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Flipkart-backed Shadowfax files confidential DRHP with SEBI

EntrackrEntrackr · 10h ago
Flipkart-backed Shadowfax files confidential DRHP with SEBI
Medial

**Flipkart-backed Shadowfax files confidential DRHP with SEBI** Logistics startup Shadowfax has filed its draft red herring prospectus (DRHP) with SEBI via the confidential route, as per public notices published in newspapers on July 1. The IPO filing comes nearly three months after the company transitioned into a public entity. The company is reportedly looking to raise Rs 2,000–2,500 crore through a mix of fresh issue and an offer for sale (OFS) by existing shareholders, including Flipkart, Eight Roads Ventures, and NGP Capital. ICICI Securities, JM Financial, and Morgan Stanley are advising on the public issue. Shadowfax is targeting a post-issue valuation of Rs 5,500–6,000 crore, as it looks to test public market appetite while keeping its business details under wraps for now. According to startup data intelligence platform TheKredible, the company was valued at around Rs 5,981 crore or $712 million during the first tranche of Series F round in February this year. Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, the Bengaluru-based company provides last-mile delivery services focused on e-commerce and hyperlocal logistics. It claims to operate with over 1.25 lakh monthly active delivery partners across categories including grocery, food, and medicine delivery. As per data from TheKredible, Shadowfax has raised around $246 million to date, with Eight Roads Ventures emerging as the largest external stakeholder, followed by Flipkart, NewQuest Asia, and Nokia Growth Partners. While its FY25 numbers are yet to be filed, the company posted a revenue of Rs 1,885 crore in FY24, marking a 33.2% year-on-year growth. It also managed to narrow its losses by 91% to Rs 11.8 crore in FY24 from Rs 142 crore in FY23.

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boAt files draft red herring prospectus via confidential route

EntrackrEntrackr · 2m ago
boAt files draft red herring prospectus via confidential route
Medial

boAt files draft red herring prospectus via confidential route Consumer electronics brand boAt has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) through the confidential filing route. The pre-filing mechanism, introduced in 2022, allows companies to submit their DRHP exclusively to SEBI, keeping the document confidential until they finalize their IPO plans. The initiative aims to provide greater flexibility and privacy to firms preparing for a public listing. Founded by Aman Gupta and Sameer Mehta, boAt focuses on affordable, stylish, and high-quality audio products, wearables, and accessories. The brand drives sales through online marketplaces like Amazon and Flipkart, its own website, and maintains a strong offline presence across retail stores. boAt has raised over $170 million to date, including a $60 million round led by Warburg Pincus and Malabar Investments in 2023. According to startup data intelligence platform TheKredible, Warburg Pincus is the largest external stakeholder, followed by Fireside Ventures and Qualcomm. During the fiscal year ended March 2024, boAt’s scale reduced by 5% to Rs 3,122 crore, compared to Rs 3,285 crore in FY23. However, the company managed to cut its losses by 47% to Rs 53.5 crore during the same period. India’s wearable market declined 20.7% year-on-year to 38 million units in Q3 2024, marking a second consecutive quarterly drop, according to IDC. The decline was driven by fewer product launches and cautious inventory management, despite the festive season. Notably, the average selling price rose by 1.3% to $21.3—the first increase since Q2 2019.

Groww files confidential DRHP with SEBI

EntrackrEntrackr · 1m ago
Groww files confidential DRHP with SEBI
Medial

Stock broking platform Groww has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) through the confidential route, according to public notices published in newspapers on May 25. The pre-filing mechanism, introduced by SEBI in 2022, allows companies to privately submit their DRHPs. The document remains confidential until the firm decides to go public, giving companies greater flexibility in IPO planning. Groww is currently the largest stockbroking platform in India, with over 13 million active users monthly, according to NSE data. It commanded a 26.57% market share in February 2024, ahead of rivals Zerodha (16.25%) and Angel One (15.62%). Backed by Peak XV Partners, Tiger Global, Ribbit Capital, and Y Combinator’s Continuity Fund, Groww has raised around $400 million to date. Its last round was a $251 million Series E in October 2021, which pegged its valuation at $3 billion. The company is now looking to raise $200 million in a pre-IPO round, targeting a valuation in the $6.5–7 billion range. As part of this, Viggo Investments Pte Ltd has sought clearance from the Competition Commission of India (CCI) to acquire a 2.143% stake in Groww. On the financial front, Groww’s revenue from operations surged to Rs 3,145 crore in FY24, though the firm reported a net loss of Rs 805 crore, driven by a one-time tax expense of Rs 1,340 crore related to its redomicile to India. Several Indian startups have recently opted for the confidential filing route introduced by SEBI in 2022 to prepare for their public listings. This includes car marketplace CarTrade, logistics company Delhivery, Shiprocket, and consumer electronics brand boAt. Groww Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investors here.

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