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Exclusive: Livspace acquires a majority stake in Abby Lighting in cash-and-stock deal

EntrackrEntrackr · 1d ago
Exclusive: Livspace acquires a majority stake in Abby Lighting in cash-and-stock deal
Medial

Omnichannel home interior and renovation platform Livspace acquired Mumbai-based LED lighting solutions provider Abby Lighting in a cash and stock deal, according to regulatory filings reviewed by Entrackr. As per its filing with the Registrar of Companies (RoC), Livspace acquired a majority stake in the firm for around Rs 204 crore (approximately $23 million). The transaction comprises Rs 173 crore in cash and Rs 31 crore through a share swap. As part of the share swap, Abby Lighting’s co-founders Sanjay Bajaj and Suresh Bajaj will be allotted 4,11,274 equity shares in Livspace, translating to around a 0.31% stake in the company. Confirming the development to Entrackr, a Livspace spokesperson said, “This is a strategic investment on our part and in line with our vision to offer a broad spectrum of offerings to our customers. The promoters & management of Abby Lighting & Switchgears will continue to helm the company and operations will continue unchanged.” Founded in 2000, Abby Lighting designs and manufactures LED and architectural lighting solutions for residential, commercial, and industrial spaces, offering customised, energy-efficient lighting systems and related switchgear products. The company has 85,000+ sq ft design and manufacturing facility in Palghar, Maharashtra. This acquisition by the IKEA-backed company will mark its fifth acquisition to date. Its earlier acquisitions include Qanvast, YoFloor, Dwll.in, and DezignUp. Founded in 2014, Livspace enables homeowners to explore and customize pre-designed rooms, kitchens, and storage solutions through its platform. According to startup data intelligence platform TheKredible, Livspace has raised over $520 million to date, including its $180 million Series F round led by KKR & Co., which helped the company attain unicorn status. For the fiscal year ended March 2025, Livspace reported 23% year-on-year growth in its operating revenue to Rs 1,460 crore from Rs 1,185 crore in FY25. At the same time, the company shrunk its losses by 42% to Rs 242 crore.

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Nazara acquires 47.7% stake in PokerBaazi’s parent for $100 Mn

EntrackrEntrackr · 1y ago
Nazara acquires 47.7% stake in PokerBaazi’s parent for $100 Mn
Medial

Gaming firm Nazara has announced an investment of Rs 982 crore in PokerBaazi’s parent company, Moonshine Technology, to acquire a majority stake through a mix of secondary and primary share purchases. Nazara’s board has approved the acquisition of 18,96,674 equity shares of Moonshine from existing shareholders, including PSM Group, Bellerive Capital, and other individuals, via a secondary purchase, according to a disclosure sourced from the National Stock Exchange. The Mumbai-based company will acquire a 47.7% stake for a total consideration of Rs 832 crore ($100 million), which includes a secondary purchase of Rs 592 crore and a share swap valued at Rs 239 crore. As part of the deal, Nazara will also invest Rs 150 crore to purchase primary shares of Moonshine. This additional investment will make Nazara as the majority stakeholder in PokerBaazi. This deal represents one of the largest consolidations in the poker space, which is considered a skill-based gaming segment. PokerBaazi accounts for over 85% of Moonshine’s net revenue, while its fantasy sports platform, SportsBaazi, contributes 12%. As of May 2024, PokerBaazi reported approximately 340,000 monthly active users. Entrackr reached out to PokerBaazi and Nazara Games last month with a detailed questionnaire regarding the deal. At that time, PokerBaazi’s spokesperson dismissed the news as fake, while Nazara’s spokesperson referred to it as mere speculation. Nazara has been on an acquisition and investment spree since FY25, having acquired or invested in six startups over the past few months. Earlier this week, it acquired a 15.86% stake in e-sports startup Stan. Last month, it acquired UK-based Fusebox Games for $27.2 million in an all-cash transaction. Additionally, Nazara acquired Kiddopia’s developer Paper Boat Apps, secured IP rights for Ultimate Teen Patti, and took over assets of DeltiasGaming.

Exclusive: Zetwerk to acquire majority stake in Kryfs

EntrackrEntrackr · 4m ago
Exclusive: Zetwerk to acquire majority stake in Kryfs
Medial

Exclusive: Zetwerk to acquire majority stake in Kryfs Full-stack manufacturing services platform Zetwerk has moved to acquire a majority stake in Mumbai-based Kryfs Power Components, a maker of transformer cores and electrical steel products, according to regulatory filings reviewed by Entrackr. As per the filings, Zetwerk will acquire a 51% stake in Kryfs in a stock deal. The board at Zetwerk has passed a board resolution to issue 2.56 crore preference shares worth Rs 238 crore to Kryfs’s shareholders: Saifuddin Fakhruddin Qureishi, Rauzat Saifuddin Qureishi, and Aalliyah Qureishi as part of the transaction. Importantly, it remains unclear whether the remaining 49% stake will be settled in cash or in a future transaction. Queries sent to Zetwerk remained unanswered at the time of publication. The potential acquisition comes just after the company has received Rs 600 crore from its founder-owned entity Creovate Innovation. Entrackr had exclusively reported this development. Founded in 1992, KRYFS is a transformer core maker with a capacity to process 50,000 MT of CRGO electrical steel annually. The company operates across the energy supply chain, from solar power generation to transformer manufacturing, and runs 10 plants across Dadra and Nagar Haveli, Maharashtra, Gujarat, and Madhya Pradesh. ​​Zetwerk’s acquisition aligns with its plans for a $400–500 million IPO at a targeted $5 billion valuation. Adding established, revenue-generating companies like KRYFS will strengthen its manufacturing base and sharpen its positioning ahead of the listing. According to startup data intelligence platform TheKredible, Zetwerk has raised over $800 million through a mix of equity and debt funding, including a $70 million Series F round led by Khosla Ventures in December last year, which pegged its post-money valuation at $3 billion. The development was exclusively reported by Entrackr then. While it has yet to disclose its FY25 numbers, the firm reported a 26% year-on-year increase in gross revenue to Rs 14,436 crore in FY24. Zetwerk competes with Infra.Market, OfBusiness, and Moglix. Infra.Market recently raised $150 million from Mars Growth Capital.

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