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WestBridge Capital-backed IndiQube files DRHP for Rs 850 Cr IPO

EntrackrEntrackr · 6m ago
WestBridge Capital-backed IndiQube files DRHP for Rs 850 Cr IPO
Medial

WestBridge Capital-backed IndiQube files DRHP for Rs 850 Cr IPO Workspace provider IndiQube has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The IPO includes a fresh issue of equity shares worth Rs 750 crore (approximately $89 million) and an offer for sale (OFS) of equity shares amounting to Rs 100 crore. Co-founders Rishi Das and Meghna Agarwal will each sell shares worth Rs 50 crore through the OFS. Notably, no external shareholders are participating in the OFS, highlighting the founders' significant role in the offering. According to the DRHP, Anshuman Das is IndiQube's largest shareholder, holding 25.32%, followed by Aravali Investment Holding with 22.07%. Other notable shareholders include WestBridge Capital (5.79%), Carenet Technologies (5.15%), and Hirepro Consulting (2.15%). The company's co-founders, Rishi Das and Meghna Agarwal, cumulatively own 37.92% of the company. IndiQube plans to list its shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The IPO will be managed by ICICI Securities Limited and JM Financial, who are acting as the book-running lead managers. According to the company, the net proceeds from the fresh issue will be utilized for the establishment of new centers, repayment of borrowings, and other general corporate purposes. In the first quarter of the ongoing fiscal year, IndiQube reported revenue of Rs 242 crore, while its losses stood at Rs 42 crore. The WestBridge Capital-backed firm achieved a 43% year-on-year growth in revenue, reaching Rs 830 crore in FY24, up from Rs 580 crore in FY23. However, the pursuit of growth came at a cost, with losses surging 72.2% to Rs 341 crore in FY24, compared to Rs 198 crore in FY23.

IndiQube gets SEBI nod for Rs 850 Cr IPO

EntrackrEntrackr · 3m ago
IndiQube gets SEBI nod for Rs 850 Cr IPO
Medial

IndiQube gets SEBI nod for Rs 850 Cr IPO Managed workplace solutions company, IndiQube, has secured approval from the Securities and Exchange Board of India (SEBI) for its initial public offerings (IPOs). In December last year, the Bengaluru-based company filed its DRHP for Rs 850 crore (approximately $100 million) IPO, comprising a fresh issue of Rs 750 crore and an offer for sale of equity shares totaling Rs 100 crore. As per the draft red herring prospectus (DRHP), the company plans to allocate Rs 427 crore from the fresh proceeds for capital expenditure, Rs 100 crore for loan repayment or prepayment, and the remaining amount for general corporate purposes. ICICI Securities Limited and JM Financial Limited will be the Book Running Lead Managers for its Initial Public Offering. The equity shares are proposed to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Indiqube has raised around $45 million across rounds. According to the DRHP, Anshuman Das is the largest shareholder, holding 25.32%, followed by Aravali Investment Holding with 22.07%. Other notable shareholders include WestBridge Capital (5.79%), Carenet Technologies (5.15%), and Hirepro Consulting (2.15%). The company's co-founders, Rishi Das and Meghna Agarwal, cumulatively own 37.92% of the company. Founded in 2015 by Rishi Das and Meghna Agarwal, it manages a portfolio of 103 centers across 13 cities, including 6 Tier II cities. IndiQube clients include Myntra, upGrad, Zerodha, No Broker, Redbus, Juspay, Perfios, Moglix, Ninjacart, and others. The WestBridge Capital-backed firm achieved a 43% year-on-year growth in revenue to Rs 830 crore in FY24 from Rs 580 crore in FY23. However, the pursuit of growth came at a cost, with losses surging 72.2% to Rs 341 crore in FY24, compared to Rs 198 crore in FY23. According to the company, it has recorded Rs 153 crore of EBITDA in Q1FY25 and claims to receive a CRISIL A+ / Stable rating.

Exclusive: OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr

EntrackrEntrackr · 1y ago
Exclusive: OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr
Medial

Following a 2X jump in scale during FY23, industrial goods and services procurement platform OfBusiness continued its growth run as its revenue grew by 25.8% in the fiscal year ending March 2024. At the same time, the firm’s profit spiked by 30% and crossed the Rs 600 crore mark. OfBusiness’ revenue grew to Rs 19,296 crore in FY24 from 15,343 crore in FY23, according to the company’s consolidated financial documents reviewed by Entrackr. The sale of industrial goods (raw materials) and revenue from financial services offered to the buyers on their platforms were the primary sources of operating revenue for OfBusiness in FY24. The company also made Rs 232 crore from interest and other financial activities, tallying the overall revenue to Rs 19,529 crore in FY24. Being a goods and service procurement platform, the purchase of industrial goods and raw materials including construction materials, chemicals, and produce emerged as the largest cost centers, forming 88.5% of OfBusiness’ total expenses during FY24. In the line of scale, this cost increased by 21% to Rs 16,543 crore in FY24. The firm’s burn on employee benefits, finance, legal, conveyance, advertising, and other overheads took its overall cost up by 24.3% to Rs 18,696 crore in FY24 from Rs 15,037 crore in FY23. Note: OfBusiness’ ESOP-related expenses for this year stood at Rs 32 Cr in FY24 which is similar to last year. The decent growth in scale and controlled expenditure helped OfBusiness to post a 30.2% increase in its profits to Rs 603 crore in FY24. Its ROCE and EBITDA margin improved to 12.33% and 7.44% respectively. On a unit level, OfBusiness spent Rs 0.97 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 6.30% 7.44% Expense/₹ of Op Revenue ₹0.98 ₹0.97 ROCE 9.28 12.23 OfBusiness has raised around $800 million including its $325 million Series G round in December 2021 where it was valued at $5 billion. According to the startup data intelligence platform TheKredible, Alpha Wave is the largest external stakeholder with 19.16% followed by Creation Investment and Matrix Partners. OfBusiness competes with Zetwerk, Infra.market, and Moglix. Zetwerk recorded Rs 11,449 crore GMV in FY23 while Infra. Market and Moglix’s gross revenue stood at 11,846 crore and Rs 4,500 crore respectively in the same period (FY23).

Info Edge crosses Rs 2,500 Cr revenue and Rs 500 Cr profit threshold in FY24

EntrackrEntrackr · 1y ago
Info Edge crosses Rs 2,500 Cr revenue and Rs 500 Cr profit threshold in FY24
Medial

Info Edge, the parent company of Naukri and 99acres, published its financial statements on Thursday. The consolidated figures showcased a modest 8% increase in revenue for FY24. However, the company made a turnaround in its bottom line, transitioning from a loss of Rs 70 crore in FY23 to a profit of Rs 594 crore in FY24. Info Edge’s revenue from operations grew 8% to Rs 2,536 crore in FY24 from Rs 2,345 crore in FY23, its consolidated financial statements disclosed with the stock exchange shows. Meanwhile, the company posted a 4.8% increase in revenue to Rs 657 crore in Q4 FY24 from Rs 627 crore in Q3 FY24. The Sanjeev Bikchandani-led firm operates through different segments. Income from Naukari.com and related portals formed 74.1% of its total revenue which increased 7.49% to Rs 1,880 crore in FY24. Its other segment 99acres saw a 23.6% growth to Rs 351 crore in FY24. Jeevansathi and Shiksha combined participated with Rs 305 crore of revenue during FY24. Info Edge made Rs 414 crore from non-operating activities tallying its total revenue to Rs 2,950 crore in FY24. Akin to other internet companies, its employee benefits accounted for 61% of its total expenditure which grew only 2.83% to Rs 1,128 crore in FY24 from Rs 1,097 crore in FY22. Info Edge’s network/internet, advertising cum promotional, legal, traveling and other overheads push the total expenditure to Rs 1830 crore in FY23 from Rs 1,858 crore in FY23. Note 1: The company recorded exceptional items of Rs 110 crore and Rs 509 crore in FY24 and FY23 respectively due to the decrease in the carrying value of investments. This was the primary reason for the significant loss posted in FY23. Note 2: The company has 15 joint ventures including Makesense, Happily Unmarried’s Ustraa (now acquired by VLCC), Shopkirana, Juno, Sploot and others during FY24. Info Edge recorded a share loss of Rs 131 crore and 231 crore in FY24 and FY23 respectively in its joint ventures which also makes a part of its consolidated figures and reflects losses in the financial statements. At the end, Indo Edge posted a net profit of Rs 594 crore in FY24 where the figures stood at a loss of Rs 70 crore in FY23 (refer note 1 and 2). On a unit level, it spent Rs 0.72 to earn a rupee in FY23.

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