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VCs will get liquidity in 2024 from the secondary market, not IPOs

TechCrunchTechCrunch · 1y ago
VCs will get liquidity in 2024 from the secondary market, not IPOs
Medial

The IPO market in 2024 has yet to take off, with no major IPOs completed and few in progress. While the opening of the market was anticipated, conditions such as high interest rates and depressed valuations have deterred investors. In the absence of traditional IPOs, secondary markets have gained popularity as a way for investors to gain liquidity. Secondary marketplaces allow companies to offer liquidity to their shareholders without going public prematurely. Investors are increasingly turning to secondary transactions, which have seen significant growth in recent years. Overall, the secondary market is playing a crucial role in providing liquidity and reducing the pressure for companies to go public.

Ather Energy files RHP to raise Rs 2,626 Cr via fresh issue

EntrackrEntrackr · 6m ago
Ather Energy files RHP to raise Rs 2,626 Cr via fresh issue
Medial

Ather Energy files RHP to raise Rs 2,626 Cr via fresh issue Electric two-wheeler maker Ather Energy has filed its Red Herring Prospectus (RHP) with market regulator SEBI for its proposed Initial Public Offering (IPO). The offer comprises a fresh issue of equity shares worth Rs 2,626 crore and an Offer for Sale (OFS) of up to 1.1 crore equity shares by existing shareholders, including the company’s founders and early investors. Promoters Tarun Mehta and Swapnil Jain will each offload up to 9.8 lakh shares. Other selling shareholders in the OFS include Tiger Global, Caladium Investment (GIC), National Investment and Infrastructure Fund II, and seed investors such as IITM Incubation Cell and IITMS Rural Technology. The company has appointed Axis Capital, HSBC, JM Financial, and Nomura as the Book Running Lead Managers. The issue is being launched under Regulation 6(2) of SEBI's ICDR regulations, as Ather does not meet the profitability norms required for a mainboard listing under Regulation 6(1). Founded in 2013, Ather sells high-performance electric scooters, including the popular 450X. The IPO represents a pivotal moment for India’s electric vehicle (EV) sector and could bolster investor confidence in clean mobility ventures. The issue opens on April 28, 2025, and closes on April 30, 2025, with the anchor book opening on April 25. Shares will be listed on both BSE and NSE, with NSE serving as the designated stock exchange. According to the RHP, Hero MotoCorp is the largest shareholder in Ather Energy, holding 38.19% of the company. It is followed by Caladium Investment (GIC) with a 15.43% stake. The National Investment and Infrastructure Fund (NIIF) and Tiger Global hold 14.22% and 6.56%, respectively. Ather’s co-founders, Mehta and Jain, each hold 6.81%. Despite being Ather’s debut on public markets, the company has flagged the inherent risks associated with new listings in its RHP. Proceeds from the fresh issue will be used for business expansion, product development, and debt reduction. Meanwhile, Ola Electric, the first EV startup to go public, has witnessed a sharp decline, losing nearly 66% of its market capitalization from its peak valuation. In the first nine months of FY25, the company sold 1,08,000 vehicles, generating revenue of Rs 1,578.9 crore. However, it posted a loss of Rs 579.6 crore during the same period. For the full fiscal year ending March 2024, the company reported revenue of Rs 1,753 crore with a loss of Rs 1062 crore.

Bombay HC sets aside Rs 170 Cr GST demand against Go Digit, orders fresh adjudication

EntrackrEntrackr · 4m ago
Bombay HC sets aside Rs 170 Cr GST demand against Go Digit, orders fresh adjudication
Medial

Bombay HC sets aside Rs 170 Cr GST demand against Go Digit, orders fresh adjudication The Bombay High Court has provided major relief to Go Digit General Insurance by setting aside a Rs 170.29 crore GST demand raised by the Chennai South Commissionerate of GST & Central Excise. The order, dated July 4, includes Rs 154.8 crore in alleged tax dues and Rs 15.48 crore in penalties for the period from July 2017 to March 2022. According to Go Digit’s filing accessed from the National Stock Exchange (NSE), the High Court noted that the GST Council had already discussed this industry-wide issue and issued related circulars. Now, the court has asked the tax department to review the case again, keeping those guidelines in mind, and complete the process within three months. This update comes just a few months after Go Digit listed on the stock market. The tax demand was earlier mentioned in its Red Herring Prospectus under “Material Tax Proceedings.” The company said it is reviewing legal options and is waiting for the official court order to be delivered. Importantly, the company clarified that the case is part of a broader issue impacting the insurance industry at large and that no financial implications arise at this stage due to the High Court's intervention. The insurance company recorded a 2.2X increase in profits to Rs 116 crore during the last quarter of the previous fiscal year (Q4FY25). Meanwhile, for the full fiscal year (FY25), its profits surged 133% to Rs 425 crore. The company is currently traded at Rs 333.9 as of 11.25 AM with a total market capitalization of Rs 30,828 crore or $3.6 billion.

Exclusive: Flipkart-backed Blackbuck converts into public company

EntrackrEntrackr · 1y ago
Exclusive: Flipkart-backed Blackbuck converts into public company
Medial

Online trucking platform Blackbuck has converted itself into a public company. This marks the company’s concrete step towards its planned initial public offering (IPO). The board at Blackbuck has approved the resolution to change the company’s status from private to public. Its name has now changed from Zinka Logistics Solutions Private Limited to Zinka Logistics Solutions Limited. The proposed conversion will help the company to raise funds from a large pool of investors to meet the growth requirements and vision of the company, according to the filings. The nine-year-old firm provides B2B logistics solutions for long-haul trucking and provides intercity logistics services to large companies including medium and small medium enterprises (MSMEs). Blackbuck has raised over $350 million to date including its $67 million Series E round led by Tribe Capital, IFC Emerging Asia Fund, and VEF when the Flipkart-backed firm entered into the coveted unicorn club. According to the startup data intelligence platform TheKredible, Accel is the largest external stakeholder with 18.58% followed by Quickroutes International and Sans Capital Growth. Its co-founders Rajesh Yabaji, Chanakya Hridya, and Ramasubramaniam Balasubramaniam cumulatively command 26.82% of the company. Blackbuck’s revenue from operations decreased 15.5% to Rs 704 crore in FY23 from Rs 833 crore in FY22. Along with a drop in revenue, the company also controlled its expenses and managed to keep a tap on its losses to Rs 290 crore in FY23 from Rs 285 crore in the previous year. As per media reports, Blackbuck is planning to go public in the second half of FY25 and aims to raise up to $300 million in capital. Blackbuck will be among the few tech IPOs which saw decline in revenue for the three consecutive years (FY21 to FY23). The company is yet to file its annual report for FY24. A clutch of new age internet companies such as TBO tech, Digit Insurance, and Awfis have listed in 2024 so far while Ixigo is readying for listing on June 18. Ola Electric, MobiKwik and FirstCry are all set to list on the bourses this year.

Pine Labs enters the market with 10% listing gain

EntrackrEntrackr · 3d ago
Pine Labs enters the market with 10% listing gain
Medial

Pine Labs enters the market with 10% listing gain Fintech major Pine Labs made a positive debut on the public markets on Friday, listing at a 9.5% premium over its issue price despite lukewarm interest from retail investors during the IPO. The stock opened at Rs 242 per share against the IPO price of Rs 221, giving the Peak XV-backed firm a stable start on the NSE and BSE. The IPO, which closed on November 11, raised around Rs 3,900 crore, comprising a mix of fresh issuance and an offer for sale by existing shareholders. While institutional investors drove the bulk of the demand, retail participation remained modest. According to exchange data, Pine Labs’ IPO was oversubscribed 2.46 times overall. The retail portion saw 1.22x subscription, QIBs (excluding anchors) 4x, and Non-Institutional Investors (NIIs) just 0.3x, while the employee portion was the most subscribed at 7.35 times. Earlier this week, the company also secured three key licences from the RBI, for payment aggregation, payment gateway operations, and cross-border payments, covering both offline and online merchant transactions. These approvals allow Pine Labs to process domestic and international payments, manage settlements, and further expand its merchant network across sectors. In FY25, Pine Labs reported a 28.5% year-on-year revenue growth to Rs 2,274 crore in FY25 from Rs 1,769 crore in FY24, while net losses fell 57% to Rs 145 crore. Notably, the company turned profitable in Q1 FY26, posting a net profit of Rs 4.7 crore on revenue of Rs 616 crore. For now, the company has avoided the post-listing volatility seen in some startup IPOs earlier this year. But with public markets becoming increasingly selective, Pine Labs’ real test begins now, proving that a fintech born in the swipe era can hold its ground in the era of UPI, BNPL, and embedded finance. Pine Labs’ share touched its high of Rs 284 in the morning and as of 10:50 AM is currently trading at Rs 270.28, a 22.45% above its issue price, with the total market cap of Rs 31,051 crore ($3.52 billion).

Ola’s Krutrim cuts 50 jobs in linguistics team: Report

EntrackrEntrackr · 2m ago
Ola’s Krutrim cuts 50 jobs in linguistics team: Report
Medial

Ola’s Krutrim cuts 50 jobs in linguistics team: Report Krutrim, the AI unit of Ola, has laid off around 50 employees from its linguistics team in its third round of job cuts since June, according to an ET report. Those affected include team leads and transcribers for regional languages such as Bengali, Malayalam, and Punjabi. In total, more than 200 employees have left the company so far this year, including leadership exits. Earlier in July this year, Krutrim sacked more than 100 employees in its second round of layoffs. The layoffs come as Krutrim works on its largest language model, Krutrim 3, which will be a multibillion-parameter model. In an official statement to the media, the company said the cuts are part of a “strategic realignment” as it builds leaner teams to focus on its AI platform. It added that the current data annotation phase involving linguistics work has been completed. Since April, at least six senior executives, including heads of AI data, software engineering, cloud architecture, and corporate finance, have quit. This follows over 20 earlier exits across levels in FY25. Krutrim’s AI products, including Krutrim Cloud and its large language model offerings, have yet to gain traction due to technology gaps. Its AI assistant app Kruti has been downloaded 207,000 times since launching in June, according to SensorTower. Krutrim has raised approximately $75 million and joined the unicorn club in January 2024. Its investors include Z47 (formerly Matrix), the Sarin Family, and others. In December last year, Aggarwal pledged his Ola Electric shares to secure debt funding through debenture issuance for Krutrim. Krutrim was also reportedly in talks to raise $300 million in a new funding round. However, the company denied it officially. The company has also revealed plans to scale its data center capacity to 1 GW by 2028 and has committed up to $1.2 billion in funding over the next few years. Recently, Krutrim also acquired BharatSahAIyak, a company focused on public-sector AI solutions, from technology consulting firm Samagra.

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