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Exclusive: AceVector to file DRHP for Rs 500 Cr IPO

EntrackrEntrackr · 1d ago
Exclusive: AceVector to file DRHP for Rs 500 Cr IPO
Medial

Exclusive: AceVector to file DRHP for Rs 500 Cr IPO E-commerce ecosystem firm AceVector Limited is in advanced stages of filing draft red herring prospectus (DRHP) to raise Rs 500 crore through an initial public offering, sources aware of the matter told Entrackr. Gurugram-based AceVector comprises e-commerce marketplace Snapdeal, e-commerce enablement SaaS platform Unicommerce, and consumer-brands platform Stellaro Brands. “The proposed issue will be majority primary capital and CLSA and IIFL are likely to be the bankers for the proposed IPO,” said one of the sources requesting anonymity as talks are yet to be public. According to startup data intelligence platform TheKredible, Softbank, Kunal Bahl, Rohit Bansal, and Nexus Venture Partners are the largest shareholders of AceVector Limited. Started in 2010, Snapdeal targets the value e-commerce segment, with over 80% of orders from non-metro buyers. Most of its merchandise is priced below Rs 600, focusing on fashion, home, and personal care. Industry reports expect smaller towns to drive 65% of India’s e-shopping by 2030. AceVector’s listed arm Unicommerce eSolutions provides tech solutions across order and inventory management, omnichannel retail, courier automation, and AI-led marketing. Its 2024 IPO was oversubscribed 168 times. Post listing, it acquired shipping aggregator Shipway in a stock-and-cash deal to broaden its offerings. Stellaro Brands, another subsidiary, builds value and lifestyle brands. Its flagship label, Rangita, offers affordable everyday ethnic wear for women. Sold online and through retail outlets in southern India, Rangita aims to expand its omnichannel presence across key markets nationwide.

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Exclusive: Swiggy to raise Rs 5,000 Cr via fresh issue

EntrackrEntrackr · 10m ago
Exclusive: Swiggy to raise Rs 5,000 Cr via fresh issue
Medial

Swiggy, the food delivery and quick commerce firm, is set to raise Rs 5,000 crore ($602 million) in a fresh issue as part of its initial public offering (IPO). The Prosus-funded company has already targeted Rs 6,664 crore through an offer for sale (OFS), with plans to seek board approval for the OFS in the first week of next month. According to an internal document accessed by Entrackr, Swiggy’s board has passed a special resolution to issue equity shares worth up to Rs 5,000 crore, subject to shareholder approval at a meeting (EGM) on October 3. Swiggy’s IPO has been anticipated since the company filed draft papers confidentially in April. Reports suggest the firm has also received shareholder approval to raise Rs 10,400 crore in total (Rs 3,750 crore via a fresh issue and Rs 6,664 crore through an OFS). However, Swiggy’s IPO size may vary, as the fresh issue mentioned in the latest resolution is 1.3X larger than the previously estimated Rs 3,750 crore. The Bengaluru-based company is expected to file its draft red herring prospectus (DRHP) with SEBI soon. Queries sent to Swiggy did not elicit a response by the time of publication. Ahead of the IPO, Swiggy secured strategic investments from Amitabh Bachchan’s Family Office and Hindustan Composites. Meanwhile, investor Baron Capital recently valued Swiggy at $14.5 billion. The food tech firm demonstrated strong financial growth with 36% year-on-year growth in revenue to Rs 11,247 crore in FY24 and cut its losses by 44% to Rs 2,350 crore in the same period. Swiggy’s food business contributed Rs 6,100 crore to its overall income, while its quick commerce arm, Instamart, generated Rs 1,100 crore in gross revenue in FY24. To compete with rivals like Zepto and Zomato’s Blinkit, Swiggy invested $700 million in quick commerce in December 2021. Last month, the Sriharha Majety-led firm also roped in a new chief executive and new chief operating officer for Instamart. Following a series of startup IPOs from Delhi NCR, Bengaluru is catching up in 2024. A few city-based companies, including Digit Insurance and Ola Electric, have already made their stock exchange debuts this year. Besides Swiggy, Bengaluru-based Ather Energy also submitted its draft IPO papers on Monday, with its largest stakeholder, Hero MotoCorp, opting not to participate in the OFS.

Exclusive: IPO-bound Portea Medical raises $20 Mn via right issue

EntrackrEntrackr · 1y ago
Exclusive: IPO-bound Portea Medical raises $20 Mn via right issue
Medial

Home healthcare solution provider Portea Medical has raised around $20 million via rights issue. The capital raise comes amid its efforts to launch an initial public offering (IPO). The board at Portea has passed a special resolution to issue 69,206,452 Series D1 compulsory convertible preference shares (CCPS) at an issue price of Rs 23.96 per share, aggregating to Rs 165.8 crore or around $20 million to the equity shareholders of the company on a rights issue basis, the company’s regulatory filings with the Registrar of Companies show. It’s worth noting that Portea received a go-ahead signal from the SEBI to float a Rs 1,000 crore IPO in April last year. The Vaibhav Tewari-led company had filed a draft red herring prospectus (DRHP) in June 2022. Decade-old Portea provides services such as mother and child care, consultation for nutrition and diet, physiotherapy, nursing, lab tests, counseling, and elder care. It also offers a lab sample collection facility and medical equipment for sale or on hire. As per Portea’s website, the company has provided services to over 1 million patients and conducts 700,000 patient visits annually. Additionally, it has established partnerships with 63 leading hospitals. Portea’s revenue from operations declined 3.3% to Rs 145 crore in FY23 from Rs 150 crore in FY22, according to startup data intelligence platform TheKredible. The shrinking scale and fixed overheads led the firm to register a Rs 53 crore loss during FY23 against Rs 40 crore loss in the previous fiscal. It is yet to file audited financial statements for FY24. Portea will be the third company which has raised funding in 2024 after filing a DRHP. Earlier this month, Ola Electric raised $50 million in debt from EvolutionX whereas MobiKwik raised debt from Blacksoil in March. MobiKwik and Ola Electric filed their DRHP in December and January, respectively.

Exclusive: Ecom Express board approves Rs 2,600 Cr IPO

EntrackrEntrackr · 11m ago
Exclusive: Ecom Express board approves Rs 2,600 Cr IPO
Medial

Logistics firm Ecom Express appears close to file draft red herring prospectus as it has received board’s approval for initial public offering worth Rs 2,600 crore via a mix of fresh issue and offer for sale. The board at Ecom Express has passed a special resolution to approve its initial public offer of equity shares amounting to Rs 2,600 crore, which consists of Rs 1,284 crore of fresh issue and Rs 1,316 crore offer for sale, according to the company’s internal documents accessed by Entrackr. As per media reports, the Gurugram-based company already appointed bankers including Kotak Capital, IIFL, Axis Capital, and UBS for the IPO. Ecom Express’ major investors Warburg Pincus and Partners Group are likely to take part in the OFS, said sources. As per data intelligence platform TheKredible, Warburg Pincus is the largest external stakeholder with 48.26% followed by Partners Ground and CDC Group. This is the second attempt by the 13 year-old-firm for public listing. In February 2022, it approved a fundraise of up to Rs 4,860 crore via a public issue of shares. However, the firm put a hold on its IPO plan then. Meanwhile, Ecom Express is also raising Rs 1,424 crore (approximately $172 million) from existing investors via right issue. Since its inception, it has scooped up more than $250 million through equity and debt. Ecom Express claims to provide logistics services in over 2,700 towns and 27,000 pin codes in India. It employs over 50,000 people, and has more than 3,000 facility centers across the country. For the fiscal year ending in March 2023, Ecom Express’ revenue from operations increased by 21.9% to Rs 2,548 crore from Rs 2,090 crore in FY22. The company’s losses rose by 4X to Rs 375 crore in FY23 from Rs 91 crore in the previous fiscal year. It is yet to file its FY24 numbers. Ecom Express will be the second Indian startup from the logistics ecosystem that will be listed on the stock exchange. Its competitor Delhivery went public in May 2022. Flipkart-backed Shadowfax is also planning to raise up to Rs 3,000 crore through public listing.

Exclusive: Ola Electric raises Rs 100 Cr debt ahead of IPO

EntrackrEntrackr · 1y ago
Exclusive: Ola Electric raises Rs 100 Cr debt ahead of IPO
Medial

IPO-bound Ola Electric has raised Rs 100 crore (approximately $12 million) in debt from Alteria Capital. This is the second round of debt funding for the Bengaluru-based company in 2024. The board at Ola Electric has passed a special resolution to issue 10,000 non-convertible dentures at an issue price of Rs 1,00,00 each to raise Rs 100 crore, its regulatory filings accessed from the Registrar of Companies (RoC) show. The development comes after two months of its $50 million debt funding from EvolutionX. According to the filings, the debentures have an interest rate of 13.8% per annum with an additional 2% interest per month over and above the coupon rate, in case of default of interest. As per the startup data intelligence platform TheKredible, the Bhavish Aggarwal-led company has raised more than $1 billion across equity and debt and was valued at $5.4 billion during the last round. In December 2023, Ola Electric filed its draft red herring prospectus (DRHP) with the Security Exchange Board of India (SEBI) for an initial public offering (IPO) to raise Rs 5,500 crore ($660 million). As per media reports, the company has also received a green signal from market regulator SEBI for the public listing. Based on the DRHP filed by Ola Electric, Bhavish Aggarwal is the largest stakeholder with 36.94% followed by Soft Bank which commands 21.98% of the company. Tiger Global, Indus Trust, and Alpha Wave own 6.03%, 3.85% and 3.49%, respectively. Ola Electric grew at a rapid clip in FY23 which could be evident from its revenue that surged seven-fold to Rs 2,631 crore as compared to Rs 373 crore in FY22. Meanwhile, its losses increased by 87.76% to Rs 1,472 crore in the fiscal year ending March 2023. In the two-wheeler electric vehicles segment, the SoftBank-backed company competes with Hero Electric, Ather Energy, TVS, among others. As per Vahan data, Ola Electric controls 49% market share in two-wheeler EVs with 37,191 e-scooter registrations in May.

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