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InMobi, Glance, NoBroker, Yulu, Knowlarity founders pledge Rs 100 Cr for IIT Kanpur school

EntrackrEntrackr · 16d ago
InMobi, Glance, NoBroker, Yulu, Knowlarity founders pledge Rs 100 Cr for IIT Kanpur school
Medial

InMobi, Glance, NoBroker, Yulu, Knowlarity founders pledge Rs 100 Cr for IIT Kanpur school The Class of 2000 alumni from the Indian Institute of Technology (IIT) Kanpur has committed Rs 100 crore to establish a new academic unit called the Millennium School of Technology and Society (MSTAS) at the institute. The announcement was made during the batch’s silver jubilee reunion held in Kanpur. The proposed school will focus on the intersection of technology, public policy, ethics, and societal impact, and is positioned as a complement to IIT Kanpur’s existing strengths in engineering and science. The contribution is among the largest pledges made by a single graduating batch to an Indian academic institution. Often referred to as the Millennium Batch, the Class of 2000 is known for its strong presence in entrepreneurship and global technology leadership. Alumni from the batch have founded or co-founded companies such as InMobi and Glance, NoBroker, Yulu, Knowlarity, and Card91, and have also been involved in ventures like Cohesity and Martini. Some members were early employees at WhatsApp. Several alumni from the cohort currently hold or have held senior roles at global organisations including Nvidia, Microsoft, Amazon, Intel, BCG, Morgan Stanley, and GIC. The batch has produced three unicorns such as InMobi, Glance, and NoBroker, the highest number from any IIT Kanpur batch so far. As part of the collective pledge, Naveen Tewari, founder and CEO of InMobi and Glance, has committed Rs 30 crore individually. According to IIT Kanpur, the new school aims to encourage interdisciplinary education and leadership development, with an emphasis on understanding the broader implications of technology-driven change. Alumni involved in the initiative described it as a long-term institution-building effort. The timeline and operational details of MSTAS are expected to be outlined by the institute in the coming months.

WestBridge Capital-backed IndiQube files DRHP for Rs 850 Cr IPO

EntrackrEntrackr · 1y ago
WestBridge Capital-backed IndiQube files DRHP for Rs 850 Cr IPO
Medial

WestBridge Capital-backed IndiQube files DRHP for Rs 850 Cr IPO Workspace provider IndiQube has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The IPO includes a fresh issue of equity shares worth Rs 750 crore (approximately $89 million) and an offer for sale (OFS) of equity shares amounting to Rs 100 crore. Co-founders Rishi Das and Meghna Agarwal will each sell shares worth Rs 50 crore through the OFS. Notably, no external shareholders are participating in the OFS, highlighting the founders' significant role in the offering. According to the DRHP, Anshuman Das is IndiQube's largest shareholder, holding 25.32%, followed by Aravali Investment Holding with 22.07%. Other notable shareholders include WestBridge Capital (5.79%), Carenet Technologies (5.15%), and Hirepro Consulting (2.15%). The company's co-founders, Rishi Das and Meghna Agarwal, cumulatively own 37.92% of the company. IndiQube plans to list its shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The IPO will be managed by ICICI Securities Limited and JM Financial, who are acting as the book-running lead managers. According to the company, the net proceeds from the fresh issue will be utilized for the establishment of new centers, repayment of borrowings, and other general corporate purposes. In the first quarter of the ongoing fiscal year, IndiQube reported revenue of Rs 242 crore, while its losses stood at Rs 42 crore. The WestBridge Capital-backed firm achieved a 43% year-on-year growth in revenue, reaching Rs 830 crore in FY24, up from Rs 580 crore in FY23. However, the pursuit of growth came at a cost, with losses surging 72.2% to Rs 341 crore in FY24, compared to Rs 198 crore in FY23.

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