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Payments firm Klarna files for IPO, showing 24% revenue jump

Economic Times

Economic Times · 4m ago

Payments firm Klarna files for IPO, showing 24% revenue jump

Klarna Group Plc, a digital payments company, has filed for a US IPO, aiming to raise at least $1 billion and targeting a valuation of over $15 billion. The Stockholm-based firm reported a 24% revenue increase last year and reduced its net loss significantly. Klarna, known for its "buy now, pay later" services, has refocused its business strategy, shedding some operations and strengthening partnerships with companies like Google and Apple ahead of the IPO.

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Zomato, Temasek-Backed Shiprocket Pre-Files for IPO with Sebi

StartupTalky

StartupTalky · 1m ago

Zomato, Temasek-Backed Shiprocket Pre-Files for IPO with Sebi

Shiprocket, backed by Zomato and Temasek, has confidentially filed for an IPO with Sebi, aiming to raise INR 2,000-2,500 crore. Established in 2012, Shiprocket serves over 100,000 sellers in India and focuses on rapid commerce, cross-border shipping, and digital payments. Despite a net loss of INR 595 crore in FY24 due to acquisitions, it reported INR 1,316 crore in revenue, reflecting a 21% increase. The firm is collaborating with Swiggy Instamart and Zepto for stock management.

General Atlantic mulls Rubicon IPO; Airtel Eyes Vodafone's Indus Stake

VCCircle

VCCircle · 1y ago

General Atlantic mulls Rubicon IPO; Airtel Eyes Vodafone's Indus Stake

Private equity firm General Atlantic is considering an initial public offering (IPO) for its majority-owned portfolio company, Rubicon Research Pvt Ltd. The firm has been discussing potential options for the IPO with investment banks. In other news, Airtel is reportedly showing interest in acquiring Vodafone's stake in Indus, a telecommunications infrastructure firm.

Swiggy’s FY23 revenue grows 45% to Rs 8,265 crore; net loss stands at Rs. 4179 crore.

Economic Times

Economic Times · 1y ago

Swiggy’s FY23 revenue grows 45% to Rs 8,265 crore; net loss stands at Rs. 4179 crore.

Food and grocery-delivery firm Swiggy reported a 45% jump in operating revenue for fiscal year ended March 2023 to Rs 8,265 crore. However, its net loss expanded 15% to Rs 4,179 crore. Swiggy's expenses in FY23 totaled Rs 12,884 crore, up 34% from the previous year. Marketing expenses accounted for 28% of operating revenue, compared to 44% in FY22. Swiggy is implementing cost-cutting measures and aims to achieve profitability ahead of its planned IPO.

Abakkus-backed mining and logistics firm files IPO papers

VCCircle

VCCircle · 6m ago

Abakkus-backed mining and logistics firm files IPO papers

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Chinese robotaxi firm Pony AI files for US IPO

Economic Times

Economic Times · 9m ago

Chinese robotaxi firm Pony AI files for US IPO

China-based autonomous driving firm Pony AI, backed by automaker Toyota, has filed for an IPO in the U.S. The move reflects increased investor interest in new listings and a more favorable regulatory environment. Pony AI, in which Toyota owns a 13.4% stake, reported a revenue of $24.7 million in H1 2024, nearly double the previous year. However, establishing robotaxis still presents challenges, including safety and reliability concerns. The number of Chinese companies pursuing U.S. stock market flotations declined after Beijing restricted offshore capital-raising in 2021. Goldman Sachs, BofA Securities, Deutsche Bank, Huatai Securities, and Tiger Brokers are the underwriters for Pony AI's IPO.

Klarna’s revenue per employee soars to nearly $1M thanks to AI efficiency push | TechCrunch

TechCrunch · 1m ago

Klarna’s revenue per employee soars to nearly $1M thanks to AI efficiency push | TechCrunch

Klarna's strategic focus on AI integration boosted its revenue per employee to nearly $1 million, up from $575,000 last year. The company ended its Salesforce contract and reduced hiring, relying on AI for various operations. AI notably cut customer service costs by planning to replace 700 contractors with chatbots, though recently restored human agent options. Amid a 13% revenue increase to $701 million in Q1 2025, Klarna postponed its U.S. IPO due to market volatility.

Klarna CEO says company will use humans to offer VIP customer service | TechCrunch

TechCrunch · 1m ago

Klarna CEO says company will use humans to offer VIP customer service | TechCrunch

Klarna CEO Sebastian Siemiatkowski discussed using both AI and human workers for customer service, emphasizing offering a "VIP" human touch. Despite reducing its workforce due to AI efficiency, Klarna aims to reinvest in employee compensation. Siemiatkowski highlighted a growing need for business-savvy workers skilled in coding. He discussed AI's role in combating scams and clarified Klarna’s shift from software like Salesforce for better data handling. Klarna's potential IPO remains undecided amid stable market conditions.

Blackbuck files DRHP; Accel to divest 24.2% of OFS

Entrackr

Entrackr · 1y ago

Blackbuck files DRHP; Accel to divest 24.2% of OFS

Online trucking platform Blackbuck has filed its draft red herring prospectus (DRHP) with the Security Exchange Board of India (SEBI) for an initial public offering (IPO). The firm has proposed to raise funds through a fresh issue of equity shares aggregating up to Rs 550 crore and an offer for sale (OFS) of up to 2,16,09,022 equity shares. Accel Partners will divest 24.2% of total OFS i.e 52,32,632 equity shares. Quickroutes International will offload 3,973,898 equity shares followed by International Finance Corporation and Tiger Global at 3,973,898 and 1,711,962 shares, respectively. The fresh issue and OFS will be allotted at a face value of Re 1 while the price band and the minimum lot band will be decided by the company in consultation with the book-running lead managers shortly. According to the DRHP, Accel India controls the largest holding in the firm with a 17.07% stake followed by Quickroutes International with a 12.97% share. Tiger Global, Peak XV, and Tribe Capital hold 2.91%, 2.11%, and 2.80% respectively. Blackbuck founders Chanakya Hridaya, Rajesh Kumar, and Ramasubramanian Balasubramaniam cumulatively command 32% of the holdings. Axis Capital, IIFL Securities, Morgan Stanley, and JM Financial are the book-running lead managers of the issue. Founded in 2015, Blackbuck provides payments, telematics, loads marketplace, and vehicle financing services that empower truck operators to operate their businesses efficiently. The company claims to have 9,63,345 annual transactions of truck operators. 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 financial statements shown in DRHP, Blackbuck’s revenue from operations grew 68.8% to Rs 297 crore in FY24. However, the losses for the Bengaluru-based firm declined 33% to Rs 194 crore in FY24 from Rs 290 crore in FY23. It appears that Blackbuck has changed its revenue recognition for the last two fiscal years. Earlier, it reported Rs 704 crore revenue in FY23 and Rs 833 crore in FY22. Blackbuck is set to become the second startup from the logistics space to get listed on the stock exchange. In May 2022, SoftBank-backed Delhivery became the first one from the sector to make the market debut. E-comm Express, which has put a hold on its IPO plan, recently raised $172 million via right issue.

Globe Civil Projects sets IPO price band at Rs 67-71/share; to raise 119 cr

Economic Times

Economic Times · 1m ago

Globe Civil Projects sets IPO price band at Rs 67-71/share; to raise 119 cr

Globe Civil Projects Ltd, a civil construction and infrastructure firm, has announced its IPO with a price band of Rs 67-71 per share, aiming to raise Rs 119 crore. The IPO will open on June 24 and close on June 26, with shares to be listed on BSE and NSE. Funds will be used for working capital, equipment purchase, and corporate purposes. The company reported significant revenue and maintains a strong order book.

FirstCry files RHP, IPO subscription opens on August 6

Economic Times

Economic Times · 11m ago

FirstCry files RHP, IPO subscription opens on August 6

The IPO of parenting retail firm FirstCry, operated by Brainbees Solution, is set to open on August 6 and close on August 8. The company has reduced the size of its fresh issue to Rs 1,666 crore, while the offer for sale remains unchanged. Mahindra & Mahindra and SVF Frog are among the participants in the OFS. FirstCry reported a 15% growth in operating revenue and reduced losses by 34% in FY24. The company is likely to be valued at around $3 billion for its public issue.

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