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Flipkart-backed Shadowfax files confidential DRHP with SEBI

EntrackrEntrackr · 15d 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.

boAt files draft red herring prospectus via confidential route

EntrackrEntrackr · 3m 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.

Capillary Technologies files DRHP; to raise Rs 430 Cr via fresh issue

EntrackrEntrackr · 26d ago
Capillary Technologies files DRHP; to raise Rs 430 Cr via fresh issue
Medial

Capillary Technologies files DRHP; to raise Rs 430 Cr via fresh issue Loyalty management firm Capillary Technologies has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) on Thursday. The IPO includes a fresh issue of equity shares worth Rs 430 crore (approximately $50 million) and an offer for sale (OFS) of 1.83 crore equity shares, according to the DRHP. Earlier this month, the Bengaluru-based firm received the board nod for its planned Rs 2,250 crore or $265 million Initial Public Offering. Capillary Technologies International Pte. Ltd will offload approximately 77.6%, or 1.43 crore shares, of the total OFS. Other participants in the OFS include Ronal Holdings, Trudy Holdings, Filter Capital, and individual shareholders such as Sripathi Venkata Ramana Reddy, Harminder Sahni, Adarsh Reddy, Sudhakar Reddy, Sripathi Damodar Reddy, and Manjunath Nanjaiah. As per the DRHP, Capillary Technologies International Pte Ltd, the promoter, holds a 65.47% stake in the company. Ronal Holdings and AVP Fund (Avataar Ventures) follow with holdings of 7.53% and 5.51%. Trudy Holdings and Filter Capital India own 4.49% and 3.66%, respectively. Capillary Technologies plans to list its shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The IPO will be managed by JM Financial, IIFL Capital, and Nomura Financial Advisory, who are acting as the book-running lead managers. According to the DRHP, the net proceeds from the fresh issue will be utilized for cloud infrastructure costs, research, design, development, and other general corporate purposes. In the previous fiscal year ended March 2025, the company recorded a 14% year-on-year growth in its revenue to Rs 598 crore, up from Rs 525 crore in FY24. It also posted a net profit of Rs 14.1 crore in FY25, compared to a loss of Rs 68.3 crore in FY24.

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