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Exclusive: Flipkart-backed Blackbuck converts into public company

EntrackrEntrackr · 1y ago
Exclusive: Flipkart-backed Blackbuck converts into public company
Medial

Online trucking platform Blackbuck has converted itself into a public company. This marks the company’s concrete step towards its planned initial public offering (IPO). The board at Blackbuck has approved the resolution to change the company’s status from private to public. Its name has now changed from Zinka Logistics Solutions Private Limited to Zinka Logistics Solutions Limited. The proposed conversion will help the company to raise funds from a large pool of investors to meet the growth requirements and vision of the company, according to the filings. The nine-year-old firm provides B2B logistics solutions for long-haul trucking and provides intercity logistics services to large companies including medium and small medium enterprises (MSMEs). Blackbuck has raised over $350 million to date including its $67 million Series E round led by Tribe Capital, IFC Emerging Asia Fund, and VEF when the Flipkart-backed firm entered into the coveted unicorn club. According to the startup data intelligence platform TheKredible, Accel is the largest external stakeholder with 18.58% followed by Quickroutes International and Sans Capital Growth. Its co-founders Rajesh Yabaji, Chanakya Hridya, and Ramasubramaniam Balasubramaniam cumulatively command 26.82% of the company. Blackbuck’s revenue from operations decreased 15.5% to Rs 704 crore in FY23 from Rs 833 crore in FY22. Along with a drop in revenue, the company also controlled its expenses and managed to keep a tap on its losses to Rs 290 crore in FY23 from Rs 285 crore in the previous year. As per media reports, Blackbuck is planning to go public in the second half of FY25 and aims to raise up to $300 million in capital. Blackbuck will be among the few tech IPOs which saw decline in revenue for the three consecutive years (FY21 to FY23). The company is yet to file its annual report for FY24. A clutch of new age internet companies such as TBO tech, Digit Insurance, and Awfis have listed in 2024 so far while Ixigo is readying for listing on June 18. Ola Electric, MobiKwik and FirstCry are all set to list on the bourses this year.

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Exclusive: Suniel Shetty-backed Klassroom converts into public company

EntrackrEntrackr · 25d ago
Exclusive: Suniel Shetty-backed Klassroom converts into public company
Medial

Snippets Exclusive: Suniel Shetty-backed Klassroom converts into public company Education OTT platform Klassroom Edutech has begun preparing for its initial public offering (IPO), joining the growing list of startups going public, after passing a resolution to convert into a public company. Klassroom’s board passed a special resolution to change the company’s status to a public company and rename it from “Fusion Klassroom Edutech Pvt Ltd” to “Fusion Klassroom Edutech Limited,” according to its filing with the Registrar of Companies (RoC). Founded in 2016 by Alka, Dhruv, and Dhumil Javeeri, Klassroom is an O2O (offline to online) tutoring platform for students from 6th to 12th grade, as well as IIT JEE, NEET, CA, and CS aspirants. The platform has over 200 offline partner centers across 600 cities and over 300,000 online learners. Earlier this year in January, the company secured undisclosed funding in a Pre-Series A funding round led by ah! Ventures, along with participation from LetsVenture. For the fiscal year ended March 2024, Klassroom’s operating revenue remained flat at Rs 4.6 crore, while the company turned profitable with a net profit of Rs 28.5 lakh.

Exclusive: FabHotels gears up for IPO, converts into public company

EntrackrEntrackr · 26d ago
Exclusive: FabHotels gears up for IPO, converts into public company
Medial

Exclusive: FabHotels gears up for IPO, converts into public company Hospitality chain FabHotels changed its status and converted itself into a public company. The board has passed a resolution and approved its conversion, a move that might signal its preparation for a public listing. FabHotels’ parent company, Travelstack Tech Private Limited (formerly Casa2 Stays Pvt Ltd), has passed a resolution to rename the entity as Travelstack Tech Limited by removing the word “Private,” according to its filing with the Registrar of Companies (RoC). Founded in 2014 by Vaibhav Aggarwal and Adarsh Manpuria, Gurugram-based FabHotels is a hotel chain operating over 1,300 properties across more than 50 major Indian cities, including Mumbai, the National Capital Region, Bengaluru, and Goa. According to startup data platform TheKredible, the company has raised around $68 million to date from investors including Accel and Goldman Sachs. Its most recent funding was a $20 million round led by Panthera Partners in September 2023. In FY25, the Accel-backed company’s revenue increased over 20% to Rs 716 crore in FY25, with narrowing losses by 45% to Rs 62.7 crore compared to Rs 114 crore in FY24. FabHotels competes directly with Treebo and Bloom Hotels. While both are yet to file their FY25 numbers, Treebo crossed Rs 100 crore in revenue in FY24, whereas Bloom Hotels saw a 73.6% rise in operating revenue to Rs 250 crore and posted a profit of Rs 14 crore.

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