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boAt auditors flag discrepancies and compliance gaps across FY23 to FY25

EntrackrEntrackr · 1m ago
boAt auditors flag discrepancies and compliance gaps across FY23 to FY25
Medial

Consumer electronics brand boAt has disclosed a series of financial reporting and compliance lapses in its updated draft red herring prospectus (DRHP). The statutory auditors of Imagine Marketing, the parent entity of boAt, issued several unfavourable remarks relating to mismatches in statements, fund utilisation, governance, and internal controls across FY23 to FY25. According to the filing, quarterly returns and statements submitted to banks were not in agreement with the company’s books of accounts for FY23, FY24, and FY25. The auditors also noted instances of short-term borrowings being used for long-term purposes in FY23 and FY24, in violation of standard financial discipline. Governance lapses were also highlighted in the DRHP. The company paid excess remuneration to directors in FY23, breaching limits prescribed under Section 197 of the Companies Act. Auditors flagged arrears of undisputed statutory dues in FY23 and FY25, along with non-maintenance of electronic backups of books of account by two subsidiaries for FY23. Additionally, boAt did not conduct physical verification of plant, property, and equipment for FY23 due to a change in its verification policy. boAt said it has taken corrective steps, including filing revised statements and obtaining shareholder approval for the excess remuneration. In October, the company refiled its updated DRHP with SEBI, reducing its IPO size to Rs 1,500 crore. The IPO includes an issue of equity shares worth Rs 500 crore, while existing shareholders and co-founders will offload shares worth Rs 1,000 crore through an offer for sale (OFS). For the fiscal year ended March 2025, boAt reported Rs 3,073 crore in operating revenue and a net profit of Rs 61 crore, turning around from a loss of Rs 79.6 crore in FY24. In the first quarter of FY26, the company reported operating revenue of Rs 628 crore and a net profit of Rs 21.35 crore.

Turtlemint files updated DRHP for Rs 660 Cr fresh issue IPO

EntrackrEntrackr · 6d ago
Turtlemint files updated DRHP for Rs 660 Cr fresh issue IPO
Medial

Turtlemint files updated DRHP for Rs 660 Cr fresh issue IPO Insurtech firm Turtlemint has filed an updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). This development comes a month after SEBI granted regulatory approval for the company’s plan. Turtlemint’s IPO comprises a fresh issue of equity shares worth Rs 660 crore (approximately $73.3 million), with the offer for sale (OFS) component of 2.86 crore shares. According to the UDRHP, the OFS will be led by Nexus Venture Partners, offloading 91.43 lakh shares, followed by Peak XV Partners with 79.21 lakh shares. Other investors, including Jungle Ventures, Blume Ventures, GGV Ventures, and angel investor Kunal Shah, will also participate in the OFS. Co-founders Anand Prabhudesai and Dhirendra Mahyavanshi will offload 21.12 lakh and 22.1 lakh shares, respectively. Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates a marketplace connecting advisors with customers, offering insurance products across motor, health, and life categories. It also provides financial products such as mutual funds and loans, equipping advisors with digital tools to expand their business. Turtlemint will use the fresh IPO proceeds to allocate about Rs 193 crore toward salary expenses for technology and product development, and Rs 129 crore for investment in its subsidiary, TIB. The remaining amount will be used for cloud and server infrastructure, marketing, lease payments for existing properties, and other corporate purposes. As of the UDRHP filing date, Nexus Venture Partners is the largest shareholder with a 24.05% stake, followed by Peak XV Partners with 20.84%. Co-founders hold 8.72% and 8.33% stakes respectively, while Jungle Ventures holds 4.54% and Kunal Shah owns 1.45%. During H1FY26, the firm reported a twofold increase in operating revenue to Rs 463.3 crore, while losses widened 27% to Rs 126 crore.

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