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Exclusive: Wakefit to convert into public company; appoints independent directors

EntrackrEntrackr · 1m ago
Exclusive: Wakefit to convert into public company; appoints independent directors
Medial

Wakefit, a home and sleep solutions brand, is all set to convert into a public company, marking a key milestone ahead of its planned initial public offering (IPO). According to regulatory filings, the company’s board approved a resolution to change its name from Wakefit Innovations Private Limited to Wakefit Innovations Limited. The conversion aligns with its plans to debut on Indian stock exchanges soon. As per media reports, Wakefit is preparing to file its draft red herring prospectus (DRHP) in the coming months and is eyeing to raise Rs 1,500–2,000 crore (approximately $200 million) through the public issue. In line with regulatory requirements, the company has also appointed Sudeep Nagar, Sandhya Pottigari, Aridam Paul, Gunender Kapur, and Alok Chandra Misra as independent directors to strengthen its board and governance structure as it transitions into a listed entity. Founded in 2016 by Ankit Garg and Chaitanya Ramalingegowda, Wakefit started as a direct-to-consumer (D2C) mattress brand and has since evolved into a broader home solutions company, offering furniture, decor, and interior design services. Its vertically integrated operations—from manufacturing to delivery—have helped it scale quickly in a highly competitive market. According to startup data intelligence platform TheKredible, Wakefit’s revenue from operations rose 21% to Rs 986.4 crore in FY24 from Rs 812.6 crore in FY23. The company also significantly narrowed its losses by nearly 90% to Rs 15 crore in FY24 from Rs 145 crore a year earlier. Wakefit has raised over $100 million (around Rs 850 crore) to date from investors such as Peak XV Partners, Verlinvest, and South Korea-based Paramark Ventures. Some of these investors are expected to partially exit through the IPO. The company competes with a mix of traditional and new-age players in India’s furniture and sleep products market, including IKEA, Pepperfry, Duroflex, SleepyCat, and WoodenStreet.

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Amagi appoints independent directors ahead of IPO

EntrackrEntrackr · 1m ago
Amagi appoints independent directors ahead of IPO
Medial

Amagi, a cloud-based media SaaS company, has appointed two independent directors in compliance with the Companies Act, ahead of filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The board at Amagi has appointed Ira Gupta and Giridhar Sanjeevi as independent directors of the company, its regulatory filings accessed from the Registrar of Companies (RoC) shows. Gupta currently serves as an Independent Director at SRF Limited and Senior Advisor at McKinsey & Company. Previously, she was Head of HR at Microsoft India and held leadership roles at GlaxoSmithKline. The details about Sanjeevi couldn’t be ascertained. As per media reports, Amagi is planning to raise Rs 3,200 crore through public listing, and has appointed Kotak Mahindra Capital, Citigroup, IIFL Capital, and Goldman Sachs as book-running lead managers. Amagi is a cloud-based media SaaS company offering solutions for content creation, distribution, and monetization. Its platform enables broadcasters to virtualize operations and deliver personalized ads for clients such as Warner Bros., NBCUniversal, Rakuten TV, and Paramount. According to startup data intelligence platform TheKredible, the SaaS unicorn has raised around $340 million to date from investors including Premji Invest, Accel, General Atlantic and others. Amagi, which had secured a stable revenue stream following a challenging pivot, became a unicorn in March 2022 after raising $100 million in its largest funding round led by General Atlantic. During the fiscal year ending March 2024, the company recorded 29% year-on-year growth in its operating revenue to Rs 879 crore while managing to reduce its losses by 23.7% to Rs 245 crore in FY24. Several companies gearing up for their IPOs—such as Zepto, Milky Mist, PhysicsWallah, and Shadowfax—have recently added independent directors to their boards to comply with SEBI’s regulatory norms. In April, Zepto brought on Akhil Gupta, Vice Chairman of Bharti Enterprises, as an independent director. That same month, Milky Mist appointed Radha Venkatakrishnan and Mallika S. Janakiraman as additional (independent) directors. Earlier, edtech unicorn PhysicsWallah and logistics startup Shadowfax each named three independent directors in March and February, respectively.

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

EntrackrEntrackr · 1m 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.

Milky Mist appoints independent directors ahead of IPO

EntrackrEntrackr · 2m ago
Milky Mist appoints independent directors ahead of IPO
Medial

Indian dairy company Milky Mist has appointed two independent directors to comply with the Companies Act’s independence requirements ahead of filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The board at Milky Mist has appointed Radha Venkatakrishnan and Mallika S Janakiraman as additional directors (in the capacity of independent directors), its regulatory filing accessed from the Registrar of Companies (RoC) shows. According to media reports, the company plans to raise Rs 2,000 crore through its IPO, comprising a mix of fresh issues and offers for sale, with an estimated valuation of around $2.3 billion. JM Financial, IIFL Capital, and Axis Bank are likely to serve as lead managers for the offering. Founded by T. Sathish Kumar, Milky Mist follows a direct farm-to-fork model, sourcing milk from farmers and processing it in its facility. Specializing in value-added dairy products like paneer, cheese, and curd, it serves modern trade, quick commerce, and HoReCa segments. The company claims to process 1.5 million litres of milk daily at its fully automated 75-acre facility in Perundurai, Tamil Nadu. During the fiscal year ending March 2024, the company recorded 33% year-on-year growth in its revenue to Rs 1,900 crore. However, its profit slipped to Rs 19.46 crore in FY24 from Rs 28 crore in FY23. Recently, several companies such as Zepto, Physics Wallah, and Shadowfax have appointed independent directors to comply with regulatory requirements set by the Securities and Exchange Board of India (SEBI) ahead of their planned public listings.

Milky Mist converts to public company as IPO nears

EntrackrEntrackr · 1m ago
Milky Mist converts to public company as IPO nears
Medial

Dairy company Milky Mist moves a step closer to its Rs 2,000 crore initial public offering as it passes a resolution to convert into a public company. Dairy company Milky Mist moves a step closer to its Rs 2,000 crore initial public offering as it passes a resolution to convert into a public company. This development follows the recent appointment of two independent directors, Radha Venkatakrishnan and Mallika S Janakiraman, as exclusively reported by Entrackr in April. The board at Milky Mist passed a special resolution to change its status to a public company and rename it from “Milky Mist Dairy Food Private Limited” to “Milky Mist Dairy Food Limited”, as per its regulatory filing. According to media reports, the company is planning to launch a Rs 2,000 crore IPO, which will include both fresh shares and an offer for sale. The IPO is expected to value the company at around $2.3 billion, with JM Financial, IIFL Capital, and Axis Bank likely to be the lead managers. Founded by T. Sathish Kumar, Milky Mist operates a direct farm-to-fork model, sourcing milk directly from farmers and producing over 150 SKUs across 20 categories, including curd, paneer, ghee, and cheese. It also offers online purchase of its products and controls the entire supply chain to ensure quality, with distribution focused mainly in South India. In the fiscal year ending March 2024, the company posted a 33% year-on-year revenue growth, reaching Rs 1,900 crore. However, its profit declined to Rs 19.46 crore in FY24 from Rs 28 crore in the previous fiscal. Milky Mist joins the league of companies such as boAt, Pine Labs, OfBusiness, Shiprocket, and Shadwofax which turned into public entities as they anticipate their initial public offerings in near future or 2025.

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.

Meesho appoints three independent directors

EntrackrEntrackr · 11m ago
Meesho appoints three independent directors
Medial

E-commerce firm Meesho has appointed Jubilant Bhartia Group founder Hari S Bhartia along with three other seasoned business leaders as independent directors. Along with Bhartia, Meesho has onboarded former JP Morgan Chairman Kalpana Morparia and PhonePe non-executive Chairman Rohit Bhagat to its board of independent directors. Bhartia is also the co-chairman of Jubilant Ingrevia Ltd and Jubilant FoodWorks Ltd, the master franchisee of Domino’s Pizza and Dunkin’ Donuts restaurants in India. Before serving JP Morgan, Morparia was at ICICI Bank. In May, Meesho appointed Surojit Chatterjee as an independent director to its board. The development comes at a time when Meesho is in the process of moving its domicile to India from the US. Meesho recently announced an employee stock ownership plan (ESOP) buyback program of Rs 200 crore (approximately $25 million), making it the company’s largest ESOP buyback pool to date.

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