lakh as monthly salary which includes HRA, special allowance and provident fund effective from April this year. The filings further added that he will get a maximum of 20% bonus on the annual salary which is subject to achievement of goals or key performance indicators. The board at Aakash has also allotted employee stock ownership plan (ESOPs) worth Rs 25 crore to Mehrorta which can be vested in four years equally every year starting from April 2025. Prior to joining AESL, Mehrotra was the Managing Director at Ashirvad Pipes and has more than 35 years of experience in executive roles in FMCG, telecom, and education sectors. At the time of the appointment, Byju’s said that Mehrotra will be a part of AESL’s strategic vision to improve its offerings, expand its reach, and create a positive impact on the education landscape. In November 2023, Aakash also raised $168 million from Manipal Education and Medical Group chairman Ranjan Pai to clear the debt raised from Davidson Kempner in May last year. Byju’s had acquired Aakash for $940 million in April 2021. However, Chaudhry family, the founder of AESL, refused to swap their remaining stake citing governance issues. Three years later, both firms withdrew the merger petition and they are running independently as separate entities under the Think and Learn brand. Aakash is likely to cross Rs 2,300 crore in operating revenue in FY23 according to its valuation report but it’s yet to file audited financials for the past two fiscal years (FY23 and FY24). It competes with FIITJEE and Kota-based Allen Career Institute. While FIITJEE slipped into losses with Rs 542 crore revenue in FY23, Allen registered Rs 429 crore profit with Rs 2,277 crore revenue in the said financial year. Both are yet to file their FY24 numbers.

Exclusive: Curefoods gets Landmark Group backing, expands ESOP pool

EntrackrEntrackr · 5m 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 Kreme’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 Entrackr’s estimates, Curefood’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 – 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.

Vidyut raises $10 Mn in Series A led by 3one4 Capital

EntrackrEntrackr · 1y ago
Vidyut raises $10 Mn in Series A led by 3one4 Capital
Medial

EV financing and vehicle lifecycle management platform Vidyut has raised $10 million in its Series A round led by 3one4 Capital. The round also saw participation from new and existing investors including Saison Capital, Zephyr Peacock, Force Ventures, Alteria Capital and Udaan CEO Sujeet Kumar. The Series A round is a mix of equity and debt funding. Entrackr had exclusively reported about Vidyut’s new fundraise earlier this month. Previously, it closed its seed round of $4 million in a mix of equity and debt led by Force Ventures and others in December 2022. This funding emphasizes the company’s commitment to improve EV ownership for SMBs and the startup will utilize the new funds to scale its offerings to the EV ecosystem, the startup said in a press release. Vidyut, which offers EV insurance, lifecycle management, and EV resale, is also looking to expand its presence to 40 Indian cities. The company will also double its team size by the end of FY25 as it prepares to build a full stack EV ecosystem. Founded in 2021 by Xitij Kothi and Gaurav Srivastava, the company offers a battery subscription ownership plan powered by proprietary asset-underwriting algorithms. It already offers ownership solutions for Mahindra, Piaggio, Altigreen, Murugappa Group’s Montra Electric, Euler Motors and OSM vehicles. The two-year-old company was in the pre-revenue stage until FY23 and posted an income of Rs 68 lakh with a loss of Rs 3 crore during the last fiscal year. In the electric vehicle financing space, Vidyut competes with Revfin, Finayo, Mufin Green Finance, OTO, evfin, and Hero FinCorp, among others. The Indian startup ecosystem has seen an uptick in funding for EV financing focused startups in the past couple of months. In December, Revfin raised $14 million in Series B round while Mufin and OTO raised $17 million and $10 million, respectively, earlier this month.

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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