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Aris Infra files draft IPO papers, plans to raise Rs 600 crore

Economic TimesEconomic Times · 1y ago
Aris Infra files draft IPO papers, plans to raise Rs 600 crore
Medial

Indian construction material procurement platform, Aris Infra, has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India for an IPO aiming to raise up to Rs 600 crore ($80 million). The company, which connects property developers and vendors through AI and machine learning, plans to use the funds for repayment of debt, working capital requirements, investment in its subsidiary, and potential acquisitions. Aris Infra counts Tata Group, JSW, UltraTech Cement, and Larsen & Toubro as clients and recorded revenues of Rs 700 crore ($93 million) in FY2024. JM Financial, IIFL Securities, and Nuvama Wealth Management are the book-running lead managers for the IPO.

Exclusive: EyeMyEye raises $2.5 Mn in a new tranche

EntrackrEntrackr · 1y ago
Exclusive: EyeMyEye raises $2.5 Mn in a new tranche
Medial

Full-stack eyewear platform EyeMyEye has raised Rs 20.8 crore (approximately $2.5 million) in a new tranche as part of its pre-series A round. The board at EyeMyEye has passed a special resolution to issue 14,44,847 pre-Series A CCPS at an issue price of Rs 143.96 each to raise Rs 20.8 crore, its regulatory filing sourced from RoC shows. RBA Finance & Investments and Ashish Ramesh Kacholia pumped in Rs 10 crore each while Sachin Shah participated with Rs 80 lakh. Following the fresh proceeds, RBA Finance and Ashish Kancholia will hold 6.22% each of the company. EyeMyEye will use these proceeds to operate the business, achieving the pre-defined milestones, and in the manner envisaged in the shareholder’s agreement, the filing added. According to the startup data intelligence platform TheKredible, the company has been valued at around Rs 162 crore or $20 million (post-money). Founded in 2021 by Ganesh Iyer, EyeMyEye offers a range of customized eyeglasses, sunglasses, and other eyewear-related products to consumers through its online and offline channels. EyeMyEye has raised around Rs 90 crore ($11 million) to date including a $5 million round led by LC Nueva AIF in August 2022. Entrackr had exclusively reported the development. EyeMyEye registered 34% year-on-year growth to Rs 32.45 crore during FY23. Moreover, the company’s losses remained steady at Rs 19.36 crore during the same period. It competes with the likes of Lenskart, ClearDekho, Cool Winks and Lens2Home, among others.

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