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Exclusive: Shiprocket converts to public entity ahead of 2025 IPO

EntrackrEntrackr · 5m ago
Exclusive: Shiprocket converts to public entity ahead of 2025 IPO
Medial

Exclusive: Shiprocket converts to public entity ahead of 2025 IPO Logistics and supply chain enabler Shiprocket is gearing up for a definitive initial public offering (IPO) plan in 2025, taking its first major step toward public listing by converting it into a public entity. The board at Shiprocket has approved a resolution to change its status to a public company and rename it from “Shiprocket Private Limited” to “Shiprocket Limited”, as per its regulatory filing. The conversion into the public entity has come a month after raising $26 million in its Series E round led by KDT Ventures, with participation from MUFG Bank, Tribe Capital, and SAI Global. The company will likely raise more capital in its pre-IPO round. Shiprocket reportedly plans to raise between Rs 2,000-2,500 crore through its IPO, which will include both primary components and an offer for sale (OFS). According to media reports, the company has enlisted Axis Capital, Kotak Mahindra, JM Financial, and BofA Securities as its investment bankers for the offering. Founded by Saahil Goel, Gautam Kapoor, and Vishesh Khurana, Shiprocket is a logistics and supply chain platform that enables businesses to streamline shipping through courier integration, real-time tracking, and automated solutions. Shiprocket has raised over $320 million to date and is valued at $1.21 billion. According to the startup data intelligence platform TheKredible, Bertelsmann Nederland B.V is the largest external stakeholder followed by Tribe. Zomato, Temasek, LightRock, and Paypal are other notable investors in Shiprocket. During the fiscal year ending March 2024, the company recorded a 21% year-on-year increase in revenue, reaching Rs 1,316 crore, while its losses stood at Rs 595 crore for the same period. It competes with Unicommerce which recently acquired Shipway, along with other players such as Shipyard.

Exclusive: Wakefit to convert into public company; appoints independent directors

EntrackrEntrackr · 29d ago
Exclusive: Wakefit to convert into public company; appoints independent directors
Medial

Wakefit, a home and sleep solutions brand, is all set to convert into a public company, marking a key milestone ahead of its planned initial public offering (IPO). According to regulatory filings, the company’s board approved a resolution to change its name from Wakefit Innovations Private Limited to Wakefit Innovations Limited. The conversion aligns with its plans to debut on Indian stock exchanges soon. As per media reports, Wakefit is preparing to file its draft red herring prospectus (DRHP) in the coming months and is eyeing to raise Rs 1,500–2,000 crore (approximately $200 million) through the public issue. In line with regulatory requirements, the company has also appointed Sudeep Nagar, Sandhya Pottigari, Aridam Paul, Gunender Kapur, and Alok Chandra Misra as independent directors to strengthen its board and governance structure as it transitions into a listed entity. Founded in 2016 by Ankit Garg and Chaitanya Ramalingegowda, Wakefit started as a direct-to-consumer (D2C) mattress brand and has since evolved into a broader home solutions company, offering furniture, decor, and interior design services. Its vertically integrated operations—from manufacturing to delivery—have helped it scale quickly in a highly competitive market. According to startup data intelligence platform TheKredible, Wakefit’s revenue from operations rose 21% to Rs 986.4 crore in FY24 from Rs 812.6 crore in FY23. The company also significantly narrowed its losses by nearly 90% to Rs 15 crore in FY24 from Rs 145 crore a year earlier. Wakefit has raised over $100 million (around Rs 850 crore) to date from investors such as Peak XV Partners, Verlinvest, and South Korea-based Paramark Ventures. Some of these investors are expected to partially exit through the IPO. The company competes with a mix of traditional and new-age players in India’s furniture and sleep products market, including IKEA, Pepperfry, Duroflex, SleepyCat, and WoodenStreet.

Info Edge-backed NoPaperForms converts into public company

EntrackrEntrackr · 4d ago
Info Edge-backed NoPaperForms converts into public company
Medial

Info Edge-backed NoPaperForms converts into public company Info Edge-backed NoPaperForms, the parent company of Meritto, has converted into a public entity and is gearing up for a stock exchange listing soon. The board of NoPaperForms has approved a resolution to change its status to a public company and rename it from "NoPaperForms Solutions Private Limited" to "NoPaperForms Solutions Limited”, according to its regulatory filing accessed from the Registrar of Companies (RoC). The Gurugram-based SaaS company has reportedly roped in IIFL Capital and SBI Capital as its investment bankers. As per the media reports, NoPaperForms expects to file for an Initial Public Offering (IPO) worth Rs 500-600 crore at a valuation of Rs 2,000 crore ($235 million) by the end of 2025. Founded in 2017 by Naveen Goyal, NoPaperForms is a vertical SaaS and embedded payments platform for educational institutions. NoPaperForms offers range of services through two flagship products, “Meritto”, which helps educational institutions manage student recruitment, leads, applications, communication, and analytics in one place, and “Collexo”, a payment and fee management system that makes it easy to collect fees, offer flexible payment plans, and track finances in real time. According to startup data platform TheKredible, Info Edge currently holds a 47.9% stake followed by founder Naveen Goyal, who owns 30.17% stake. NoPaperForms turned profitable in the fiscal year ended March 2024, posting a Rs 4 lakh profit compared to a Rs 15.6 crore loss in FY23, driven by a 45% jump in operating revenue from Rs 48 crore to Rs 70 crore in FY24. With this conversion, NoPaperForms will join the growing list of Indian startups that recently converted into public companies including Amagi, Dairy company Milky Mist, fintech majors PhonePe, Pine Labs, Razorpay, and Meesho, which also filed its DRHP after recently completing its reverse flip.

Exclusive: Urban Company converts into public company

EntrackrEntrackr · 5m ago
Exclusive: Urban Company converts into public company
Medial

Urban Company is preparing for a definitive initial public offering (IPO) this year. The company has taken its first significant step toward going public by converting into a public entity. The board of OfBusiness has approved a resolution to change its status to a public company and rename it from "Urbancalp Technologies India Private Limited" to "Urbanclap Technologies India Limited," according to its regulatory filing. Urban Company reportedly aims to raise Rs 3,000 crore (approximately $350 million) through its IPO and has hired Kotak Mahindra Bank, Goldman Sachs, and Morgan Stanley as its lead managers. It is likely to file draft IPO papers by the end of March. Ahead of the IPO, Prosus is planning to increase its investment in the company. Prosus is reportedly looking to invest $30 million (Rs 250 crore) in a secondary deal, allowing Bessemer Venture Partners to make a partial exit. The Abhiraj Bhal-led company concluded its last ESOP liquidity program in December 2021 at a valuation of $2.8 billion. Last year, it also completed a new buyback at a valuation of approximately $2.2 billion to $2.5 billion. According to startup data intelligence platform TheKredible, Urban Company has raised Rs 3,457.16 crore (more than $450 million) from investors including Tiger Global, Accel, Elevation Capital, and Dharana, among others. Urban Company operates in more than 60 cities across India, the UAE, Singapore, and Saudi Arabia. The company has a partner network of over 55,000 hand-picked service professionals. For the fiscal year ending in March 2024, Urban Company's revenue from operations grew 30% year-on-year to Rs 827 crore from Rs 637 crore in FY23. The Gurugram-based startup also reported a 70% decline in losses to Rs 93 crore in the last fiscal year.

Exclusive: Razorpay converts to public entity ahead of IPO plans

EntrackrEntrackr · 2m ago
Exclusive: Razorpay converts to public entity ahead of IPO plans
Medial

Exclusive: Razorpay converts to public entity ahead of IPO plans Fintech unicorn Razorpay has transitioned into a public limited company, moving closer to its planned initial public offering (IPO). While it has no immediate plans to go public, the Bengaluru-based firm—previously domiciled in the United States—is in the process of shifting its headquarters to India. “As part of our redomiciling to India, we’re initiating the process to become a public company well before our IPO in approximately two years, in order to align with best governance practices and build early readiness,” a company spokesperson said in response to Entrackr’s queries. Razorpay will join the likes of Paytm and MobiKwik, which have already gone public, while Pine Labs and PayU are also expected to list by the end of the ongoing fiscal year (FY26). As per media reports, the Bengaluru-based payments unicorn is targeting its IPO by 2026-27. The development comes two months after the Regional Director in Hyderabad approved the amalgamation of Razorpay Inc with Razorpay India. Razorpay provides easy and secure payment solutions tailored for local businesses. Its offerings include multi-currency transactions, real-time payments, and cost-effective cross-border solutions. In addition to India, the company has expanded its presence to Singapore and Malaysia. Razorpay has raised over $800 million across multiple funding rounds and was last valued at around $7 billion. In FY24, the company posted a revenue of Rs 2,068 crore with a profit of Rs 35 crore. It competes with players like Cashfree, which reported Rs 642 crore in revenue for the same period, and PayU, which recorded $444 million (approximately Rs 3,800 crore) in revenue during FY24.

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