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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 · 3m 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.

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

EntrackrEntrackr · 1m 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.

RBI clarifies the move to halt business payments through commercial cards

EntrackrEntrackr · 1y ago
RBI clarifies the move to halt business payments through commercial cards
Medial

The Reserve Bank of India (RBI) issued a clarification on Wednesday regarding the decision to halt business payments through commercial cards. In a press release, the central bank stated that a card network had an arrangement permitting businesses to make card payments through “certain intermediaries” to entities that do not accept card payments. “Under this arrangement, the intermediary accepts card payments from corporates for their commercial payments and then remits the funds via IMPS/RTGS/NEFT to non-card accepting recipients,” it added. The RBI observed that this arrangement qualified as a payment system, and needed authorization under Section 4 of the Payment and Settlement Systems (PSS) Act, 2007. And in such cases, this authorization was not obtained. Such activity raised concerns like pooling large amounts of funds into an account which is not authorized under the PSS Act. Also, the bank was concerned that transactions happening under such an arrangement did not adhere to the “originator and beneficiary information requirements, as stipulated under Master Direction on KYC issued by the Reserve Bank.” “As the matter is under detailed examination, the Card Network has been advised to keep all such arrangements under abeyance, till further orders. It is clarified that the Reserve Bank has not placed any restriction with respect to normal usage of business credit cards,” the bank added. Earlier, Visa and MasterCard had reached out to the central bank seeking clarification regarding the move. It is worth noting that businesses usually make business payments through the net banking systems, including RTGS. However, a few fintech companies, in partnership with the card companies, began facilitating payments through commercial cards. These payments could be for purposes such as payment to suppliers or vendors. Some companies operating in this space are Enkash and Paymate. Paymate, which has in-principle approval from the RBI for a payment aggregator license, told the Economic Times that they are making alternate arrangements compliant with regulatory norms to ensure seamless payments on their platform. “…Such regulatory hurdles can be avoided by adhering to the regulator’s rules and guidelines through innovative KYC solutions. It becomes imperative for financial institutions and fintech players to ensure that all financial transactions taking place are within the regulatory ambit and that no fraudulent or unauthorized transactions are occurring on the digital platform while maintaining the security posture,” Signzy CEO and cofounder Ankit Ratan said in a statement.

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