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Ixigo gets SEBI nod for IPO; Oyo withdraws listing plans

EntrackrEntrackr · 1y ago
Ixigo gets SEBI nod for IPO; Oyo withdraws listing plans
Medial

Le Travenues Technology Limited, which operates the travel booking platform ixigo, has received the final nod from SEBI for its initial public offering (IPO), the market watchdog notified on Wednesday. In February, Ixigo re-filed its draft red herring prospectus (DRHP) with SEBI for an IPO as the firm proposed to raise Rs 120 crore worth of fresh issue and an offer for sale (OFS) of up to 66,677,674 equity shares. As per DRHP, Elevation Capital, Peak XV Partners and the company’s co-founders Aloke Bajpai and Rajnish Kumar will participate in the offer for sale. The company will use the funds for investments in technology as well as data science, including cloud and server hosting, technology on artificial intelligence and customer engagement. For the nine months ending December 2023, Ixigo recorded Rs 491 crore in revenue from operations with a profit of Rs 65.7 crore. In FY23, its revenue from operations jumped 32% to Rs 501 crore from Rs 379.6 crore in FY22. It also turned profitable in FY23 with Rs 23.4 crore profit against Rs 21 crore loss in FY22. Meanwhile, hospitality firm Oyo has withdrawn its draft IPO papers. As per the SEBI’s website, Oyo parent Oravel Stays withdrew the document on May 17. The Ritesh Aggarwal-led company did not mention the reason behind the back out. Oyo had plans to raise up to $450 million through the sale of dollar bonds. As per a media report, Oyo is seeking funding to the tune of $80-90 million from family offices at an 80% valuation haircut. Earlier, travel tech platform TBO, co-working space provider Awfis and general insurance company Digit also received a nod from SEBI and got listed on the stock exchanges. In the past six months, a clutch of startups have filed their draft IPO papers and are waiting for the approval from SEBI. The notable names include Ola Electric, FirstCry, MobiKwik, and Unicommerce.

Infibeam Avenues receives RBI’s final nod for Payment Aggregator licence

EntrackrEntrackr · 1y ago
Infibeam Avenues receives RBI’s final nod for Payment Aggregator licence
Medial

Infibeam Avenues has received final authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator under the Payment Settlements Act, 2007 for its payment gateway brand – CCAvenue. While Infibeam Avenues already received “in-principle” approval from the RBI late last year, the apex banking body has granted the final licence. RBI had introduced the payment aggregator framework in March 2020. Infibeam Avenues offers digital payment solutions and enterprise software platforms to businesses and governments across industry verticals. The company’s payment infrastructure solution includes acquiring and issuing solutions and offering infrastructure for banks. Its enterprise software platform provides an online marketplace for government procurement. Razorpay, Cashfree, and Open were the first set of players to get the regulatory nod in December last year. Zomato, DigiO, Google, and Tata Digital among others are the other major players to get the payments licence. Infibeam Avenues claims that it has more than 10 million merchants on its platform and crossed half a million merchant onboarding in the first half of FY24. Infibeam Avenues had earlier launched CCAvenue mobile app, which is an advanced omni-channel payment app where its app features a pin-on-glass SoftPoS solution – CCAvenue TapPay for Merchants and Kiranas across the country. Infibeam Avenues had shown strong growth and this could be evident from its Q3 FY24 numbers. Its revenue from operations grew 15.4% to Rs 912 crore in Q3 FY24 whereas the firm also managed to grow its profit marginally to Rs 40.8 crore during the above mentioned period.

IndiQube gets SEBI nod for Rs 850 Cr IPO

EntrackrEntrackr · 5m ago
IndiQube gets SEBI nod for Rs 850 Cr IPO
Medial

IndiQube gets SEBI nod for Rs 850 Cr IPO Managed workplace solutions company, IndiQube, has secured approval from the Securities and Exchange Board of India (SEBI) for its initial public offerings (IPOs). In December last year, the Bengaluru-based company filed its DRHP for Rs 850 crore (approximately $100 million) IPO, comprising a fresh issue of Rs 750 crore and an offer for sale of equity shares totaling Rs 100 crore. As per the draft red herring prospectus (DRHP), the company plans to allocate Rs 427 crore from the fresh proceeds for capital expenditure, Rs 100 crore for loan repayment or prepayment, and the remaining amount for general corporate purposes. ICICI Securities Limited and JM Financial Limited will be the Book Running Lead Managers for its Initial Public Offering. The equity shares are proposed to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Indiqube has raised around $45 million across rounds. According to the DRHP, Anshuman Das is the largest shareholder, holding 25.32%, followed by Aravali Investment Holding with 22.07%. Other notable shareholders include WestBridge Capital (5.79%), Carenet Technologies (5.15%), and Hirepro Consulting (2.15%). The company's co-founders, Rishi Das and Meghna Agarwal, cumulatively own 37.92% of the company. Founded in 2015 by Rishi Das and Meghna Agarwal, it manages a portfolio of 103 centers across 13 cities, including 6 Tier II cities. IndiQube clients include Myntra, upGrad, Zerodha, No Broker, Redbus, Juspay, Perfios, Moglix, Ninjacart, and others. The WestBridge Capital-backed firm achieved a 43% year-on-year growth in revenue to Rs 830 crore in FY24 from Rs 580 crore in FY23. However, the pursuit of growth came at a cost, with losses surging 72.2% to Rs 341 crore in FY24, compared to Rs 198 crore in FY23. According to the company, it has recorded Rs 153 crore of EBITDA in Q1FY25 and claims to receive a CRISIL A+ / Stable rating.

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