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TBO Tek adds fresh ESOPs worth Rs 44 Cr

EntrackrEntrackr · 1y ago
TBO Tek adds fresh ESOPs worth Rs 44 Cr
Medial

Online B2B travel distribution platform Travel Boutique Online (TBO) has added fresh employee stock options (ESOP) for its employees under its existing ESOP plans. The Nomination and Remuneration Committee at Travel Boutique Online has approved a special resolution to grant 2,44,500 employee stock options to its existing plan, its regulatory filing accessed through the National Stock Exchange (NSE) shows. Newly added ESOPs have a minimum vesting period of 1 year and the company fixed the exercise price at Rs 59.96. According to Entrackr’s estimates, the freshly added ESOPs are worth around Rs 44 crore or $5.3 million. Founded in 2006, TBO streamlines the travel industry for suppliers like hotels, airlines, car rental services, transfers, insurance providers, cruises, railways, and other vendors. For buyers, TBO facilitates the discovery and booking of travel across a wide range of destinations and segments worldwide. TBO Tek debuted on the stock exchange in May this year, with an IPO valued at Rs 1,550. This amount includes Rs 400 crore from fresh issues, while the remainder comes from an Offer for Sale (OFS) by selling 1.25 crore shares. Travel Boutique Online showcased robust financial health in the previous fiscal year (FY24), with revenue increasing by 30.8% to Rs 1,393 crore and profits rising to Rs 201 crore during the same period. The company is yet to file its first quarter result for the current fiscal year. The company is currently trading at Rs 1,801 per share (as of 4:30 PM on July 15) with a market capitalization of Rs 19,557 crore or $2.35 billion.

Thyrocare acquires Polo Labs' pathology diagnostic biz

EntrackrEntrackr · 11m ago
Thyrocare acquires Polo Labs' pathology diagnostic biz
Medial

Thyrocare, a diagnostic and preventive healthcare service provider, has acquired the pathology diagnostic business of Polo Labs. This strategic acquisition aims to expand Thyrocare’s footprints into the Northern part of India. Thyrocare was acquired by API Holdings on Jun 25, 2021 at an acquisition amount of $613M. It has raised $63.6 million till to date. Polo Labs is a pathology laboratory in north India which to provide affordable, and accessible diagnostic services with 14 laboratories in cities of Punjab, Haryana, Himachal Pradesh & Jammu & Kashmir. The laboratory leverages modern, efficient and technology equipment to deliver to the quality requirements and expectations of its clients. According to Thyrocare, the acquisition will align with its overall business strategy in the healthcare sector, which focuses on enhancing diagnostic capabilities and extending its reach across India. Founded by Arokiaswamy Velumani,Thyrocare is a fully automated diagnostic laboratory with a focus on providing quality reports at affordable costs to laboratories and hospitals in India and other countries. The Mumbai-based company claims to have presence in more than 2,000 cities domestically and internationally.

Dailyhunt-parent VerSe acquires US-based Magzter to enter subscription biz

EntrackrEntrackr · 1y ago
Dailyhunt-parent VerSe acquires US-based Magzter to enter subscription biz
Medial

​​VerSe Innovation, the parent company of vernacular news aggregator Dailyhunt, has acquired Magzter, a global digital newsstand with a library of more than 8,500 premium magazines and newspapers. This move marks Dailyhunt’s strategic foray into premium content and signifies a transformative juncture in VerSe Innovation’s journey to becoming India’s largest digital media tech conglomerate, the company said in a press release. Launched as Dailyhunt Premium, this subscription-based offering will provide users access to premium content from international publishers in over 60 languages including English, French, Italian, Japanese, Russian, Spanish, and others. This includes globally acclaimed publications such as Time, Fortune, The Economist, Forbes, Reader’s Digest, Cosmopolitan, Vogue, Maxim, Elle, Vanity Fair, New Yorker, Bazaar among others across their respective India and international editions. Dailyhunt said that this expansion addresses the demand for high-quality premium content, particularly catering to the discerning tastes of India’s elite and aspirational upper-middle-class demographic. “This partnership opens up new avenues for delivering high-quality content experiences to users across India, further strengthening our goal of providing unparalleled digital reading experiences to our readers,” said Girish Ramdas and Vijayakumar Radhakrishnan, co-founders of Magzter in a joint statement. Launched in 20211, Magzter claims to have over 1.1 million active paying subscribers from India alone and a user base exceeding 87 million since its establishment. The firm also claims that it has become the world’s largest and fastest-growing digital newsstand. Furthermore, this acquisition also marks the evolution of Dailyhunt’s revenue model, expanding from pure advertising to include a blend of subscription-based revenue streams. As per the data intelligence platform TheKredible, VerSe’s overall revenue grew by 57% Y-o-Y to Rs 1,809 crore in FY23 from Rs 1,151 crore in FY22 whereas its losses stood at Rs 2,059 crore in FY23. The firm is yet to file its FY24 audited numbers. Dailyhunt has raised over $1.5 billion across several rounds to date and was last valued at $5 billion in its last equity round when it raked in $805 million led by Canada Pension Plan Investment Board in April 2022.

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