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Exclusive: Razorpay converts to public entity ahead of IPO plans

EntrackrEntrackr · 6m ago
Exclusive: Razorpay converts to public entity ahead of IPO plans
Medial

Exclusive: Razorpay converts to public entity ahead of IPO plans Fintech unicorn Razorpay has transitioned into a public limited company, moving closer to its planned initial public offering (IPO). While it has no immediate plans to go public, the Bengaluru-based firm—previously domiciled in the United States—is in the process of shifting its headquarters to India. “As part of our redomiciling to India, we’re initiating the process to become a public company well before our IPO in approximately two years, in order to align with best governance practices and build early readiness,” a company spokesperson said in response to Entrackr’s queries. Razorpay will join the likes of Paytm and MobiKwik, which have already gone public, while Pine Labs and PayU are also expected to list by the end of the ongoing fiscal year (FY26). As per media reports, the Bengaluru-based payments unicorn is targeting its IPO by 2026-27. The development comes two months after the Regional Director in Hyderabad approved the amalgamation of Razorpay Inc with Razorpay India. Razorpay provides easy and secure payment solutions tailored for local businesses. Its offerings include multi-currency transactions, real-time payments, and cost-effective cross-border solutions. In addition to India, the company has expanded its presence to Singapore and Malaysia. Razorpay has raised over $800 million across multiple funding rounds and was last valued at around $7 billion. In FY24, the company posted a revenue of Rs 2,068 crore with a profit of Rs 35 crore. It competes with players like Cashfree, which reported Rs 642 crore in revenue for the same period, and PayU, which recorded $444 million (approximately Rs 3,800 crore) in revenue during FY24.

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Exclusive: Shiprocket converts to public entity ahead of 2025 IPO

EntrackrEntrackr · 9m ago
Exclusive: Shiprocket converts to public entity ahead of 2025 IPO
Medial

Exclusive: Shiprocket converts to public entity ahead of 2025 IPO Logistics and supply chain enabler Shiprocket is gearing up for a definitive initial public offering (IPO) plan in 2025, taking its first major step toward public listing by converting it into a public entity. The board at Shiprocket has approved a resolution to change its status to a public company and rename it from “Shiprocket Private Limited” to “Shiprocket Limited”, as per its regulatory filing. The conversion into the public entity has come a month after raising $26 million in its Series E round led by KDT Ventures, with participation from MUFG Bank, Tribe Capital, and SAI Global. The company will likely raise more capital in its pre-IPO round. Shiprocket reportedly plans to raise between Rs 2,000-2,500 crore through its IPO, which will include both primary components and an offer for sale (OFS). According to media reports, the company has enlisted Axis Capital, Kotak Mahindra, JM Financial, and BofA Securities as its investment bankers for the offering. Founded by Saahil Goel, Gautam Kapoor, and Vishesh Khurana, Shiprocket is a logistics and supply chain platform that enables businesses to streamline shipping through courier integration, real-time tracking, and automated solutions. Shiprocket has raised over $320 million to date and is valued at $1.21 billion. According to the startup data intelligence platform TheKredible, Bertelsmann Nederland B.V is the largest external stakeholder followed by Tribe. Zomato, Temasek, LightRock, and Paypal are other notable investors in Shiprocket. During the fiscal year ending March 2024, the company recorded a 21% year-on-year increase in revenue, reaching Rs 1,316 crore, while its losses stood at Rs 595 crore for the same period. It competes with Unicommerce which recently acquired Shipway, along with other players such as Shipyard.

Exclusive: Fintech unicorn Moneyview to convert into public company ahead of IPO

EntrackrEntrackr · 4m ago
Exclusive: Fintech unicorn Moneyview to convert into public company ahead of IPO
Medial

Fintech unicorn Moneyview is set to convert into a public company ahead of its IPO. The company recently changed its parent company’s name from “Whizdm Innovations Private Limited” to “Moneyview Private Limited.” The board has passed a special resolution to convert the company into a public entity, renaming it “Moneyview Limited.” Moneyview aims to raise over $400 million through its IPO, having appointed Axis Capital, Kotak Mahindra, and others as banking partners. Founded in 2014, Moneyview offers loans, credit cards, BNPL, and financial management tools, partnering with over 15 institutions. It has raised over $230 million from investors such as Accel and Tiger Global. For FY24, Moneyview's revenue increased by over 75% to Rs 1,012 crore, with a profit of Rs 171 crore. Other fintech firms like Pine Labs and Razorpay are also preparing to go public.

Exclusive: Captain Fresh lines up debt funding before public listing

EntrackrEntrackr · 3m ago
Exclusive: Captain Fresh lines up debt funding before public listing
Medial

Exclusive: Captain Fresh lines up debt funding before public listing B2B seafood supply chain company, Captain Fresh is raising Rs 45 ($5.3 million) in debt funding from Lighthouse Canton and Stride Ventures ahead of its planned initial public offering (IPO). The Bengaluru-based company recently transitioned into a public entity, as exclusively reported by Entrackr a couple of weeks ago. As per its filings with the Registrar of Companies (RoC), Captain Fresh’s board has passed resolutions to issue 4,500 non-convertible debentures (NCDs) with a face value of Rs 1,00,000 each to raise the aforementioned amount. Notably, the company has already received Rs 30 crore from Lighthouse Cantor, with the remaining amount expected to follow shortly. The Tiger Global-backed company reportedly plans to file its IPO papers in mid-August and is in talks to raise $50–75 million in a pre-IPO round ahead of its proposed $400 million initial public offering. It has also roped in Axis Capital and Bank of America (BofA) as lead bankers for the issue. Founded in 2019 by Utham Gowda, Captain Fresh is a multi-species seafood brand that provides a platform for sourcing and supplying animal protein, including fish, crabs, lobsters, and other seafood. According to the startup data intelligence platform TheKredible, Captain Fresh has raised over $200 million to date, including a $30 million pre-IPO round in January this year from Prosus, Accel, Tiger Global, and others. Matrix Partners, Accel, Tiger Global, Ankur Capital, and Prosus are some notable investors for Captain Fresh. While the company has yet to disclose its FY25 numbers, Captain Fresh’s gross revenue (GMV) rose 71% to Rs 1,395 crore in FY24 from Rs 817 crore in FY23. The company also reduced its net loss by 22%, bringing it down to Rs 229 crore in the same period.

Meesho gets NCLT nod to relocate base to India

EntrackrEntrackr · 4m ago
Meesho gets NCLT nod to relocate base to India
Medial

Meesho gets NCLT nod to relocate base to India The National Company Law Tribunal (NCLT) has approved Meesho’s move to shift its headquarters back to India from Delaware in the US, taking it a step closer to its initial public offering (IPO). This allows Meesho to separate from its US entity and merge back with its Indian company, completing its move back to India. A Moneycontrol report also added that Meesho is likely to pay $288 million in taxes for the reverse flip. Confirming the development to Entrackr, a Meesho spokesperson said, “This filing is part of our ongoing transition to re-domicile in India. With the majority of our operations, including customers, sellers, creators and Valmo partners already based here, this step aligns our corporate structure with our day-to-day business footprint.” However, the spokesperson did not comment on the tax amount paid by the company. Media reports suggest that Meesho has also shortlisted Morgan Stanley, Kotak Mahindra Capital, JP Morgan, and Citi as its bankers and is likely to launch its IPO by the end of this year. Last week, the homegrown e-commerce platform also transitioned into a public entity from a private one ahead of its $1 billion IPO. Meesho adds to the growing number of Indian startups such as Razorpay, PhonePe, Groww, Pine Labs, and Zepto that have paid hefty taxes to relocate their base back home after originally being incorporated overseas. While Zepto and Dream11 did not disclose the amount of tax paid for the reverse flip, Razorpay paid $150 million, PhonePe and Groww paid Rs 8,000 crore ($1 billion then) and Rs 1,340 crore ($157 million) in taxes, respectively, to complete the process. Meesho’s rival Flipkart, with an estimated valuation of $36 billion, is also working on relocating its domicile from Singapore to India.

Meesho to rename legal entity ahead of $1 Bn IPO

EntrackrEntrackr · 6m ago
Meesho to rename legal entity ahead of $1 Bn IPO
Medial

Meesho to rename legal entity ahead of $1 Bn IPO Homegrown e-commerce platform Meesho has received board approval to change its legal name as part of a strategic move ahead of its public listing. The company’s board and members have approved a special resolution to rename the entity from “Fashnear Technologies Private Limited” to “Meesho Private Limited,” according to a regulatory filing with the Registrar of Companies (RoC). This development comes just a month after reports indicated that Meesho is preparing for a $1 billion IPO. According to media reports, the firm shortlisted Morgan Stanley, Kotak Mahindra Capital, and Citi as its IPO advisers, with discussions ongoing to include JP Morgan in the syndicate. The bankers have reportedly valued Meesho at $10 billion for its IPO, with plans to file draft documents in the coming months. The company aims to list on the stock exchange around Diwali this year. On a year-on-year basis, the company saw a 33% year-on-year revenue growth, reaching Rs 7,615 crore in the fiscal year ending March 2024. It also reduced its adjusted losses by 97% to Rs 53 crore. During the first nine months of FY25, Meesho delivered 1.3 billion orders.

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