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Exclusive: Lenskart sets stage for IPO with public entity conversion

EntrackrEntrackr · 1m ago
Exclusive: Lenskart sets stage for IPO with public entity conversion
Medial

Exclusive: Lenskart sets stage for IPO with public entity conversion Lenskart's board has passed a special resolution to change its parent company’s name from Lenskart Solutions Private Limited to Lenskart Solutions Limited, according to the company's filings. It looks like omnichannel eyewear retailer Lenskart’s draft red herring prospectus (DRHP) is around the corner, as the company has converted from a private to a public entity following board approval. Media reports suggest that Lenskart aims to raise $1 billion via a mix of primary and secondary capital, targeting a valuation of $10 billion in its Initial Public Offering (IPO). In June 2024, Lenskart secured $200 million through a secondary funding round, followed by a $20 million investment that included participation from founder Peyush Bansal. Over the past 18 months, the company has raised nearly $1 billion and was valued at $5 billion during the secondary deal. Recently, early investor Fidelity marked up Lenskart’s valuation to $5.6 billion. As of last year, Lenskart operated more than 2,500 stores worldwide, with about 2,000 in India. The company earned 42% of its revenue from international markets during FY24. Japan, Singapore, Taiwan (province of China), and Thailand are among its overseas markets. Lenskart’s revenue from operations rose by 43% to Rs 5,427.7 crore in FY24 from Rs 3,788 crore in FY23. During the period, the company reduced its losses by 84% to Rs 10 crore in FY24 from Rs 63 crore in FY23. The company’s FY25 result has yet to be reported.

Ola ride-hailing biz falls 11% in FY24, turns EBITDA profitable

EntrackrEntrackr · 5m ago
Ola ride-hailing biz falls 11% in FY24, turns EBITDA profitable
Medial

Ola recorded a 5.5% year-on-year decline in revenue for the fiscal year ending March 2024, indicating no growth during the period. Despite the revenue drop, the firm managed to turn EBITDA profitable, driven by cost reductions in employee benefits and communication costs. Ola’s revenue from operations declined 5.5% to Rs 2,012 crore in FY24 from Rs 2,128 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. Income from Ola's ride-hailing business contributed 87.5% of the total operating revenue in FY24, but it decreased by 11.3% to Rs 1,761 crore, down from Rs 1,985 crore in FY23. Ola's financial services business recorded a 3.6X growth in FY24, with revenue increasing to Rs 227 crore from Rs 63 crore in FY23. This segment focuses on selling insurance policies and providing financing services for vehicle purchases, primarily for Ola Electric. The company also added Rs 192 crore mainly from the interest on deposits which brought its overall income to Rs 2,204 crore in FY24, compared to Rs 2,277 crore in FY23. For Ola's ride-hailing business, transportation costs made up 28.8% of total expenses. Due to reduced mobility, these costs dropped by 15.2% to Rs 607 crore in FY24. Its employee benefit expenses shrank 42% to Rs 334 crore, while telephone and postage costs fell by 28% to Rs 280 crore. Surprisingly, its spending grew 2.6X to Rs 107 crore in FY24. Its legal, rent, and other overheads took the overall cost to Rs 2,107 crore in FY24 from Rs 2,517 crore in FY23. Note: We have excluded the cost of allowance for impairment of goodwill and other intangible assets in the calculation of losses which stood at Rs 319 crore and 149 crore in FY24 and FY23, respectively, due to its non-cash in nature. Despite the decline in its ride-hailing business, Ola effectively controlled its costs, resulting in a loss of Rs 10 crore in FY24, compared to a Rs 623 crore loss in FY23. Notably, the firm becomes EBITDA profitable during the previous fiscal year. On a unit level, the company spent Re 0.89 to earn a rupee of operating revenue during the fiscal year. In August 2024, Bhavish Aggarwal announced that Ola Cabs would be rebranded as Ola Consumer, bringing together its financial services, cloud kitchens, and electric logistics under one platform. The company is also moving closer to its initial public offering (IPO). According to sources, Ola’s parent company, ANI Technologies Private Limited, has scheduled an extraordinary general meeting (EGM) for November 14, 2024, to discuss matters related to the IPO. However, Ola hasn’t provided an official comment on the timeline for its public listing. In August 2024, Aggarwal announced that Ola Cabs would be rebranded as Ola Consumer, integrating financial services, cloud kitchens, and electric logistics under one umbrella. The company has also faced valuation markdowns by its investors in recent years. In August 2024, Vanguard adjusted Ola’s valuation to approximately $2 billion. Earlier, the investment advisor had reduced the valuation to $1.88 billion as of November 30, 2023. This marks a significant decline from 2021, when Ola was valued at $7.3 billion.

Exclusive: Aerospace parts maker Aequs to convert into public company

EntrackrEntrackr · 2m ago
Exclusive: Aerospace parts maker Aequs to convert into public company
Medial

Exclusive: Aerospace parts maker Aequs to convert into public company Aerospace component maker Aequs is gearing up for its initial public offering (IPO) in 2025 and has taken a concrete step by passing a special resolution to convert into a public company. The board at Aequs has passed a resolution for approval to change its status to a public company and rename it from “Aequs Private Limited” to “Aequs Limited”, as per its regulatory filing. The company is reportedly planning to launch an IPO worth $200 million later this year. The offer will comprise both a fresh issue of equity shares and an offer for sale (OFS) component, according to company filings. Aequs recently entered into a joint venture with Canadian aerospace systems manufacturer Magellan Aerospace to establish a sand casting facility in Belagavi, India. The partnership is expected to help Aequs transition from modest year-on-year growth to a more robust trajectory. Founded in 2006 by Aravind Melligeri, Aequs is a contract manufacturing company that provides end-to-end product solutions for the aerospace, toys and consumer goods industries. Using its integrated manufacturing ecosystems, Aequs produces complex aerospace parts to meet the high standards of global aircraft supply chains. According to startup data intelligence platform TheKredible, the Belgaum-based company has raised around $95 million including a $54 million round led by Amansa Capital in October 2023. The company is currently valued at approximately $240 million. For the fiscal year ending March 2024, Aequs reported a 19% year-on-year growth in operating revenue to Rs 965 crore compared to Rs 812 crore in FY23. The company reduced its losses by 87% to Rs 14.2 crore during the same period.

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