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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.

Meesho’s shares hit 20% upper circuit after UBS initiates ‘Buy’ call

EntrackrEntrackr · 11d ago
Meesho’s shares hit 20% upper circuit after UBS initiates ‘Buy’ call
Medial

Shares of social commerce firm Meesho hit the 20% upper circuit in early trade on Tuesday after global brokerage UBS initiated coverage on the stock with a Buy rating, triggering strong buying interest. The stock was locked at its upper circuit band during intraday trade, with limited sell-side participation, reflecting heightened investor optimism following the brokerage’s note. According to market data, Meesho’s shares surged to around Rs 216 on the NSE, marking one of its sharpest single-day gains since listing. In its initiation note, UBS highlighted Meesho’s differentiated business model and improving execution, particularly its focus on value-conscious consumers in Tier II and Tier III markets. The brokerage also pointed to the company’s zero-commission marketplace approach and a tightening cost structure as key positives supporting its investment thesis. Last week, Meesho made a strong debut in the public markets, listing at a hefty premium and closing one of the largest tech IPOs of 2025. The Bengaluru-based firm opened at Rs 162.5 per share on the NSE, a 46% jump over its issue price of Rs 111. During the last fiscal year, the company posted revenue of Rs 9,390 crore, while its losses before exceptional items and tax stood at Rs 108 crore. In the first half of the ongoing fiscal year (H1 FY26), it reported revenue of Rs 5,577 crore. Over the past few quarters, Meesho has focused on improving operational efficiency by rationalising marketing spends, optimising logistics costs, and strengthening its supplier ecosystem. The company has also doubled down on categories such as fashion and home essentials, which continue to see steady demand from price-sensitive users. As of writing this story, Meesho’s shares remained locked at the upper circuit, with investors closely watching whether the momentum extends into the next trading sessions.

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

EntrackrEntrackr · 8m 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.

Blostem raises pre-Series A funding; Rainmatter picks up 9% stake

EntrackrEntrackr · 1m ago
Blostem raises pre-Series A funding; Rainmatter picks up 9% stake
Medial

Blostem raises pre-Series A funding; Rainmatter picks up 9% stake B2B banking infrastructure platform Blostem has raised its Pre-Series A round led by Rainmatter, the investment arm backed by Zerodha, for an undisclosed amount. The round gives Rainmatter a 9% stake in the startup. Founded by Ravi Jain, Sandeep Garg, Uday Sharma, and Pankaj Pratap Singh, Blostem offers a plug-and-play layer that enables brokers, fintech apps, payment players, and wealth-tech firms to offer digital retail-banking products without building integrations with each bank. Its stack supports fixed deposits, FD-backed credit cards, and Credit-on-UPI. Partners integrate once and gain access to multiple banks and NBFCs through a unified API. The firm has built a network of 10 banks and NBFCs for its fixed-deposit product, including Suryoday Small Finance Bank, Unity SFB, Shivalik SFB, Utkarsh SFB, Bajaj Finance, Shriram Finance, and Mahindra Finance. More integrations are in progress. Blostem works with large fintech platforms such as Mobikwik, Jupiter Money, Upstox, Aditya Birla Capital Digital, IRIS by KFin Technologies, Centricity Wealth, and GoldenPi. The company said its FD marketplace will go live on Zerodha and other large platforms shortly. Blostem aims to capture 40% of India’s digital FD volumes over the next few years through its partner ecosystem. The proceeds will be used to expand its distribution network, strengthen partnerships with banks, and launch new products including FD-backed credit cards and Credit-on-UPI. Funds will also be used to hire senior talent across technology, compliance, and partnerships.

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

EntrackrEntrackr · 5m 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.

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