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Ola Electric subsidiary resolves insolvency dispute with Rosmerta Group

EntrackrEntrackr · 7m ago
Ola Electric subsidiary resolves insolvency dispute with Rosmerta Group
Medial

Ola Electric subsidiary resolves insolvency dispute with Rosmerta Group The dispute began when the Rosmerta Group filed insolvency petitions on March 16 under Section 9 of the Insolvency and Bankruptcy Code. Ola Electric Mobility Limited has settled a legal issue involving its subsidiary, Ola Electric Technologies Private Limited, and its vehicle registration service provider, Rosmerta Digital Services Ltd. In a recent update to the National Stock Exchange (NSE) and BSE, Ola Electric said that all outstanding payments have been cleared. As part of the agreement, Rosmerta has asked the National Company Law Tribunal (NCLT) in Bengaluru to withdraw the case. Ola Electric also stated that there are no further disagreements between the two parties and reaffirmed its commitment to strong business partnerships and the timely resolution of any future issues. "With the receipt of INR 26,75,24,339/- which consists of the entire claim raised before NCLT, Rosmerta Group companies are withdrawing its petitions before the NCLT, Bengaluru," said a Rosmerta Digital spokesperson. "No further causes of action exist between Rosmerta Group and Ola Electric, whose relationship shall now be governed by the Settlement Agreement executed between them." The dispute began when the Rosmerta Group filed insolvency petitions on March 16 under Section 9 of the Insolvency and Bankruptcy Code. The petition was filed with the NCLT Bengaluru Bench, claiming that Ola Electric Technologies Pvt Ltd had not paid for services provided by the creditor. It requested the court to start insolvency proceedings against the company. Last month, Ola Electric said it sold over 25,000 electric two-wheelers in February 2025, maintaining its 28% market share in the segment. However, the sales numbers on Vahan — a government database managed by the Ministry of Road Transport and Highways — did not match the company’s claim. Ola Electric clarified that the mismatch was due to ongoing negotiations with its vehicle registration vendors. The company said the backlog caused by the data mismatch has been cleared, but the government has requested more information on the matter.

PhysicsWallah’s Rs 3,480 Cr IPO to open on Nov 11; co-founders cut their OFS size

EntrackrEntrackr · 6d ago
PhysicsWallah’s Rs 3,480 Cr IPO to open on Nov 11; co-founders cut their OFS size
Medial

Edtech unicorn PhysicsWallah has filed its Red Herring Prospectus (RHP) for an Rs 3,480 crore initial public offering (IPO). The issue will open for subscription on November 11 and close on November 14, 2025, with anchor investor bidding starting on November 10. The company’s shares are scheduled to list on the NSE and BSE on November 18. According to the company’s RHP, the Noida-based firm plans to raise Rs 3,100 crore through a fresh issue, while co-founders Alakh Pandey and Prateek Boob will each offload shares worth Rs 190 crore, totaling Rs 380 crore. Notably, the company has reduced its offer-for-sale (OFS) size from Rs 720 crore mentioned in the earlier draft prospectus (U-DRHP). The IPO will be managed by Kotak, JP Morgan, Goldman Sachs and Axis Capital, while MUFG Intime will act as registrar. From the fresh issue proceeds, the WestBridge-backed firm will allocate Rs 460.5 crore for fit-outs of new offline and hybrid centers and Rs 548.3 crore for lease payments of existing ones. It will spend Rs 28 crore on lease payments for Utkarsh Classes, Rs 26.5 crore to acquire an additional stake in it, Rs 47.16 crore for subsidiary Xylem Learning, and Rs 15.5 crore for Xylem’s lease payments. The company will also allocate Rs 200 crore for server and cloud-related infrastructure, while it will use the largest portion of the proceeds, Rs 710 crore, for marketing initiatives and the rest for acquisitions and general corporate purposes. As on the date of RHP, co-founders Pandey and Boob hold the largest stakes in the company at 40.31% each, followed by WestBridge Capital with 7.8%, while Hornbill Capital, GSV Ventures, and Lightspeed hold 4.41%, 2.85%, and 1.79%, respectively. On the financial front, PhysicsWallah’s operating revenue grew 49% to Rs 2,886.6 crore in FY25 from Rs 1,940.7 crore in FY24, while its losses narrowed 79% to Rs 243 crore during the same period.

Capillary Technologies to open IPO on Nov 14; cuts issue size

EntrackrEntrackr · 1d ago
Capillary Technologies to open IPO on Nov 14; cuts issue size
Medial

Capillary Technologies to open IPO on Nov 14; cuts issue size SaaS startup Capillary Technologies is set to launch its initial public offering (IPO) on November 14, with the issue closing on November 18. The Bengaluru-based company has also reduced the size of its public offer. According to the company’s revised filings, Capillary will raise Rs 345 crore through a fresh issue, compared to Rs 430 crore proposed earlier. The offer-for-sale (OFS) component has also been pared down to 92.2 lakh shares from 1.83 crore shares mentioned in the draft prospectus. The equity shares are proposed to be listed on both the BSE and NSE. Capillary had filed its Draft Red Herring Prospectus (DRHP) in June 2025 and received SEBI’s approval in September. Axis Capital, ICICI Securities, and JM Financial are the book-running lead managers for the issue. The price band and valuation details are expected to be announced in the coming days. Promoters currently hold a 67.18% stake in Capillary Technologies India, while 32.82% is owned by public shareholders. Key investors include Ronal Holdings (7.53%), AVP Fund (5.51%), Trudy Holdings (4.49%), Filter Capital India Fund (3.66%), and Schroders Capital (1.54%). Founded in 2008 by Aneesh Reddy, Krishna Mehra, and Ajay Modani, Capillary provides cloud-native loyalty, CRM, and customer engagement solutions to over 390 brands across 46 countries, including Tata Digital, Aditya Birla Fashion, and Abbott Labs. On the financial front, the company delivered a robust performance in FY25, with revenue rising 14% year-on-year to Rs 598 crore. Capillary also turned profitable during the year, reporting a net profit of Rs 14.1 crore, compared to a loss of Rs 68 crore in FY24. According to the start-up data intelligence platform TheKredible, Capillary Technologies has raised a total of $239 million in funding to date.

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