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Solarium Green Energy's Rs 105 Cr SME IPO opens on Feb 6

EntrackrEntrackr · 7m ago
Solarium Green Energy's Rs 105 Cr SME IPO opens on Feb 6
Medial

Turnkey solar solutions provider Solarium Green Energy is set to launch its SME initial public offering (IPO) on February 6, 2025, aiming to raise Rs 105.04 crore (approximately $12.5 million). According to the press release, the IPO comprises 55,00,000 shares with a face value of Rs 10 each, priced in the range of Rs 181-191 per share. The lot size for the IPO is 600 equity shares, requiring a minimum investment of Rs 1,41,600 for investors looking to participate. 46% of the total share allocation (26,05,000 shares) is reserved for Qualified Institutional Buyers. High Net-Worth Individuals (HNIs) will receive 7,82,400 equity shares, while market makers will be allocated 2,86,8000 shares. Retail investors will account for 33.17% of the total share allocation. The IPO issue will be open from 06th February to 10th February. According to the company, the net proceeds from the IPO will be utilized to meet working capital requirements and to address general corporate purposes. Founded by Ankit Garg, Solarium Green Energy Limited specializes in turnkey solar solutions. It offers services such as design, engineering, procurement, testing, installation, commissioning, and comprehensive operation and maintenance (O&M). The company claims to have executed 11,195 residential rooftop projects, 172 commercial and industrial (C&I) projects, and 17 government projects during April 2021 to September 2024. Solarium has reported a revenue of Rs 177.80 crore with net profits of Rs 15.59 crore during the fiscal year ended March 2024. Meanwhile, in H1FY25 (the first half of the ongoing fiscal), its revenue was recorded at Rs 81.99 crore with net profits of Rs 7.55 crore. The firm achieved this growth without any venture or institutional funding. Solarium, which competes with Zunroof, SolarSquare, Cleantech, Mysun, Oorjan, and Freyr Energy, has become the first company from the Indian startup ecosystem to launch an SME IPO in 2025. Last year, Trust Fintech, TAC Security, and Menhood also went public through the SME route.

Exclusive: SriMandir’s parent AppsForBharat in talks to raise $15-20 Mn

EntrackrEntrackr · 1y ago
Exclusive: SriMandir’s parent AppsForBharat in talks to raise $15-20 Mn
Medial

AppsForBharat, the parent company of devotional app SriMandir, is in talks to raise a new round from new and existing investors, according to three people aware of the development. “AppsForBharat is in late-stage discussion with three new investors to raise $15-20 million,” said one of the sources requesting anonymity. “An Indian growth stage fund and a Singapore-based investor are in the race to lead the round.” Sources outline that the Bengaluru-based growth stage fund has backed companies including Spinny, Pharmeasy, FarEye and Probo. The Bengaluru-based startup had scooped up $10 million Series A in September 2021 and $4 million Seed round in August. As per sources, AppsForBharat is seeking a valuation of close to $100 million. “Existing investors including Peak XV and Elevation will also join the round on a pro-rata basis. The contours of the deal are being chalked out and the deal is likely to materialize later this month,” said another source who also wished not to be named as discussions are private. Queries sent to AppsForBharat didn’t elicit any response. AppsForBharat’s flagship product SriMandir allows users to create their personalized shrines, consume devotional content, connect with prayer groups, and access a large library of spiritual texts, scriptures and videos. Users can also consult with astrologers and priests. It claims to have over 10 million downloads since its inception in 2021. AppsForBharat’s long list of investors includes Peak XV, BEENEXT, Matrix Partners and angels such as Scott Schleifer, Ankush Sachdeva, Farid Ahsan and Bhanu Pratap Singh, Utsav Somani, Vidit Aatrey and Sanjeev Barnwal, Kunal Shah and Sai Srinivas. AppsForBharat registered Rs 3.53 crore in revenue with Rs 45 crore loss in FY23, according to startup data intelligence platform TheKredible. The firm is expected to post a better result in the last fiscal year (FY24). It competes with DevDham, Utsav App, Sutradhar, and 27 Mantra. As per data compiled by TheKredible, astro and spiritual tech startups have raised around $25 million in the past 12 months. Besides Ustav App and DevDham, InstaAstro, AstroTalk, Vama, and Melooha also raised decent funding during the period.

InsuranceDekho revenue soars 7.7X in FY24, posts Rs 86 Cr profit

EntrackrEntrackr · 10m ago
InsuranceDekho revenue soars 7.7X in FY24, posts Rs 86 Cr profit
Medial

InsuranceDekho turned out a stellar financial performance in the last fiscal year, with revenue from operations spiking 7.7 times. At the same time, the company reported a profit of Rs 86 crore for the fiscal year ending March 2024, compared to a loss of Rs 51 crore in FY23. InsuranceDekho’s revenue from operations surged to Rs 743.6 crore in FY24 from Rs 96.5 crore in FY23, its standalone financial statement filed with the Registrar of Companies (RoC) shows. InsuranceDekho helps customers to compare and buy motor, health, travel and pet insurance. It also offers several investment plans including ULIP, child, fixed deposit, retirement plans among others. At Rs 726.61 crore, insurance brokerage was the largest revenue generator for the firm which accounted for 97.7% of the total operating revenue while ancillary services brought in Rs 17 crore. The Gurugram-based firm also made an additional Rs 41.3 crore from non operating sources, including software sales and interest income which pushed InsuranceDekho total income to Rs 785 crore in FY24. Looking at the expenses, point of sales charges was the major element, which formed 43% of the total expense. This cost surged by 36X to Rs 301 crore in FY24, from mere Rs 8.3 crore in FY23. Employee benefit expenses stood at Rs 130.26 crore, showing a 21.7% rise from Rs 107.05 crore in FY23. Manpower management was another expense that ballooned 53X to Rs 35 crore in FY24. Advertising, finance costs collectively formed Rs 98 crore. In the end, the CarDekho-incubated company’s total expenses increased by 4.6X to Rs 699.21 crore during the last fiscal year. With over 650% growth in scale, InsuranceDekho turned profitable in FY24. It posted a profit of Rs 85.71 crore in the last fiscal year from a loss of -51.59 crore in FY23. Its ROCE and EBITDA margin improved to 16.5% and 11.73%, respectively. On a unit basis, the company spent Re 0.94 to earn a rupee of operating revenue in FY24. InsuranceDekho reported a Cash and Bank Balance of Rs 37.7 crore and Current Asset of 795.32 crore in the fiscal year ending March 2024. In October 2023, the firm secured $60 million in a Series B funding round led by Mitsubishi UFJ Financial Group. It is reportedly in discussions to merge with Renewbuy—a strategic move intended to establish a major player in the insurance aggregation market and compete with industry leader PolicyBazaar. PB Fintech, the parent firm of Policybazaar closed FY24 with about Rs 3,500 crore, which places the Rs 750 odd crores of InsuranceDekho in context. A very positive context, we will add, considering the fact that Insurance Dekho has managed to turn up the numbers with profits to show as well. Something Policybazaar managed well after it crossed the Rs 2,000 crore mark. In a market that is evolving at a pace it has never seen before, the opportunities for InsuranceDekho remain immense, and another strong year in FY25 will open up the IPO route as well, in all probability, making it a formidable competitor in the market that increasingly looks like it will consolidate into a two or three horse race as far as aggregators go.

NoBroker reports Rs 803 Cr revenue in FY24, but 57% expenses remain unexplained

EntrackrEntrackr · 4m ago
NoBroker reports Rs 803 Cr revenue in FY24, but 57% expenses remain unexplained
Medial

Real estate platform NoBroker improved its financial performance during the fiscal year ending March 2024, with operating revenue increasing by nearly one-third year-on-year. The subscription-based house-hunting platform also reduced its losses by 19% in FY24. However, the company disclosed limited details about its expenses, with 57% of total expenditures categorized under “miscellaneous overheads”. NoBroker’s operating revenue rose 32% to Rs 803 crore in FY24 from Rs 609 crore in FY23, according to its standalone financial statement sourced from the Registrar of Companies (RoC). NoBroker is a real estate platform that connects property owners directly with tenants, removing the need for brokers or agents. Its main source of revenue is subscription plans which accounted for 99% of the income. Income from product sales — including home services and allied segments — contributed Rs 5 crore in FY24. The firm made an additional Rs 85 crore from the interest of fixed deposit and gain on current investments, and mutual funds which pushed its total income to Rs 888 crore in FY24 from Rs 683 crore in FY23. Looking at the expenses, NoBroker did not disclose much of its expense breakup. Employee benefit expenses, which accounted for 33% of the total costs, remained flat at Rs 436 crore. Rent and legal charges were curtailed to Rs 7 crore and Rs 12 crore, respectively, while depreciation expenses increased modestly to Rs 31 crore in the said fiscal year. Importantly, NoBroker booked Rs 738 crore under miscellaneous expenses. Overall, the firm’s total expenses increased 9.2% to Rs 1,299 crore in FY24 from Rs 1,190 crore in the previous fiscal year. Despite the rise in total expenses, the company managed to reduce its net loss by 19% to Rs 411 crore in FY24 from Rs 506 crore in FY23. Its ROCE and EBITDA margin stood at -37.76% and -42.45% respectively. On a unit basis, the company spent Rs 1.62 to earn a rupee of operating revenue in FY24. As of March 2024, the Bengaluru-based firm reported current assets worth Rs 1,082 crore, out of which Rs 55 crore were in cash. According to TheKredible, NoBroker has raised a total of $366 million of funding to date, having Tiger Global, BEENEXT, and Elevation as its lead investors. The company’s co-founders Ankit Agarwal, Saurabh Garg, and Akhil Gupta together own 16.6% of the company.

Pratilipi approaches Rs 60 Cr revenue mark in FY24, cuts losses by 62%

EntrackrEntrackr · 9m ago
Pratilipi approaches Rs 60 Cr revenue mark in FY24, cuts losses by 62%
Medial

Pratilipi demonstrated strong financial performance in the last fiscal year, with the company's revenue spiking nearly 66%. Moreover, the Bengaluru-based storytelling platform reduced its losses by over 62% during the fiscal year ending in March 2024. Pratilipi ’s revenue from operations grew to Rs 57.8 crore in FY24 from Rs 35 crore in FY23, its financial statement filed with the RoC shows. Pratilipi is an online storytelling platform which essentially focuses on text and audio storytelling in Indian languages such as Hindi, Gujarati, Bengali, Marathi, and Malayalam across various formats including audiobooks, podcasts, comics, web series and movies. Revenue from content and premium subscription services soared 2X to Rs 34.97 crore in FY24 and accounted for 60.5% of total operating revenue. Brand advertising services grew by 79% to Rs 7.53 crore, while the sale of books went up by 62% to Rs 10.62 crore in the last fiscal year. The company made an additional Rs 70 lakh from interest income which pushed its total revenue to Rs 58.5 crore in FY24. Looking at the expenses, employee benefit expenses, the largest cost segment, dropped by 21% to Rs 46.94 crore in FY24. Advertising expenses saw a steep decline of 62% to Rs 19.36 crore in the last fiscal year . Cloud services and software charges also fell down significantly. Overall, Pratilipi’s total expenses fell by 39% to Rs 116.7 crore in FY24. Due to tight control in expenses, the company’s net loss decreased by 62% to Rs 58.13 crore in FY24 from Rs 152.6 crore in FY23. Its ROCE and EBITDA margin stood at -81.01% and -89.74%, respectively. On a unit basis, Pratilipi spent Rs 2.02 to earn a rupee in FY24. The company reported Rs 2.3 crore in cash and bank balances and had a current asset of Rs 33.26 crore as of FY24. According to the startup data intelligence platform TheKredible, the Gurugram-based firm has raised over $80 million to date. Its leading investors include Krafton, Nexus Venture Partners, Omidyar Network, Shunwei Capital and Tencent. Pratilipi's CEO, Ranjeet Pratap Singh, recently said that the company aims to launch an initial public offering (IPO) in January 2026, depending on market conditions. He also mentioned plans to raise $12 million in a pre-IPO funding round, potentially at a lower valuation.

Scaler nears Rs 400 Cr revenue in FY24; losses down by 58%

EntrackrEntrackr · 7m ago
Scaler nears Rs 400 Cr revenue in FY24; losses down by 58%
Medial

Upskilling platform Scaler has showcased better financial results for the fiscal year ending March 2024. The Bengaluru-based firm achieved over 21% growth in its operating scale while reducing losses by 58% compared to the previous fiscal year (FY23). Scaler’s revenue from operations grew to Rs 384.5 crore in FY24, from Rs 316.7 crore in FY23, according to its consolidated financial statement filed with the Registrar of Companies (RoC). Scaler is a tech upskilling platform that focuses on honing college students and tech professionals’ skills. The company offers six-month computer science courses through live classes. Sales of these courses accounted for 99% of the firm’s operating revenue in FY24. The company made additional Rs 4.5 crore from interest income which pushed its total revenue to Rs 389 crore in FY24. Along with achieving decent growth in scale, the company has reduced costs across verticals, as evident from its expenditure on employee benefits, which declined by 28.57% to Rs 230 crore. Advertising costs dropped by 35% to Rs 92 crore, while IT expenses decreased by 31.82%. However, training and recruitment expenses rose by 44.12% to Rs 49 crore, and rent increased by 44.44% to Rs 13 crore in FY24. Overall, Scaler's total expenses declined by 22.2%, from Rs 609 crore in FY23 to Rs 474 crore during the last fiscal year. Optimization of major expense categories helped Scaler reduce its overall losses by 58% to Rs 139 crore in FY24. Its EBITDA Margin also improved to -32.02%. On a unit basis, the company spent Rs 1.23 to earn a rupee during the fiscal year. The company reported current assets worth Rs 83 crore including cash and bank balances worth Rs 20 crore in FY24. According to TheKredible, Scaler Academy has raised a total of $75 million of funding till date from Tiger Global and Peak XV among others. Its founders, Anshuman Singh and Abhimanyu Saxena, each hold 29.16% of the company. Peak XV Partners owns 22.61%, while Tiger Global holds an 8.13% stake in the company. While the financial numbers would indicate a runway for another six months in FY25, the firm will certainly need one more round of funding to stand independently. The business has scale, the brand has built some credibility now and a strong future beckons if Scaler can build on that momentum. The edtech does face its share of challenges, and will need to expand with care so as not to expend too many resources in markets where success may not necessarily follow. With its short term courses offering a career leg up, markets where the potential is high but the basic education system is a shambles will be a bad idea, one feels. As students simply may not be equipped to benefit as they should. We should know soon enough what route the firm takes to build a sustainable business.

BluSmart drivers face uncertainty amid company troubles, founder issues

EntrackrEntrackr · 4m 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.

How profitable InCred stands out among bleeding fintech lenders: Interview with Bhupinder Singh

EntrackrEntrackr · 1y ago
How profitable InCred stands out among bleeding fintech lenders: Interview with Bhupinder Singh
Medial

Lending has turned out to be the most obvious money making channel for fintech startups in India. Right from large to small fintech companies are resorting to distributing loans through own and third party lenders such as banks and NBFCs. Most growth stage fintech startups have been lending aggressively, but they still bear huge losses on a consolidated basis. However, the eight-year-old InCred is an exception as the firm’s operating revenue spiked 48% to Rs 1,267 crore in FY24. At the same time, its profit grew 160% to Rs 316 crore in FY24. InCred claims to have offered credit to 3,50,000 borrowers since its inception in 2016. InCred group operates three companies – InCred Finance, InCred Capital, and InCred Money. To understand InCred’s growth across segments, startup investments including Oyo and collection (recovery) among others, Entrackr spoke to the company’s founder and chief executive Bhupinder Singh. Here are the edited excerpts. How has the size of asset under management (AUM) across personal, education and business loans grown? Our asset under management or AUM grew 49% in FY24 and we closed FY24 with over Rs 9,000 crore in AUM, spread across personal loans which accounts for 44% of our AUM while micro, small and medium enterprises (MSMEs) contributed 35% of the total disbursal. Educational loans formed 21% of the entire loan book including third-parties capital. Can you talk about growth numbers across three segments: personal, business and educational in the last fiscal year? We have had strong growth across all three segments in FY24: Personal loans grew at 57% whereas educational loans spiked at 86%. Business (MSMEs) borrowing increased 32% during the last fiscal. Which factors led to the upsurge in educational loans? Strong preference to study abroad for superior exposure and growth prospects, along with growing awareness in terms of universities and courses through social media and internet are some of the key driving factors, which have accentuated further over the last few years. InCred has started equity investment across startups. Why has it entered into what’s widely dubbed as risky equity investment? We invest in startups through InCred Capital where we focus on identifying attractive investment opportunities in private companies. However, we only put money in startups which are available at reasonable valuations and have long-term structural growth potential. Besides InCred Capital, we also have a private equity fund providing growth capital to startups and other businesses. You said that InCred Capital looks for reasonable valuation while investing into startups. InCred capital recently invested in Oyo at a $2.38 Bn valuation. Do you think this is the right valuation of Oyo? Any investment opportunity we identify for our clients is based on our fundamental thesis of providing an attractive risk-return profile for our wealth clients. We believe that Oyo falls in that category and provides an opportunity for long term value creation. Collection is the hardest part of any form of lending be it traditional or digital. How did InCred solve this and what’s the size of NPA? Agreed. I think it starts right from our strong, proactive focus on risk and analytics, and then collections, which is more reactive. We have over 150 pan-India collections teams across products that track repayments and employ multiple modes, depending upon the product-specific requirement and level of customer delinquency. For early defaulters, we use techniques like tele-calling to educate them about default implications such as credit score deterioration. For late-stage defaulters, focus is more on limiting losses through field visits, vendor engagement among others. We also use mechanisms like setting up escrow accounts for superior collections. InCred efficiency has been consistently tracking at 98%. Our March 2024 NNPA stood at 0.8% and was among the best in the industry. InCred merged with KKR Financial services in 2022. How has the merger panned out in terms of business? Let me start by giving you some context. While technically it was a reverse merger of InCred with KKR India’s credit arm, substance over form, InCred acquired KKR’s corporate loan book. It was a win-win for both InCred and KKR. What KKR got was a profitable exit from its corporate book, which they were looking for, and the opportunity to be part of a successful and long-term lending growth story with InCred in the driver’s seat. For InCred, the deal was purely an equity raising exercise with KKR joining our cap table and our net worth swelling 3X to over Rs 3,200 crore as of December 2023. At the same time, we were able to quickly wind down the corporate loan book and focus on building a granular retail franchise, which is our broad vision for InCred Finance.

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