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Peak XV, others divest stake worth Rs 1,600 Cr in MamaEarth’s parent

EntrackrEntrackr · 10m ago
Peak XV, others divest stake worth Rs 1,600 Cr in MamaEarth’s parent
Medial

Peak XV (formerly Sequoia Capital), along with Stellaris Ventures, Sofina Ventures, and Fireside Ventures, collectively sold shares worth Rs 1,600 crore ($190 million) in Honasa Consumer Limited, the parent company of the direct to consumer (D2C) skincare and beauty brand MamaEarth. The aforementioned investors sold 3.24 crore shares of MamaEarth at an average price of Rs 495.48 per share, according to the company’s bulk deal data accessed from the National Stock Exchange. Peak XV and its former entity Sequoia Capital Global Growth Fund III divested around Rs 753 crore ($90 million) worth of shares, while Sofina Ventures, Stellaris Ventures, and Fireside Ventures sold shares worth Rs 298 crore, Rs 225 crore, and Rs 326 crore, respectively, during the bulk deal. Importantly, ICICI Prudential Life and Morgan Stanley collectively purchased Rs 262 crore worth of shares in MamaEarth. According to Entrackr’s estimates, MamaEarth sold 10% of its shares in this single bulk deal. The firm’s total outstanding shares stood at 32.42 crore as of June 30, 2024. The sale of shares came at a time when the Gurugram-based firm reached its all-time high share price of Rs 547 on Tuesday this week. As per NSE data, MamaEarth’s overall market capitalization stood at Rs 16,046 crore ($1.91 billion) as of September 12. In the first quarter of the current fiscal year, the company reported a 17.6% quarter-on-quarter increase in revenue, reaching Rs 554 crore, up from Rs 471 crore in Q4 FY24. This marked the firm’s most profitable quarter, with Rs 40 crore in profit after tax (PAT). Peak XV’s recent exit portfolio includes companies like Blinkit, Zomato, Freshworks, Awfis, Ixigo, Go Fashion, MamaEarth, and others.

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Wakefit files DRHP to raise Rs 468 Cr via fresh issue

EntrackrEntrackr · 18d ago
Wakefit files DRHP to raise Rs 468 Cr via fresh issue
Medial

Wakefit, a home and sleep solutions brand, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) on Thursday. The IPO includes a fresh issue of equity shares worth Rs 468 crore (approximately $55 million) and an offer for sale (OFS) of 5.84 crore equity shares, according to the DRHP. Peak XV is set to offload nearly 2.5 crore shares, making up around 48.8% of the total offer for sale (OFS). Verlinvest and Investcorp Growth will divest 1 crore and 54.5 lakh shares, respectively. Other participants in the OFS include Redwood Trust, SAI Global, Paramark Fund, and others. Its co-founders, Ankit Garg and Chaitanya Ramalingegowda, will collectively sell 1.21 crore shares in the offer for sale. As per the DRHP, Peak XV is the largest external stakeholder with a 22.7% stake, followed by Verlinvest and Investcorp, which hold 9.89% and 9.39%, respectively. SAI Global Investment owns 5.35%, while Elevation Capital and Paramark Fund hold 4.73% and 1.65%. Among the promoters, Ankit Garg holds the largest share at 33.38%, followed by Chaitanya Ramalingegowda with a 10.09% stake. Wakefit plans to list its shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The IPO will be managed by Axis Capital, IIFL Capital, and Nomura, who are acting as the book-running lead managers. According to the DRHP, the net proceeds from the fresh issue will be utilized for setting up new stores, leases and licenses, marketing, and other general corporate purposes. In the first nine months of FY25, the company reported revenue of Rs 971 crore with a net loss of Rs 8.8 crore. Wakefit generated 54.78% of its revenue through its own channels, while the remainder came from marketplaces and multi-brand outlets (MBOs). Mattresses were the top revenue contributor, followed by furniture and furnishings.

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