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RVNL secures order worth ₹283.69 crore from East Coast Railway

LivemintLivemint · 11m ago
RVNL secures order worth ₹283.69 crore from East Coast Railway
Medial

- RVNL has secured an order worth ₹283.69 crore from East Coast Railway, expected to be completed in 2 years. - The company emerged as the lowest bidder for the project that involves work orders for the 3rd & 4th lines between Jarapada and Talcher Road and constructing a new line between Angul-Balram. - Rail Vikas Nigam Ltd shares are trading 1.04% lower at ₹524.95 in Tuesday's market session, compared to ₹530.45 in Monday's market close. - RVNL's stock has gained nearly 190% in 2024 and has increased close to 205% over the last 12 months. - MSCI India index has included RVNL shares and six other stocks as part of its August reshuffle. - RVNL is a Navratna CPSE under the Ministry of Railways, Government of India, aiming to bridge the infrastructure deficit on Indian Railways.

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Exclusive: Zetwerk secures debt from JM Financial

EntrackrEntrackr · 1m ago
Exclusive: Zetwerk secures debt from JM Financial
Medial

B2B e-commerce unicorn Zetwerk has raised Rs 75 crore (around $8.8 million) in debt funding from JM Financial, one of the banks it has reportedly appointed for its planned initial public offering (IPO). As per regulatory filings accessed via the Registrar of Companies (RoC), the company’s board issued 7,500 non-convertible debentures having a face value of Rs 1,00,000 each to raise the above-mentioned amount. Founded by Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma, and Vishal Chaudhary, Zetwerk connects buyers with suppliers for manufacturing projects. It partners with vendors specializing in fabrication, machining, casting, forging, and galvanizing of machine parts. It’s operational in India, the US, the Middle East, and Southeast Asia. According to startup data intelligence platform TheKredible, the Peak XV-backed company has raised over $850 million to date, including debt. This includes a $67 million Series F round led by Khosla Ventures at a $3 billion valuation, as exclusively reported by Entrackr. Zetwerk plans to raise at least $500 million through its IPO in the next 12 to 24 months, targeting a valuation of around $5 billion. While it has yet to disclose its FY25 numbers, the Bengaluru-based company reported a 26% increase in gross revenue, rising to Rs 14,435.72 crore in FY24 from Rs 11,448.66 crore in FY23. However, during the same period, losses surged 9X to Rs 919 crore, which included exceptional items worth Rs 371.7 crore. In the B2B e-commerce space, Zetwerk competes with Infra.Market, which recently raised $150 million in debt from Mars Growth Capital, and IPO-bound OfBusiness, which recently secured Rs 100 crore in funding. It also rivals Moglix, another unicorn in the segment.

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