Insurer Star Health on Saturday (October 12) said that the hacker, who leaked the personal data of its 3 Cr customers, demanded a ransom of $68,000 (INR 57 Lakh) from the company.

In a detailed clarification filed with the BSE, the listed insurer said that the cybersecurity incident came to its notice on August 13 after a hacker under the pseudonym “vladislav rs” demanded the payment in multiple emails addressed to the company’s managing director and CEO Anand Roy.

While the company claims to have not responded to the emails, Star Health said that it reported the cybersecurity breach to all agencies, including the Computer Emergency Response Team (CERT-In) and the Insurance Regulatory Development Authority of India (IRDAI), on August 14. 

The company added that it then filed a complaint before Chennai Police Commissioner in connection with the matter. Based on this, an FIR was registered by the cyber crime cell of Tamil Nadu Police on September 23.

It also approached the Madras High Court (HC) in connection with the breach, which directed all third parties, including social media platform Telegram, to disable access to the leaked data. 

This comes close on the heels of reports that the personal data, comprising names, addresses, phone numbers, PAN details, policy nominees and medical history, of over 3 Cr Star Health customers was for sale online.

The hacker, under the alias ‘xenZen’, was selling the entire dataset for $150,000 (about INR 1.26 Cr) and a smaller package of 1 Lakh entries for $10,000 (INR 8.4 Lakh) on a website called “starhealthscam.in”, which was later taken down by Star Health. 

Subsequently, the threat actor created more websites with names such as “starhealthleak.in” and “starhealth.lol”, posting 500 samples of customer data. These two were also eventually taken down. 

Besides, the threat actor has also made the information, which spanned 7.24 terabytes of data, accessible by creating chatbots on Telegram. 

The Chronology Of The Hack

In a detailed clarification on Saturday, Star Health specified the chronology of events in the aftermath of the cybersecurity incident. Here is what it said:

August 13: Hacker demands a ransom of $68,000 in an email addressed to Star Health’s MD and CEO.

August 14: Insurer reports the incident to relevant authorities and its board.

August 22: Hacker sends another email to the company and creates a website called “starhealthscam.in” to sell the data.

August 29: Star Health takes down websites created by the threat actor with the help of various law enforcement agencies.

September 11: Star Health issues the first notice to Telegram to take down the bots. The company claims that the social media platform refused to share the account KYC details or permanently ban the hacker’s accounts despite multiple notices issued in this regard.

September 22: The insurer filed a petition before Madras HC against Cloudflare (which offered certain services to the hacker to host the websites), Telegram and unknown persons represented by the hacker (xenZen) and a person named Ashok Kumar. 

The company seeks permanent injunction over data leaks and misuse of Star Health’s intellectual property.

September 23: Tamil Nadu Cyber Cell registered an FIR in the case under various sections of the Bharatiya Nyaya Sanhita and the Information Technology Act, 2000.

September 24: Madras High Court issues ad-interim injunctions restraining anyone from using the Star Health brand and domain names and bans publishing of the leaked data

Since then, the company claims to have roped in an independent expert to undertake a comprehensive forensic probe, which is expected to be completed before October end. Star Health also claims to have taken preventive and proactive measures to “contain the incident” and shore up its IT infrastructure. 

While it remains to be seen what the findings of the investigation throw up, the saga has raised questions over lax cybersecurity guardrails at Indian companies.

The post Star Health Data Leak: Insurer Releases Chronology Of Events appeared first on Inc42 Media.

Buoyed by affordable monthly plans, Reliance’s streaming platform JioCinema crossed the 1.6 Cr paid subscriber mark at the end of September 2024. 

In its quarterly update for the second quarter (Q2) of the fiscal year 2024-25 (FY25), Network18 said that the over-the-top (OTT) platform reported a 2X quarter-on-quarter (QoQ) growth during the period under review.

The company attributed the surge in paid users to affordable monthly subscription plans starting at INR 29 and an “expanding” content catalogue.

“JioCinema continued to be the fastest growing subscription-based OTT platform, crossing 16 Mn paid subscribers with a 2X QoQ growth. Affordable monthly subscription plans of INR 29/month and INR 89/month (family plan) and an expanding content catalogue have helped the growth in subscribers,” Network18 said in a BSE filing.

The company added that digital-first reality shows and international content catalogue were one of the top drivers of subscriber acquisition during the quarter under review. 

“A combination of comprehensive coverage (of Paris Olympics 2024) and a growing interest in non-cricket sports led to high engagement of over 50 mins per day on JioCinema,” added Network18. JioCinema also claims to have become the fastest-growing subscription-based OTT platform in the country in Q2 FY25.

In April this year, the Reliance-owned OTT platform unveiled its INR 29 per month subscription plans, at a steep discount from the industry average of INR 103 per month (Zee5, SonyLiv, Disney+Hotstar premium plan) and INR 358 for Netflix premium plan and Amazon Prime Video.

The healthy growth comes at a time when Reliance Industries Limited (RIL), Viacom 18 and The Walt Disney Company are in the process of merging their operations. To be operated under a joint venture (JV) pegged at $8.5 Bn, the merger will create a media juggernaut that will span 117 TV channels and a combined viewership of 75 Cr viewers. 

The merged entity will also include two leading OTT platforms – JioCinema and Disney+ Hotstar. 

To bolster its presence, JioCinema has aggressively scaled up operations in the past two years by bagging the rights of the Indian Premier League (IPL) and signing partnerships to air shows of American studios such as HBO and NBCUniversal.

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Danish drug maker Novo Nordisk, which has grabbed global headlines for its weight loss drug Wegovy, has struck partnerships with 10 Indian artificial intelligence (AI) startups to streamline its operations. 

The company’s managing director (MD) for global business services John Dawber told Reuters that it is leveraging tools built by homegrown AI startups for tasks such as summarising documents, extracting insights and checking for editing errors.

Dawber added that “some of these AI tools” are being used across Novo Nordisk’s global operations. However, the report didn’t mention the names of AI startups.

He said that Novo’s medical writers are using AI to reduce the time needed for quality checks on regulatory documents. “It goes from 40 hours per document to about 40 minutes per document,” he added.

The drug maker is also open to partnering with more such AI startups in the country.

As per the report, Dawber expects the company’s Bengaluru centre to emerge as “an almost perfect mirror image” of Novo’s headquarters in Denmark in three years with respect to “handling data central to research and development”.

It is pertinent to note that the centre manages data collected on the safety and efficacy of the company’s drugs, which includes information related to clinical trials and reports of potential side effects.

Meanwhile, Novo Nordisk plans to double down on the number of “global process leaders” based out of India over the next three to four years and increase its headcount in the country by 16% to 5,000 next year.

With the Indian AI ecosystem making rapid strides and attracting the interest of investors, partnerships like Novo Nordisk’s are expected to make way for more such collaborations with global players.

As per an Inc42 report, India is currently home to over 100 generative AI (GenAI) startups that raised over $600 Mn in funding between 2019 and first half (H1) of 2024. Leading from the front are the likes of Ola-owned GenAI unicorn Krutrim and SarvamAI. 

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The spate of top-level exits continues at venture capital (VC) firm Orios Venture Partners. Now, the ixigo-backer’s chief financial officer (CFO) and chief operations officer (COO) Gaurav Bindal has reportedly quit the firm. 

As per VCCircle, Bindal oversaw fund operations and transaction closure as well as other areas such as finance, legal, compliance and HR at Orios. As per the report, he led the closure of all investment deals since joining the investment firm in 2021. 

Bindal also reportedly handled legal, structuring, regulatory, due diligence, risk assessment, and commercial aspects at Orios. 

An alumnus of Delhi University, Bindal has more than two decades of experience under his belt. Prior to joining Orios, he worked at XSEED Education, ITC Infotech and Ernst & Young.

This is the third major blow to the VC firm in a year. In September last year, Orios’ two managing partners, Anup Jain and Rajeev Suri, quit the company to float their venture. 

Subsequently, their departures led to the delay in the closure of Orios’ third fund. Originally targeted to close at $150 Mn in December 2023, Fund III was delayed for the second time in July this year on account of logistical challenges in onboarding limited partners (LPs) and scheduling constraints. 

Orios Venture Partners is an early-stage VC firm, which counts names such as PharmEasy, MobiKwik, CarDekho, and Vedantu among its portfolio companies. 

Earlier this year, the investment firm returned INR 300 Cr from its first fund to its investors. Launched in 2014, Orios’ Fund I was concluded with a final close at INR 300 Cr in 2015. More recently, the investment major appointed former Omidyar Network India executive Madhav Tandan as a senior partner. 

The churn at Orios comes at a time when early-stage VC and PE firms are witnessing a surge in interest from LPs and other high-net-worth individuals (HNIs). 

Last month, early-stage VC firm z21 Ventures marked the first close of its $40 Mn Fund II at $20 Mn. In the same month, another early-stage backer Capital A launched its Fund II with a target corpus of INR 400 Cr. 

In August, early-stage VC firm Ankur Capital was reportedly looking to raise a target corpus of INR 1,200 Cr for its Fund III. Prior to that, Whiteboard Capital also marked the final close of its second fund at INR 300 Cr against an initial target of INR 150 Cr.

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Foodtech major Zomato on Friday (October 11) said that its independent director Gunjan Soni has stepped down from the company’s board on account of “increased work commitments”.

In a filing with the BSE, the company said that Soni will also cease to be a member of the company’s risk management committee and corporate social responsibility committee.

It is pertinent to note that Soni is the CEO of Southeast Asia-focussed ecommerce platform Zalora. 

“… The need to step down stems from increased professional commitments and was a tough decision. I am grateful for the opportunity to have served on the board and am confident in Zomato’s management team and the company’s future direction…,” said Soni in her resignation letter. 

She added that there were “no material reasons for her resignation other than those mentioned in the resignation letter”.

Commenting on her departure, Zomato cofounder and CEO Deepinder Goyal added, “It was great to partner with Gunjan and a big thanks to her for helping us navigate through the ups and downs of the past few years. On behalf of Zomato, I want to thank Gunjan for her valuable insights and guidance that have been instrumental in our growth…”.

An alumna of XLRI Jamshedpur, she previously helmed Jabong (later acquired by Myntra) and worked with the likes of Star India and McKinsey & Company. 

The development comes at a time when the company appears to be in the middle of a major reshuffle. Just weeks after Zomato’s cofounder and chief people officer (CPO), Akriti Chopra, quit the company to “pursue other interests”. Earlier this month, Zomato roped in BookMyShow’s former live events and IP head Kunal Khambhati to bolster its ‘going out’ vertical. 

This also comes at a time when shares of Zomato are on an upswing. Zomato shares hit an all-time high of INR 298.05 during the intraday on September 23, helped by the company’s increasing profit numbers, rising revenue, strong growth of Blinklit and thumbs up from brokerages. 

Zomato reported a net profit of INR 253 Cr in the first quarter (Q1) of the financial year 2024-25 (FY25) against INR 2 Cr in the year-ago period. Meanwhile, operating revenues jumped 74% to INR 4,206 Cr in the quarter under review against INR 2,416 Cr in Q1 FY24. 

Shares of the company closed 0.85% higher at INR 277.5 on the BSE on Friday (October 11). 

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Following the footsteps of its sister concern Ola Electric, ride-hailing major Ola Consumer has reportedly sped up its public listing plans.

As per The Arc, the mobility major has sought approval from investors to turn into a public entity. The company is also said to be finalising with bankers to handle the public issue. 

Notably, turning into a public company from a private one is the first step towards a public listing.

“They want to leverage the goodwill around the listing of Ola Electric to take the cabs business public. However, that might be hard now, considering Ola Electric’s recent share slide,” a source reportedly said.

Inc42 has reached out to the company for a statement. The story will be updated upon receiving a comment from the company. Besides, the report added that founder and CEO Bhavish Aggarwal will also continue to helm the operations of Ola Consumer. 

Meanwhile, an internal investor report accessed by The Arc revealed that Ola Consumer clocked a gross order value (GOV) of INR 3,000 Cr in the first quarter (Q1) of the financial year 2024-25 (FY25). 

As per the report, the core mobility vertical, which encompasses the ride-hailing business, contributed 77% to Ola Consumer’s cumulative GOV, or INR 2,300 Cr. Ola Consumer is said to take a 24-28% cut (commission) of the GOV, which forms its revenue. 

The company’s financial services arm accounted for the rest. It offers financial services through its arm, Ola Financial, which offers small-ticket loans and UPI payments.

The company reportedly posted an earnings before interest, taxes, depreciation, and amortisation (EBITDA) loss of INR 77 Cr in the quarter ended June 2024. 

The internal investor report also outlined that the ride-hailing giant completed 11 Cr customer rides during the quarter under review, translating into 12 Lakh rides every day. 

The company’s plans for an IPO have come to the fore just two months after the company rebranded Ola Cabs to Ola Consumer. In the same month, sister Ola Electric made a muted stock market debut as shares of the electric vehicle (EV) major listed on the BSE at INR 75.99 apiece against its IPO issue price of INR 76. 

ANI Technologies Pvt Ltd, the parent entity of the cab-hailing startup, trimmed its losses by nearly half to INR 772.2 Cr in the financial year 2022-23 (FY23) against INR 1,522.3 Cr in FY22. Meanwhile, sales jumped 42% year-on-year (YoY) to INR 2,799.3 Cr in the fiscal under review as from INR 1,970.4 Cr in FY22.

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Listed jewellery retailer Senco Gold is reportedly in talks to acquire “struggling” online jewellery brand Melorra for INR 40 Cr to INR 50 Cr. 

Sources told Livemint that the valuation has yet to be finalised and the deal size could also change. Another source reportedly said that due diligence is currently underway and the transaction would materialise upon “satisfactory completion of the process”. 

As per the report, Melorra has held talks with multiple buyers in recent months for a potential acquisition. 

Meanwhile, the acquisition will help the Kolkata-based jewellery retailer shore up its presence in the ecommerce space. 

Founded in 2016 by Saroja Yeramilli, Melorra sells lightweight and fashionable gold and diamond jewellery via its online platform. The company claims to deliver products in India as well as the US, the UK, Europe and the UAE. 

Backed by the likes of Lightbox, Norwest Ventures, 100Unicorns and Value Quest, Melorra has raised more than $88 Mn to date. Despite raising big funds, the company continues to be a loss-making venture. 

The Bengaluru-based startup saw its losses surge 73% to INR 106.7 Cr in FY22 against INR 61.4 Cr in FY21. Meanwhile, sales grew 363.6% to INR 364.4 Cr in FY22 from INR 78.6 Cr in FY21. 

The company is yet to file its financial statements for FY23 and FY24. Such has been the funding crunch at the company that it reportedly raised a bridge round of $1.1 Mn from existing investors in June this year at a tenth of its erstwhile valuation. 

The company was estimated to be pegged at $120 Mn during its last funding round in 2021. There have also been reports that the company has stopped paying salaries to its employees.

It competes with Tata-owned CaratLane and BlueStone in the Indian online jewellery landscape. The report of a likely funding has come at a time when many of Melorra’s rivals have raced ahead of it. Tata-owned Titan acquired an additional 27.18% stake in CaratLane for INR 4,621 Cr at a nearly INR 17,000 Cr valuation in August 2023, giving hefty exits to its cofounder. 

Meanwhile, BlueStone is lining up plans to list on the bourses and raised INR 920 Cr as part of its pre-IPO round from the likes of Peak XV and Prosus earlier this year. Last month, Giva raised INR 100 Cr in an extended Series B round from Premji Invest. 

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Ride-hailing unicorn Rapido is reportedly set to raise $60 Mn (INR 503 Cr) from Dutch investment major Prosus in a mix of primary and secondary share sales.

Sources told Entrackr that the terms of the deal have already been finalised, adding that the fundraise will be part of the mobility giant’s ongoing $200 Mn round.

“Prosus will acquire a $60 Mn stake in Rapido. The terms of the deal have been finalized, and it will also enable partial exits for early backers,” a source reportedly said. 

Another person familiar with the development reportedly said that the $60 Mn round will mark the conclusion of Rapido’s Series E round. As per the report, sources also hinted that there will be no change in the company’s valuation. 

This comes a month after Rapido officially announced that it secured $200 Mn as part of its Series E round led by existing investor WestBridge Capital. The fundraise catapulted the company into the unicorn club with a valuation of $1.1 Bn.

Founded in 2015 by Rishikesh SR, Pavan Guntupalli, and Aravind Sanka, Rapido allows users to book bike taxis and autos. It also launched its cab service in some cities in December last year. Besides, it also offers peer-to-peer delivery services via Rapido Local. 

Backed by the likes of foodtech major Swiggy, TVS Motor Company, Shell Ventures and others, the startup has raised more than $625.75 Mn to date. 

On the financial front, Rapido reported a net loss of INR 674.5 Cr in the financial year 2022-23 (FY23), up 50% YoY. Meanwhile, operating revenue jumped to INR 443 Cr in the fiscal against INR 144.8 Cr in FY22.

The development comes at a time when Prosus has been doubling down on its India investments. Just days ago, reports surfaced that the investment giant was looking to pump $30 Mn into the hyperlocal services startup Urban Company in a secondary deal, giving a partial exit to Bessemer Venture Partners.

In August, Prosus participated in omnichannel jewellery brand Bluestone’s INR 900 Cr pre-IPO round and invested INR 350 Cr in the company. The investor is also expecting a windfall from foodtech major Swiggy’s IPO, where it plans to sell 11.8 Cr shares as part of the OFS component.

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Just days after the Central Consumer Protection Authority (CCPA) issued a show cause notice to Ola Electric, the Centre has now stepped up the heat on the EV maker. 

As per Livemint, the Ministry of Heavy Industries (MHI) has written to the Automotive Research Association of India (ARAI) to verify if the EV maker is indeed honouring warranties and maintaining service centres as required. 

It is pertinent to note that ARAI approved Ola Electric’s eligibility for subsidies under the Faster Adoption & Manufacturing of Electric Vehicles II (FAME-II) and the production linked incentive (PLI) schemes. 

If the MHI finds wrongdoing on part of Ola Electric, the original equipment manufacturer (OEM) could likely lose incentives and sops under the two above mentioned schemes. The two initiatives mandate EV makers, which receive subsidies, to provide a warranty of three years or 20,000 km, whichever is earlier, to the consumers. 

The Ministry of Roads, Transport and Highways (MoRTH) also plans to separately approach the consumer protection watchdog regarding information about complaints that flag issues such as selling second-hand scooters as new, charging more than promised, and manufacturing defects that could impact battery safety, the report said, citing sources. 

Meanwhile, consumer affairs secretary Nidhi Khare told Mint that the CCPA will pursue class action against Ola Electric on account of “thousands of unresolved complaints” against the EV major lodged with the National Consumer Helpline (NCH).

“With such a high volume of complaints – over 10,000 in a year, related to issues like delays in refunds, service delays, refusal of warranties and inconsistencies in performance – this case was a clear candidate for class action. When we encounter such cases, where repeated violations occur, we pursue class action after carefully examining the facts,” Khare reportedly said. 

She added that over 10,000 “dockets, documenting complaints received by NCH, have been sent to the company for investigation and resolution. As per Khare, the complaints against the company range from delay in refunds to refusal of warranties and performance inconsistencies.

“Companies should treat complaints as valuable feedback for improvement—complaints are their ears and eyes. Yet, one of the troubling findings was that Ola Electric had been charging customers even during the free service period, which is simply unacceptable,” she added.

This comes days after the CCPA shot off a show cause notice to Ola Electric over alleged violations of consumer rights, misleading advertisement and unfair trade practices. The consumer watchdog directed the EV maker to respond to the show cause notice within 15 days. 

The crackdown came right after comedian Kunal Kamra, in a post on X, slammed the company over its unsatisfactory after-sales services. In response, Ola Electric founder and CEO Bhavish Aggarwal trained guns at the comedian and accused Kamra of taking money to criticise the company.

The company has come under regulatory scanner at a time when legacy players such as TVS and Bajaj are eating into its market share. For context, in September 2024, Ola Electric’s two-wheeler registrations declined 11% month-on-month (MoM) to 23,965 units, the lowest sales since October 2023.

Meanwhile, on the financial front, losses continue to pile up. The EV major reported a net loss of INR 347 Cr in the first quarter (Q1) of the financial year 2024-25 (FY25), up 30% from INR 267 Cr in Q1 FY24. Operating revenue rose 32% to INR 1,644 Cr during the quarter under review as against INR 1,243 Cr in Q1 FY24. 

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Chairman emeritus of Indian conglomerate Tata Group, Ratan Tata, 86, is no more. He passed away on Wednesday (October 9) while undergoing treatment on account of his age and allied medical conditions.

Tata Sons chairman N Chandrasekaran confirmed his demise in a statement. 

“It is with a profound sense of loss that we bid farewell to Mr. Ratan Naval Tata, a truly uncommon leader whose immeasurable contributions have shaped not only the Tata Group but also the very fabric of our nation… On behalf of the entire Tata family, I extend our deepest condolences to his loved ones…,” said Chandrasekaran. 

As per news channel India TV, Tata breathed his last at Mumbai’s Breach Candy Hospital, where he was admitted to the intensive care unit (ICU) following a sudden deterioration of his health and a sudden drop in blood pressure. 

Condoling his demise, Prime Minister Narendra Modi said, “Extremely pained by his passing away. My thoughts are with his family, friends and admirers in this sad hour. Om Shanti”. 

Chairperson of the RPG Group, Harsh Goenka, also tweeted, “The clock has stopped ticking. The Titan passes away. #RatanTata was a beacon of integrity, ethical leadership and philanthropy, who has imprinted an indelible mark on the world of business and beyond. He will forever soar high in our memories. R.I.P”.

“I am unable to accept the absence of  Ratan Tata.. With him gone, all we can do is to commit to emulating his example. Because he was a businessman for whom financial wealth and success was most useful when it was put to the service of the global community. Goodbye and Godspeed, Mr. T..,” Mahindra Group chairman Anand Mahindra said. 

Synonymous with the Indian industry, Tata, even at the ripe age of 86, enjoyed the popularity that many envied and very few could achieve.  

The Early Years

Born on December 28, 1937, to Naval and Soonoo Tata, Ratan was brought up by his grandmother, Navajbai R Tata, in a baroque manor called Tata Palace in downtown Bombay (now Mumbai). 

He completed his schooling first at the Campion School and then at Cathedral and John Connon in the then Bombay. 

Consequently, he received a bachelor’s degree in Architecture from Cornell University in the US in 1962 and then briefly worked with Jones and Emmons in Los Angeles before returning to India in late 1962. It was the same year he joined the Tata Group. 

Nine years later, and after working with several companies of the Group, he was appointed as the director-in-charge of the National Radio and Electronics Company Limited in 1971. A decade later, he was handed over the charge of the chairman of Tata Industries in 1981. 

Eventually, he took over as the chairman of Tata Sons, the holding company of the Tata Group, in March 1991, stepping into the shoes of giants such as Jamsetji Tata, Dorab Tata and JRD Tata. 

Over the next two decades, Ratan Tata grew the conglomerate’s revenues from a mere $5.7 Bn in 1991 to a massive nearly $100 Bn in 2012, the year he stepped down. His tenure saw the Group piggyback on the liberalisation opportunity and the wave of globalisation. 

Under his leadership, Tata acquired high-profile brands like Tetley, Corus, Jaguar Land Rover, Brunner Mond, General Chemical Industrial Products and Daewoo. To honour his commitment to the Indian business landscape, he was awarded the Padma Vibhushan, the country’s second-highest civilian honour, by the Government of India in 2008. 

Beyond the big newsmaker that he was, Ratan Tata also saw a massive opportunity in the Indian startup ecosystem as far back as early 2014, when the word “entrepreneurship:” was yet to become a buzzword. 

A Backer Of Indian Startups

Notably, Tata had quite a vast influence on the Indian startup ecosystem. He was one of the early backers of giants like Paytm, Snapdeal and Urban Company. 

He made his first investment in Snapdeal in 2014. Back then, Snapdeal was a little-known ecommerce startup. His investment is said to have helped Snapdeal stay competitive in the Indian ecommerce industry. 

Not stopping here, Tata backed a small recharge platform in 2015, which eventually morphed into fintech juggernaut Paytm. 

Besides, he also backed multiple other big Indian startups in subsequent years such as ride-hailing major Ola, health and fitness startup CureFit, auto marketplace CarDekho, eyewear major Lenskart, and the list is far from over. 

He also made big bets in startups like kids-focussed omnichannel marketplace Firstcry, consumer service platform Urban Company, B2B ecommerce major Moglix and discount brokerage platform Upstox.

In one of his interviews, Tata famously quipped that he viewed these investments in startups as a “learning experience”. 

Speaking to a TV channel in 2021, he elaborated on his trysts as an investor in Indian startups. He said that his initial attraction to entrepreneurship stemmed from his excitement during early days at Tata when he would urge the company to explore early computer and software startups in the Bay Area. 

On what his thesis for backing new-age tech companies was, Tata once said that he would bet on entrepreneurs’ vision and commitment, besides just the potential of a business model. He had then also said that he valued founders who were genuinely passionate about building something sustainable and impactful, rather than those looking for a quick exit. 

In his decade-long brush with the Indian startup ecosystem, Tata invested in more than 50 startups in all. However, beyond his investments, new-age entrepreneurs idealised him for his sharp business acumen, imbibing strong governance practices, philanthropy and his impact on society.

For now, the country mourns the demise of its leading business stalwart Ratan Tata, who has left behind a void, which could hardly be filled in the heart of India Inc. 

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Caught in the middle of multiple legal cases, BYJU’S cofounder and CEO Byju Raveendran, has now reportedly denied all allegations of orchestrating a scheme to fraudulently transfer $533 Mn out of its $1.2 Bn term loan B (TLB).

As per a Bloomberg report, Raveendran said that the $533 Mn in question were used for “legitimate commercial purpose”.

He made the comments in a filing with a US bankruptcy court in Wilmington, Delaware, on the same day a judge was set to consider the TLB creditor’s plea alleging that the edtech startup fraudulently transferred the funds.

In the filing, the beleaguered cofounder said that the company planned to use most of the proceeds of the $1.2 Bn TLB (raised in November 2021) for international expansion. He, however, added that BYJU’S was hit by a “liquidity crunch” just as the company was “poised to see the returns on these strategic investments”.

Raveendran reportedly claimed that the edtech “needed to use the funds for its international expansion as quickly as possible” right after raising the TLB. He added that the company, quickly afterwards, entered into agreements with UK-based OCI Ltd., which offers procurement services for IT equipment and advertising.

As per the report, BYJU’S was subsequently unable to reimburse OCI for its services, forcing the latter to exercise its “right of set-off” against the edtech’s “Alpha Funds”. 

“Neither I nor any of the founders of T&L (BYJU’S parent Think & Learn) have personally received any portion of the Alpha Funds or any of the funds disbursed under the credit agreement,” Ravendran reportedly said.

For the uninitiated, the missing $533 Mn belongs to a bankrupt US-based shell company, BYJU’S Alpha Inc, which was taken over by the lenders after their loan defaulted. The company’s TLB creditors have long considered funds parked under BYJU’S Alpha as their best bet to claw back some of the capital. 

As a result, the edtech major’s lenders have dragged the company to various courts, seeking clarity over what happened to the alleged syphoned funds. In a filing with a US court, the lenders claimed that Raveendran told its advisors during a meeting that “the money is someplace the lenders will never find it”.

On Wednesday (October 9), BYJU’S cofounder claimed that he never used those words, adding that the entire case of fraud and syphoning of funds “is based on one statement that their representative wrote on a paper napkin and attributed to me (Raveendran)”. 

The CEO also claimed that during the meeting with the advisors, he wanted to explain to the lenders that the funds “would be utilised for their intended purpose”.

The developments came on the same day a trustee of one of BYJU’S affiliates accused the edtech startup of transferring $700,000 from its US affiliates in violation of the bankruptcy proceedings.

The trustee has filed a case to recover the funds that were transferred from entities under her oversight. Notably, in August this year, a US court directed Byju Raveendran’s brother Riju Ravindran to pay a fine of $10,000 per day until he helped locate the missing amount.

Owing to this, as many as four units in the US are facing bankruptcy proceedings, and, as per rules, such companies cannot transfer money without the bankruptcy judge’s approval.

At the heart of all this is the $1.2 Bn TLB extended by 37 financial institutions to BYJU’S through a credit agreement in November 2021. As funding winter reigned supreme, the company last year defaulted on the payments, forcing the creditors to move courts.

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Agri-focussed biotech startup BioPrime has raised $6 Mn in its Series A funding round led by Belgium-based impact fund Edaphon. The round also saw participation from existing investors Omnivore and Inflexor. 

The startup will use the capital to fuel research in the crop protection segment and develop a new range of bio-fungicides and bio-insecticides in collaboration with other players. 

Founded in 2016 by Renuka Diwan, Amit Shinde, and Shekhar Bhosale, BioPrime sells a range of agri-biological products that promote crop growth, improve crop resistance against biotic (insects and pests) and abiotic stress (high temperature and excessive water), and increase the yield.

“… We will continue to pursue our strategic priorities of accelerating the development of industry solutions in the biologicals space. We look forward to enhancing the offerings to our existing B2B customers & entering into strategic co-development and licensing with industry players,” BioPrime cofounder and CEO Diwan said.

Commenting on the fundraise, Edaphon managing partner Vincent Vliebergh said, “We invested in BioPrime because of its impressive balance between a strong portfolio of commercial products and a high-potential innovation pipeline.”

Previously, the Pune-based startup reportedly raised INR 9 Cr in its pre-Series A round led by Inflexor Ventures and Omnivore in October 2022. The startup was also incubated and backed by the likes of Centre‘s Biotechnology Industry Research Assistance Council (BIRAC), Telangana government, NCL Biotech Business Incubator, among others. 

Since its inception, BioPrime claims to have expanded its workforce by 10X, tripled its product offerings and expanded footprint across India, Southeast Asia and the US. Going forward, it has set its eyes on launching its biostimulant range in North America, Brazil and Southeast Asia.

The development comes at a time when Indian biotech startups are fast emerging as a lucrative avenue for Indian venture capital (VC) and private equity (PE) firms to invest in. Pushing the sector forward has been the regulatory support. 

For instance, the Cabinet last month approved the INR 9,197 Cr Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) scheme, which will offer seed funding, incubation support, and mentorship to bio-entrepreneurs and give grants and incentives for R&D.

In the past, too, the Centre has dished out ‘Amrit’ grants for collaborative biotech initiatives involving startups, industry, academia and research bodies. 

On the back of this, the space has witnessed healthy investor action. Last month, another biotech startup Ahammune Biosciences secured $5 Mn in its Series A round led by pi Ventures. Prior to that in August, Cambrian Bioworks bagged $1.45 Mn in a seed round led by the Irani family office.

In June, Kiran Mazumdar-Shaw-cofounded biotech startup Immuneel Therapeutics secured close to INR 100 Cr in its extended Series A funding round from Taiba Middle East FZ.

At the heart of all this is the Indian biotech ecosystem, which, as per reports, is projected to reach a market size of $300 Bn by 2030. 

The post BioPrime Bags $6 Mn To Develop A New Range Of Bio-Fungicides & Bio-Insecticides appeared first on Inc42 Media.

Hyperlocal delivery startup magicpin said that it is clocking 1.5 Lakh daily food and logistics orders on the state-backed Open Network for Digital Commerce (ONDC).

In a statement, magicpin said that the number of orders on its platform surged 1500X in the past 16 months to 1.5 Lakh from 100 orders in May 2023. 

It also said that the number of restaurants under its belt surged to 70,000 at the end of September 2024 as against 22,000 when it made its debut on ONDC in March last year. 

“In the last 15 months, we have touched double-digit market share in major cities, with more than 10% market share in key markets like Delhi or Bengaluru in terms of overall food delivery. At the same time, we are thrilled with magicpin’s success on ONDC, where we have reached 1.5 Lakh daily orders for food delivery and logistics on the network…,” said magicpin cofounder and CEO Anshoo Sharma.

Sharma said magicpin fulfils 90% of food orders from major buyer apps such as Paytm, Tata Neu, and Ola. He added that the company plans to onboard 1 Lakh new restaurants and cloud kitchens on ONDC.

“We offer a great assortment, demand-side integration, and competitive price points that benefit both customers and merchants alike,” the CEO Sharma while elaborating on magicpin’s unique selling proposition.

Founded in 2015 by Sharma and Brij Bhushan, magicpin started off as a restaurant discovery and user savings platform. Later, the company became one of the first platforms to join ONDC and assist sellers and restaurants in adopting the open protocol. 

magicpin has been working to scale its operations on the back of the increasing popularity of ONDC. Earlier this year, the company said that it would invest INR 100 Cr to bolster its presence on the state-backed network, offer incentives such as zero commission, and free home delivery for customers.

Besides, the company also offers SaaS tools to buyer apps. In March this year, the hyperlocal delivery startup also forayed into the logistics aggregation space with the launch of its new vertical Velocity, and caters to brands such as KFC, Burger King, IGP, among others. 

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LC Nueva Investment Partners has announced the launch of a new fund with a target corpus of INR 150 Cr (nearly $18 Mn), with an additional greenshoe option of INR 100 Cr ($12 Mn). 

It is pertinent to note that LC Nueva Investment Partners is a partnership between Singapore’s Lighthouse Canton and Delhi NCR-based Nueva Capital. 

Called LC Nueva Momentum Fund, the new fund will back 10-15 “high-growth” startups across Series A and Series B rounds. In a statement, the investment firm said that the momentum fund will primarily focus on “winners” from its previous LC Nueva Fund and secondary market transactions. 

“LC Nueva Momentum Fund focuses on investing in companies that have demonstrated improved operating performance and have become high-conviction investments within the LC Nueva Fund portfolio,” added the company.

Commenting on the launch, founding partner and chief investment officer (CIO) at LC Nueva Fund, Sohil Chand, said, “We are confident that our strategic focus on high-potential investments will position the LC Nueva Momentum Fund to achieve exceptional returns. By actively pursuing secondary opportunities alongside leveraging the strong relationships established through our previous fund, we are poised to navigate the current market dynamics effectively…”.

The developments come nearly a year after LC Nueva AIF announced the final close of its maiden fund at INR 350 Cr. As per the company, as many as half of the companies backed by this fund raised “up rounds” and reported a nearly 57% compounded annual growth rate (CAGR) in average revenues. 

The launch of the secondary market-focussed fund comes at a time when the Indian startup ecosystem is witnessing a slew of secondary transactions. So far this year, investors have offloaded stakes in big names such as Capillary, Urban Company, Porter, Pocket FM, among others.

Even though many of these deals came at a discount, many others gained hefty returns on their bets. 

Meanwhile, the development also comes at a time when the Indian startup ecosystem has witnessed a slew of new fund launches in the recent past. Just last month, Silicon Valley-based VC firm Tribe Capital joined hands with Indian investment firm Oister Global to launch a $500 Mn fund dedicated to secondary transactions. 

Prior to that, early-stage VC firm Capital A also launched its Fund II with a target corpus of INR 400 Cr. Meanwhile, another early-stage VC firm z21 Ventures also marked the first close of its $40 Mn Fund II at $20 Mn last month.

The post LC Nueva Investment Partners Floats INR 150 Cr Fund To Tap Into Secondaries Market appeared first on Inc42 Media.

Telecom operator Reliance Jio has reportedly urged the Telecom Regulatory Authority of India (TRAI) to rescind the recently floated consultation paper on spectrum allocation for satellite communication (satcom). 

As per PTI, the telecom operator, in a letter, called on the regulator to issue a revised paper on satcom spectrum allocation, alleging that the existing paper “overlooks the critical point of ensuring” level-playing field between satellite and terrestrial services. 

“We are surprised that the consultation paper has completely overlooked the critical issue of ensuring level-playing field between satellite-based and terrestrial access services. This omission has resulted in the lack of any questions addressing the need to create a level-playing field between these services,” said the letter dated October 4.

Addressed to TRAI chairman Anil Kumar Lahoti, the letter by Reliance Jio also noted that due to the omission of the point related to ensuring level-playing field would undermine the fairness of inputs from stakeholders and the government’s intent to promote balanced competition.

The latest development comes a week after TRAI floated a consultation process to explore the pricing and methodology for assigning spectrum to satcom companies. 

The paper is expected to pave the way for companies such as Bharti Group-backed Eutelsat OneWeb, Jio Satellite Communications, Elon Musk-owned Starlink and Amazon Kuiper to offer satcom services in the country. 

Notably, Jio and Vodafone Idea (Vi) have opposed administrative allocation of spectrum to satellite companies, without auction.

Meanwhile, in the letter, Jio further reportedly claimed that the consultation paper does not adequately address competitive fairness and could make subsequently formulated recommendations vulnerable to legal challenges. 

The telecom giant also reportedly alleged that the paper veered more towards administrative assignment, which undermined The Telecommunications Act, 2023. Citing the Act, Jio said that the telecom regulations emphasised auction as the default method for assigning spectrum for commercial services.

“We respectfully urge TRAI to reconsider and revise the consultation paper, incorporating specific questions that address the level-playing field issues between satellite and terrestrial networks. Both auction and administrative assignment methods should remain open for stakeholders input, with due consideration given to competitive fairness,” Jio reportedly added.

Meanwhile, the consultation paper is still in the public domain. The regulator has invited comments on 21 points including methodology for determining spectrum charges, frequency bands for the satellite communications services, duration of assignment, and provision for surrendering spectrum, among other.

The paper will be open for comments till October 18, while TRAI has set October 25 as the deadline for counter-comments. 

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It’s the season of spring for startup IPOs. After a lull in IPOs in 2022 and 2023 due to geopolitical tensions, a raging funding winter, and macroeconomic pressures, startups are lining up in droves to list on the bourses in 2024. 

Ten new-age tech companies have listed on the exchanges so far this year – Go Digit General Insurance, FirstCry, Unicommerce, TBO Tek, Ola Electric, Awfis, ixigo, Menhood, TAC Security and Trust Fintech. 

In contrast, just five startups listed in the entirety of 2023 and three new-age tech companies made their way to the bourses in 2022. 

Despite the 10 listings so far this year, the Indian startup ecosystem still has a few aces up its sleeves. Segment giant Swiggy, logistics major Ecom Express and coworking startup Smartworks are also eyeing a market debut in the next few months. 

But, what is emboldening the startups to revisit their IPO plans, a year after many of them shelved or postponed their plans? The answer is the thawing funding winter, a renewed push for profitability and a growing investor appetite for startup IPOs. 

Speaking with Inc42, angel investor Nikhil Parmar said, “Firstly, many startups have matured to a point where they are ready for public markets, driven by strong growth, robust business models, and proven revenue streams. Additionally, favourable market sentiment and ample liquidity have made the stock market an attractive option for raising capital. Investor confidence is also a significant driver”.

Concurring with this, angel investing platform BizDateUp Technologies cofounder Meet Chandan said that the IPO spring has also been fuelled by investors looking to diversify their portfolio and the promise of substantial returns from tech-driven companies.

What has also helped the ecosystem is the bumper listing of most of the new-age companies in 2024 so far. From TBO Tek and Awfis to GoDigit Insurance, Unicommerce and ixigo, all have listed at a premium, and many have even seen healthy rallies post their listing. 

Non-institutional investors (NIIs) and qualified institutional buyers (QIBs) are seeing merit in backing the growing number of Indian startups making a beeline for the bourses. However, challenges remain. 

Investors are primarily focussed on profitable and sustainable ventures and are steering clear of loss-making entities. Awfis, which reported a profitable quarter after its listing, was an outlier in this regard. Additionally, strong corporate governance guardrails and compliance with existing regulations also seem to be on the top of investors’ agenda. 

“Markets currently are receptive to IPO-bound companies with a good brand, decent unit economics and a clear path to profitability. Public markets are hungry for tech stocks and are welcoming good companies with open arms. So, it’s only natural that more founders would want to take their companies public. This is a great sign for the ecosystem,” said VC firm All In Capital’s cofounder Kushal Bhagia.

Parmar believes that the surge in IPOs amid the funding winter showcases the startup ecosystem’s resilience and adaptability. It also reflects the growing maturity of the ecosystem. 

With this in mind, Inc42 has collated a list of all top Indian startups that have listed on the bourses in 2024 so far as well as those who plan to go for IPOs in the near term. Before we dive into the list, here are the latest developments from the Indian IPO landscape: 

Latest Updates:

• Swiggy received approval from its shareholders to increase the size of the fresh issue in its IPO to INR 5,000 Cr from INR 3,750 Cr earlier

• DevX has filed its DRHP with market regulator SEBI for an IPO, which will consist solely of a fresh issue of 2.47 Cr equity shares

• CarDekho is in advanced talks to appoint merchant bankers to helm its $500 Mn IPO next year at a likely valuation of $2 Bn to $2.5 Bn.

Now, let’s take a detailed look at the list:

Startups That Have Listed In 2024

This is not a listing of any kind. The startups have been listed in an alphabetical order | Data has been sourced from Inc42, respective DRHPs, MCA filings and other media reports | Asterisk (*) specifies reported numbers:

Awfis

Founded in 2015 by Amit Ramani, Awfis has evolved from just being a coworking network to a tech-enabled workspace solutions platform, catering to freelancers, startups, SMEs, large corporates, and MNCs.

The coworking space provider filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in December last year. The market regulator greenlit the company’s public issue in April 2024 

The startup made its debut on the bourses in May this year. It listed on the BSE at INR 432.25 per share, a premium of 12.8% to its issue price. Similarly, it opened on the NSE at INR 435 apiece – 13.5 % higher than the issue price.

Awfis reported a profit of INR 1.4 Cr in Q4 FY24 against a net loss of INR 13.8 Cr in the year-ago period. Operating revenue also jumped over 45% year-on-year (YoY) to INR 232.3 Cr in the quarter ended March 2024.

FirstCry

Founded in 2010, FirstCry is an omnichannel mother and kids-focused marketplace. It sells diapers, toys, apparel and cribs, as well as provides daycare facilities and runs a chain of play schools and preschools in India.

The Pune-based startup refiled its draft IPO prospectus in April following a directive from SEBI to include key metrics in its DRHP, first filed in December 2023. The company received the market watchdog’s approval for a public listing in July.

FirstCry’s IPO comprised a fresh issue of shares worth INR 1,816 Cr and an OFS component of 5.4 Cr equity shares. However, the company later reduced the size of its fresh issue by around 8% to INR 1,666 Cr, as per its RHP. 

The omnichannel marketplace raised INR 1,885.82 Cr from 71 anchor investors at INR 465 per equity share ahead of the IPO. 

The company made a strong debut on the bourses and its shares opened at INR 651 on the NSE, a premium of 40% over its issue price of INR 549. On the BSE, the shares listed at INR 625, translating into a 34.4% premium.

FirstCry clocked sales of INR 6,480.8 Cr in FY24, up 15% from INR 5,632.5 Cr in FY23. Meanwhile, its loss declined almost 34% YoY to INR 321.5 Cr in FY24.

Go Digit General Insurance

Founded in 2016, Go Digit offers insurance policies across verticals like health, motor vehicle, travel, property, and more.

The insurtech unicorn refiled its DRHP with SEBI in March after the capital markets regulator flagged concerns over its employee stock appreciation rights scheme. 

The Bengaluru-based startup’s IPO comprised a fresh issue of shares worth INR 1,125 Cr and an OFS component of 5.47 Cr equity shares.

The Virat Kohli-backed startup made a lukewarm debut on Dalal Street in May, listing at a 5.15% to its issue price. The stock listed at INR 286 apiece on the NSE and INR 272 on the BSE. 

Go Digit’s profit after tax (PAT) surged 74% YoY to INR 101 Cr in Q1 FY25 from INR 58 Cr in the previous fiscal year. Gross written premium rose 22.2% to INR 2,660 Cr in the quarter ended June 2024 from INR 2,178 Cr in the year-ago period.

ixigo

Founded in 2006, ixigo started as a travel search website to help users compare flight deals. In FY20, it rebranded as an online travel aggregator to offer services such as flights, trains, bus tickets, hotel bookings and holiday packages.

Le Travenues Technology Ltd, the parent company of ixigo, refiled its DRHP with SEBI in February. The travel tech startup got the market regulator’s nod to launch the public issue in May.

Its IPO comprised a fresh issue of shares worth INR 120 Cr and an OFS component of 6.67 Cr shares worth up to INR 620 Cr.

The startup made a stellar debut on the bourses in June this year. While the stock opened at INR 138.10 per share on the NSE, a premium of 48.5% from the issue price of INR 93, it made its debut at a premium of 45.16% on the BSE. 

Prior to that, the OTA’s public issue also saw high demand and was oversubscribed 98X. 

In Q4 FY24, ixigo posted a PAT of INR 7.4 Cr, up 55.2% from INR 4.7 Cr in the year-ago period. Meanwhile, revenue from operations jumped 20.4% YoY to INR 164.8 Cr Cr during the quarter compared to INR 136.9 Cr in Q4 FY23.

Menhood

Founded in 2019 by Dushyant Gandotra, Divya Gandotra and Shivam Bhateja, Menhood is a D2C men’s grooming brand that sells products such as trimmers, intimate perfumes, intimate wash and moisturiser, among others.

The startup’s parent entity Macobs Technologies Limited filed its DRHP in January 2024 for an IPO that comprised a fresh issue of 25.95 Lakh shares. Menhood’s public issue saw healthy response and was oversubscribed 157.5 times. 

The Jaipur-based brand eventually listed on NSE Emerge on July 24 at INR 96 apiece, a 28% premium to its issue price of INR 75.

Ola Electric

Founded in 2017, Ola Electric is an electric two-wheeler maker that currently retails a portfolio of five scooter models. The Bhavish Aggarwal-led startup is also planning to launch an electric autorickshaw in the coming days.

The Bengaluru-based startup filed its DRHP with SEBI in December 2023 for an INR 5,500+ Cr IPO. 

Ola Electric secured approval from the markets regulator for its IPO in late June. The EV major’s IPO comprised a fresh issue of shares worth up to INR 5,500 Cr and an OFS component of up to 8.49 Cr shares.

The company had set a price band of INR 72-76 per equity share for its public issue.

Ahead of the market debut, the EV major raised INR 2,763 Cr from 84 anchor investors, including SBI, HDFC, Nippon Life, Nomura Asset Management, Government Pension Fund of Norway, among others, at INR 76 per equity share. 

The EV maker’s public issue opened on August 2 and was subscribed 4.27X at the end of the last day of the bidding on August 6. 

Afterwards, the company had a muted market debut as the stock opened at a flat INR 75.99 apiece on the BSE as against its IPO issue price of INR 76. On the NSE, the shares opened flat at INR 76 apiece. 

In Q1 FY25, Ola Electric’s net loss widened 30% to INR 347 Cr from INR 267 Cr in the previous fiscal. Meanwhile, it reported sales of INR 1,644 Cr during the period under review, up 32% from INR 1,243 Cr in FY23.

TAC Infosec

Founded in 2016, TAC Infosec (also known as TAC Security) is a SaaS-based cybersecurity startup. It offers risk-based vulnerability management and assessment solutions, cybersecurity quantification, and penetration testing to enterprises.

The Vijay Kedia-backed startup filed its DRHP in January to list on the NSE’s small and medium enterprise (SME) platform NSE Emerge. 

TAC Infosec’s IPO only consisted of a fresh issue of 28.29 Lakh equity shares. The shares listed on NSE Emerge in April at INR 290, a whopping 173.6% premium over the issue price of INR 106.

The startup posted a net profit of INR 6.33 Cr in FY24, a 23% jump from INR 5.12 Cr in FY23. Operating revenue zoomed 17% to INR 11.84 Cr in FY24 from INR 10.09 Cr in FY23.

TBO Tek

Founded in 2006, Travel Boutique Online (TBO) is a B2B travel portal that provides solutions to travel agents and tour operators. It offers white-label solutions, hotel and flight booking APIs and dynamic packages, among others.

The Delhi NCR-based company filed its DRHP with SEBI in November last year. The market regulator granted approval for its public listing in April.

Shares of TBO Tek listed on the NSE in May at a premium of 55% to the issue price. The stock made its debut at INR 1,426 against the issue price of INR 920. On the BSE, the stock listed at INR 1,380, a 50% premium to the issue price.

TBO Tek logged a 64% jump in PAT to INR 46.4 Cr in Q4 FY24 from INR 28.2 Cr in the year-ago quarter. Revenue from operations stood at INR 369 Cr during the period under review, a 31% increase from INR 281.4 Cr in Q4 FY23.

Trust Fintech

Founded in 1998 by Hemant Chafale, Heramb Ramkrishna, and Mandar Kishor Deo, Trust Fintech is an enterprisetech company that offers SaaS products and fintech solutions for ERP implementation, and offshore IT services for the BFSI sector. 

The fintech SaaS company filed its DRHP with NSE Emerge to raise funds via an IPO in February this year and listed on the SME platform just two months later in April. 

It witnessed an oversubscription of 101X for its public issue on the back of huge demand from retail investors and non-institutional investors. Eventually, it listed at a premium of 42% at INR 143.25 apiece as against its issue price of INR 101 per share.

Trust Fintech saw its net profit jump 210% to INR 12.5 Cr in the financial year 2023-24 (FY24) from INR 4 Cr in FY23. Meanwhile, operating revenue jumped 55.4% to INR 35 Cr in the period under review as against INR 22.5 Cr in FY23.

Unicommerce

Founded in 2012 and acquired by Snapdeal in 2015, Unicommerce is an ecommerce SaaS startup that enables sellers to manage their inventory across all online marketplaces. It offers integrations with all major ecommerce platforms active in India.

Unicommerce filed its DRHP in January and received regulatory approval on July 1. The startup’s IPO comprised solely of an OFS of 2.98 Cr shares.

Unicommerce’s public issue opened on August 6 and was closed on August 8 with 168X subscription. Afterwards, it made a stellar debut on the bourses on August 13. 

Shares of the enterprise tech startup listed at INR 235 apiece on the NSE, a premium of 117.59% over its issue price of INR 108. It also debuted at INR 230 on the BSE, a premium of 112.96%.

Unicommerce’s net profit stood at INR 13.1 Cr in FY24 as against INR 6 Cr in the previous fiscal year. Meanwhile, the ecommerce SaaS startup reported an operating revenue of INR 103.5 Cr in the fiscal ended March 2024. In FY23, the startup’s operating revenue shot up 52% to INR 90 Cr from INR 59 Cr in FY22.

Indian Startup IPOs In Pipeline

*As per reports

AITMC Ventures

Founded in 2016, AITMC Ventures offers drone training and other skill development programmes in the agriculture sector. So far, it has set up 46 centres across India for research, development, training, and testing of drone technology in agriculture.

The integrated agri-drone company filed its DRHP in October last year to list on NSE Emerge. 

The Gurugram-based startup IPO will comprise a fresh equity offering of up to 2.07 Cr shares. It won’t have an OFS component.

The startup reported revenue of INR 21.44 Cr and profit of INR 4.81 Cr in FY23.

ArisInfra

Founded in 2021 by Ronak Morbia and Bhavik Khara, ArisInfra is a B2B ecommerce platform that leverages AI to simplify construction material procurement. It links real estate developers with vendors for any requirements related to building materials and offers project management services.

Backed by names such as PharmEasy chief executive Siddharth Shah, Think Partners, Logx Venture Partners and Karbonite Ventures, the startup has raised more than $25 Mn in funding till date. 

In August 2024, the startup filed its DRHP with SEBI to raise INR 600 Cr via its IPO. However, its public issue will comprise solely of a fresh issue of shares and there will be no offer for sale (OFS) component. 

The startup plans to use the IPO proceeds to repay outstanding credit, support working capital requirements, potential acquisitions and investments in its subsidiary. 

ArisInfra’s consolidated net loss jumped 11.95% YoY to INR 17.33 Cr in FY24. Revenue from operations stood at INR 696.84 Cr during the year under review as against INR 746.07 Cr in the previous fiscal.

Ather Energy

Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather Energy is one of the major players in the Indian electric two-wheeler market. It manufactures and services electric two-wheelers and operates its own charging infrastructure.

The EV major has raised more than $431 Mn from Hero MotoCorp, GIC, Tiger Global, among others, across multiple rounds since its inception. 

In June 2024, Ather Energy’s board passed a resolution to convert the startup into a public company from a private entity previously. A couple of months later in September, the electric two-wheeler maker filed its draft red herring prospectus with SEBI for its IPO. 

The proposed IPO will comprise a fresh issuance of shares worth INR 3,100 Cr and an offer-for-sale (OFS) component of up to 2.2 Cr equity shares. 

It was reported earlier that the unicorn is eyeing a valuation of around $2.5 Bn for its IPO.

The proceeds from the IPO will be utilised for kickstarting the construction of its upcoming manufacturing facility in Maharashtra, R&D, marketing initiatives, and other general corporate purposes.

Ather Energy clocked a net loss of INR 1,059.7 Cr in FY24, up 22.5% from INR 864 Cr in the previous year. Operating revenue rose 0.4% YoY to INR 1,789.10 Cr during the year under review from INR 1,783 Cr in FY23.

Avanse Financial Services

Incorporated in 2013, Avanse is an NBFC focussed on education financing for students and educational institutions in India. Its products cater to students looking to study higher education abroad and in India. 

The non-bank lender filed its DRHP in June 2024 for an INR 3,500 Cr IPO. The IPO will comprise a fresh issue of INR 1,000 Cr and an OFS component of shares worth up to INR 2,500 Cr.

In July 2024, SEBI returned the NBFC’s IPO paper on “technical grounds”. Later, the company refiled its IPO papers with the market regulator on July 31.

Backed by the likes of Warburg Pincus, International Finance Corporation (IFC) and Kedaara Capital, the startup last raised INR 1,000 Cr in a funding round led by Abu Dhabi-based investment firm Mubadala Investment Company in March 2024.

As per the DRHP, Avanse’s net profit rose to INR 342.4 Cr in the financial year 2023-24 (FY24) from INR 157.71 Cr in the previous fiscal year. Operating revenue grew to INR 1,726.9 Cr from INR 989.5 Cr in FY23.

Bira 91

Founded in 2015 by Ankur Jain, Bira 91 sells craft, lager and strong beers. It also sells non-alcoholic beverages.

Backed by Peak XV Partners, Sofina and DS Group, Bira 91 has raised $449 Mn in funding across multiple rounds. 

In December 2022, the startup converted into a public company and renamed itself as B9 Beverages Limited. However, the beverage startup is yet to file its DRHP with the SEBI.

In July 2024, reports said that the alco-beverage brand was planning to list on the bourses in 2026 and has roped in investment banking firm Morgan Stanley to helm its pre-IPO process.

The Delhi NCR-based beer brand reported an operating revenue of INR 824.3 Cr in the year ended March 2023, up 15% from INR 718.8 Cr in FY22. Meanwhile, net loss jumped 12% YoY to INR 445.4 Cr in FY23.

BlackBuck

Founded in 2015 by Rajesh Yabaji, Chanakya Hridaya and Rama Subramaniam, BlackBuck operates an online marketplace for inter-city full truck load (FTL) transportation. It claims to be the largest online trucking platform in India, and connects with suppliers with truckers.

The Flipkart-backed logistics unicorn filed its IPO papers with SEBI in July 2024. Its public issue will comprise a fresh issue of shares worth INR 550 Cr and an OFS component of up to 2.16 Cr shares.

Backed by the likes of Tiger Global, Accel, Peak XV Partners and Goldman Sachs, BlackBuck has raised more than $360 Mn in funding to date. 

As per its DRHP, the logistics unicorn reported a net loss of INR 193.9 Cr in FY24, down 33% from INR 290 Cr in the previous year. Operating revenues jumped 69% YoY to INR 296.9 Cr in the fiscal ended March 2024. 

BlueStone

Founded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, Bluestone is an omnichannel jewellery startup that sells rings, pendants, earrings and other products. 

Backed by Prosus, Steadview Capital and Think Investments, the startup has raised more than $184 Mn in funding till date. 

The jewellery startup started its IPO proceedings in August 2024 as it raised INR 900 Cr as part of a pre-IPO funding round that catapulted its valuation to $970 Mn. As per reports, Bluestone plans to file its draft red herring prospectus (DRHP) with market regulator SEBI in late-2024.

Bluestone’s net loss declined 86% to INR 167.2 Cr in the fiscal year 2022-23 (FY23) from INR 1,268.4 Cr in FY22. Operating revenue jumped 1.6X to INR 770.7 Cr during the fiscal year under review from INR 461.3 Cr in the previous fiscal year.

boAt

Founded in 2016 by Aman Gupta and Sameer Mehta, boAt is a D2C audio tech and wearables startup that sells products such as headphones, smart watches and speakers. 

Cofounder and chief marketing officer Aman Gupta, in September 2024, said that the startup plans to list on Indian stock exchanges in 2025. This is more or less in line with what cofounder and CEO Sameer Mehta said in June 2024. 

At the time, Mehta said that the startup plans to become net profitable once again in FY25 before moving ahead with IPO plans, adding that boAt would be looking to raise INR 2,000 Cr via the IPO in the next 12-18 months. 

This is not the first time that boAt has lined up IPO plans. It filed its DRHP with SEBI in 2022 for an INR 2,000 Cr public issue. However, the startup later shelved the plans amid adverse macroeconomic conditions. 

boAt slipped into the red for the first time in FY23 and clocked a net loss of INR 129.4 Cr as against a net profit of INR 68.7 Cr in FY22. Operating revenue rose 18% year-on-year (YoY) to INR 3,376.7 Cr in FY23.

CarDekho

Founded in 2008 by siblings Amit Jain and Anurag Jain, CarDekho operates an online car listing platform, insurance platform InsuranceDekho, and lending platform Rupyy. 

CarDekho has raised more than $692 Mn in funding till date and competes with the likes of CarTrade, Spinny and Cars24. It was last valued at $1.2 Bn in 2021, when it secured $250 Mn in a mix of primary and secondary funding. 

The auto marketplace is said to be in advanced talks to appoint merchant bankers to helm its IPO in 2025. The company plans to file its DRHP in March 2025 and is looking to raise nearly $500 Mn at a valuation of $2 Bn to $2.5 Bn.

Its early backers, including Peak XV, Google Capital, and Hillhouse Capital, are expected to offload a part of their stakes via offer for sale (OFS). The proceeds from the IPO will go towards funding CarDekho’s geographical and category expansion as well as for future acquisitions. 

Notably, this is not the first time that CarDekho is planning to list on the bourses. In 2021, it was mulling a listing on the bourses but its IPO plans failed to take off then. 

As per MCA filings, CarDekho Group reported an operating revenue of INR 2,331 Cr in FY23 as against INR 1,600 Cr in the previous fiscal. Meanwhile, loss rose slightly to INR 562 Cr during the period under review from INR 535 Cr in FY22.

DevX

Founded in 2017 by Parth Shah, Rushit Shah and Umesh Uttamchandani, DevX offers coworking space solutions, managed office spaces, among others.

Backed by Kalpesh Harakhchand Gala, Unmaj Corporation, and Bidiwala Family Office, the coworking startup last raised $7 Mn in a mix of debt and equity in February this year. 

DevX currently operates over 25 coworking spaces in more than 10 Indian cities, including Ahmedabad, Vadodara, Bengaluru, Delhi, Kochi, Surat, among others. 

The coworking startup filed its DRHP with SEBI in September 2024 for a listing on the NSE and the BSE. DevX’s IPO will consist solely of a fresh issue of 2.47 Cr equity shares and there will be no OFS component.

The fresh proceeds will be utilised for the repayment and prepayment of non-convertible debentures (NCDs), expanding its footprint and for general corporate purposes. 

As per the DRHP, DevX reported a profit after tax (PAT) of INR 43.7 Lakh in FY24 as against a loss of INR 12.8 Cr in FY23. Operating revenue stood at INR 108.08 Cr compared to INR 69.91 Cr in FY23. 

Ecom Express 

Founded in 2012 by the late TA Krishnan, Manju Dhawan, K Satyanarayana and Sanjeev Saxena, Ecom Express is a logistics solutions provider that caters to ecommerce platforms, D2C brands as well as quick commerce players. 

The startup claims to have 3,000 delivery centres spanning 9.6 Mn sq. ft. of space and delivers packages to 27,000 pin codes in 2,700 cities and towns across the country. 

The company set its IPO plans in motion in August this year after its board approved its public listing plans during an extraordinary general meeting (EGM) on August 13. Quickly afterwards, the company filed its DRHP with the market regulator SEBI for an INR 2,600 Cr IPO. 

As per the draft papers, the proposed public issue will comprise a fresh issue of shares worth up to INR 1,284.5 Cr and an offer for sale component of up to INR 1,315.5 Cr. It plans to list its shares on the BSE and the NSE. 

Backed by the likes of Warburg Pincus, PG Esmeralda, British International Investment (BII), among others, Ecom Express has raised more than $275.79 Mn in funding till date. 

The logistics major trimmed its net loss by 67% to INR 255.8 Cr in FY24 from INR 428.1 Cr in FY23. Meanwhile, its operating revenue saw a marginal 2.15% YoY increase to INR 2,609 Cr in the fiscal ended March 2024.

Flipkart

Binny Bansal and Sachin Bansal founded Flipkart in 2007 and later sold a majority of the company to Walmart in 2018 for $16 Bn. Since then, the ecommerce major has become India’s biggest ecommerce marketplace and has diversified into a host of new areas, including fintech, and travel aggregation. 

The ecommerce major, which is also backed by Google, was last valued at $35 Bn during a $1 Bn fundraise that saw participation from the two investors. 

Just like its sister arm PhonePe, the company is vying for a 2026 IPO. Its B2C arm, Flipkart Internet Private Limited, reported an operating revenue of nearly INR 15,000 Cr mark in the financial year ended March 31, 2023. The marketplace arm’s operating revenue zoomed 42% to INR 14,845.8 Cr in FY23 from INR 10,477.4 Cr in FY22.

Flipkart Internet primarily earns revenue through commission charges and other services it offers to merchants, including advertising of products. Including other income, the B2C arm’s total revenue rose 41% to INR 15,044 Cr during the year under review from INR 10,640.5 Cr in FY22.

Fractal

A brainchild of Srikanth Velamakanni, Pranay Agrawal and Ashwath Bhat, Fractal was founded in 2000. The SaaS startup offers artificial intelligence and advanced analytics solutions to enterprises globally. 

Backed by the likes of TPG Capital, Khazanah Nasional and Apax Partners, it has raised $685 Mn in funding till date. It turned unicorn in 2022 and was last valued at over $2 Bn. 

The enterprise tech major is now gearing up to file its DRHP by November 2024. The company is eyeing a $500 Mn to $600 Mn IPO on Indian bourses at a valuation of around $3.5 Bn.

Fractal’s public issue will likely have a “large share” of secondary share sale by existing investors, the quantum of which is still yet to be decided. 

Fractal returned to the black in FY23, minting a profit of INR 194.4 Cr compared to a loss of INR 148.4 Cr in FY22. Meanwhile, the SaaS unicorn’s operating revenue zoomed 53% YoY to INR 1,985.4 Cr in the fiscal year ended March 2023.

Garuda Aerospace

Founded in 2015 by Agnishwar Jayaprakash, Garuda Aerospace designs, manufactures and sells drones. Its offerings also include drone-as-a-service (DaaS) for use cases such as agriculture, defence, and mining. 

Backed by Venture Catalysts, Silver Swan Capital and Claris Capital, the startup has raised $28.2 Mn in funding till date. 

In a chat with Inc42 last year, Jayaprakash said that the company would commence its IPO proceedings post March 2024 and would list by October-November 2024.

Infra.Market

Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market operates a B2B marketplace that sells construction products and other range of building materials such as concrete, steel, pipes, fittings, and chemicals. 

The startup has raised over $415 Mn in funding to date and is backed by marquee investors such as Tiger Global, Accel, and Nexus Ventures.

Infra.Market has set the ball rolling for its IPO as it has reportedly shortlisted eight investment bankers, including Kotak Mahindra Capital, IIFL Capital, Goldman Sachs, Jefferies, among others, as advisors for the IPO. 

While the company is eyeing raising $500 Mn -$700 Mn via its IPO, it may also increase it further depending on “market conditions”. Its public issue will comprise a fresh issue of shares as well as secondary share sale. 

While the talks are still in early stages, the proceeds from Infra.Market’s potential IPO will be utilised to repay the debt incurred for the startup’s organic and inorganic growth initiatives.

The B2B ecommerce major saw its net profit narrowing 17% YoY to INR 155.2 Cr in FY23. Operating revenue soared 90% to INR 11,846.5 Cr during the year under review from INR 6,236.3 Cr in FY22. 

IndiQube

Founded in 2015 by Rishi Das and Meghna Agarwal, IndiQube is a coworking startup that offers a range of services including workspace design, interior build out and other B2B and B2C-focussed services. 

Backed by WestBridge Capital, Aravali Investment Holdings, and Konark Trust, IndiQube has raised more than $45 Mn in funding to date across multiple rounds. 

The startup is in advanced talks to finalise its merchant bankers to helm its IPO. The company plans to file its DRHP with market regulator SEBI before November 2024. 

The startup is looking to raise INR 1,000 Cr to INR 1,500 Cr from its IPO, which will primarily comprise a fresh issuance of shares. The OFS component is expected to be small, with promoters and existing investors not looking at any major dilutions.

The coworking space provider turned profitable in FY23, reporting a net profit of INR 20.63 Cr compared to a loss of INR 18.82 Cr in FY22. Meanwhile, revenue jumped 69% to INR 592.41 Cr in the fiscal year ended March 2023 from INR 351.43 Cr in FY22. 

InMobi

Founded in 2007 by Naveen Tewari, Piyush Shah, Mohit Saxena and Abhay Singhal, InMobi is an adtech platform that offers a suite of product discovery and monetisation solutions. 

Headquartered in Singapore, the SaaS startup also has offices in Bengaluru, New York, Beijing, London, Dubai, and several other locations.

Backed by the likes of Sherpalo Ventures, SoftBank and Kleiner Perkins, InMobi has raised more than $320 Mn in funding till date and was one of the first Indian new-age tech companies to enter the unicorn club in 2011. 

The SaaS startup is eyeing a public listing in India by 2026 at a valuation of about $10 Bn. However, this will not be InMobi’s first stab at an IPO. 

In 2021, it was reportedly planning for an IPO but shelved the plans due to adverse market conditions and funding winter.

Innoviti

Founded in 2002 by Rajeev Agrawal, Innoviti is a digital payments solutions provider that allows businesses to accept payments and integrate real-time sales data into critical business processes. 

As of July 2024, the company claims to process over INR 72,000 Cr of purchase volume annually from across 2,000 Indian cities and over 20,000 offline and 3,000 online merchants. 

Backed by the likes of Random Walk Solutions, Bessemer Venture Partners, Patni Family Office India and Alumni Ventures, the startup has raised more than $87 Mn in funding to date.

In August 2024, the company said it was eyeing a public market debut within the next 12 months. 

Innoviti saw its revenue from operations jump more than 48% YoY to INR 110 Cr in the fiscal year 2022-23 (FY23). Meanwhile, loss surged to INR 86.56 Cr during the year under review from INR 73.4 Cr in FY22.

MobiKwik

Founded in 2009, MobiKwik started operations as a digital wallet. Since then, it has diversified its business to offer consumer payments, buy now pay later (BNPL), and payment gateway services. 

The Delhi NCR-based startup has also introduced a Soundbox-like device, called Vibe, to take on Paytm and PhonePe.

The fintech unicorn refiled its DRHP with SEBI in January to raise INR 700 Cr through a fresh issue of equity shares, down from its earlier attempt to go public in 2021 when it tried to raise INR 1,900 Cr. The market regulator issued the observation letter to the Delhi NCR-based unicorn on September 19. 

MobiKwik managed to turn profitable in FY24. It posted a profit of INR 14.1 Cr in the fiscal year ended March 2024 as against a loss of INR 83.19 Cr in FY23. Revenue from operations zoomed 62% YoY to INR 875 Cr in FY24.

OfBusiness

A brainchild of Asish Mohapatra, Ruchi Kalra, Bhuvan Gupta, Chandranshu Sinha, Nitin Jain, Srinath Ramakkrushnan and Vasant Sridhar, OfBusiness was founded in 2015. The startup operates a B2B ecommerce platform that sells construction materials and offers financing solutions to merchants.

Kicking off its IPO proceedings in August 2024, the startup was reportedly in talks with investment bankers such as Bank of America, Citi, JP Morgan and Morgan Stanley for managing the IPO, which will be launched in the second half of 2025.

As per OfBusiness CFO Bhavesh Keswani, the company is eyeing a $750 Mn to $1 Bn IPO, which will include a fresh issuance of shares worth $200 Mn with the remaining earmarked for OFS component. 

The B2B marketplace is looking to debut on the bourses at a valuation of $6 Bn – $9 Bn. 

OfBusiness saw its consolidated operating revenue surge over 25% YoY to INR 19,296.3 Cr in FY24. Meanwhile, net profit soared to INR 603 Cr during the fiscal under review from INR 463.2 Cr in the previous year.

Ola Cabs

A brainchild of Bhavish Aggarwal, Ola Cabs operates a mobility platform that offers ride-hailing and food delivery services. 

Backed by SoftBank, Ola Cabs has raised more than $3.84 Bn in funding till date and is one of the biggest players in the country in the ride-hailing space. 

Last reported, Ola Cabs was holding talks with investment banks like Goldman Sachs, Bank of America, Citi, Kotak, and Axis to helm its IPO. As per the reports, the company was looking to raise $500 Mn via its public listing at a nearly $5 Bn valuation. 

Ola parent ANI Technologies trimmed its loss by nearly half to INR 772.2 Cr in FY23 from INR 1,522.3 Cr in the previous year. Operating revenue rose 42% YoY to INR 2,799.3 Cr .

OYO

Founded in 2012, OYO is a travel tech startup that offers vacation homes, casino hotels, coworking spaces, budget hotels, corporate stays and more. The hospitality major is also planning to launch 13 self-operated hotels under its premium brand ‘Palette’ by 2024-end.

In May 2024, the Delhi NCR-based hospitality major officially withdrew its IPO documents from the market regulator SEBI. Interestingly, this was OYO’s second attempt at a public listing. 

In early-2024, OYO was said to be looking to raise $400 Bn to $600 Bn, nearly half of its earlier attempt in 2021 when it was looking to raise INR 8,430 Cr ($1.2 Bn).

OYO narrowed its net loss by 34% to INR 1,286.5 Cr in FY23 from INR 1,941.5 Cr in FY22. Operating revenue grew 14% to INR 5,463.9 Cr in FY23 from INR 4,781.3 Cr in the previous fiscal year.  Its cofounder and CEO Ritesh Agarwal claimed that the startup reported a net profit of INR 100 Cr in FY24.

PayMate

Founded in 2006 by Ajay Adiseshann, PayMate is a full-stack supply chain payments automation platform that offers B2B payments solutions for SMEs and enterprises. 

The Mumbai-based fintech startup filed its DRHP in 2022 for an INR 1,500 Cr IPO. At the time, PayMate said that its public issue would comprise a fresh issue of INR 1,125 Cr and an OFS of INR 375 Cr. 

Eventually, the market regulator returned the company’s DRHP and asked PayMate India to refile the IPO papers with certain updates. In early 2023, the company reportedly said that it was planning to refile its DRHP but there has been no clarity on its IPO plans since then. 

In FY23, the startup trimmed its net loss by 3.5% YoY to INR 55.7 Cr in FY23. Operating revenue jumped 11.7% YoY to INR 1,350.1 Cr in FY23.

PayU

The Prosus-backed fintech major is also gearing up for a public listing in India. In October last year, the company was reportedly mulling seeking regulatory approval for a $500 Mn IPO. 

At the time, it was said that PayU had appointed Goldman Sachs, Morgan Stanley and Bank of America as advisors for the IPO, reportedly slated to happen by 2024-end. 

In  November, the then interim Prosus CEO Ervin Tu said that PayU could be ready for a public listing in India by the second half of calendar year 2024. 

As per the Dutch investor’s annual report, PayU India clocked a revenue growth of 11% year-on-year (YoY) to $444 Mn in FY24. However, this was lower than the 31% revenue growth reported in FY23 and over 40% jump it clocked in FY22.

PhonePe

Founded in 2015 by Sameer Nigam, Rahul Chari and Burzin Engineer, PhonePe is India’s biggest digital payments platform and accounts for nearly half of all Unified Payments Interface (UPI) payments processed in the country. 

Since its inception, it has morphed into a full-fledged financial services platform, offering a host of digital payment services, insurance products, and broking services to customers. The fintech major was acquired by ecommerce juggernaut Flipkart in 2016. 

Six years later, Flipkart parent Walmart set into motion its plans to hive off PhonePe as a separate entity and redomicile the fintech company back to India. In late-2022, PhonePe flipped back to its home turf, with an eye on listing on Indian bourses. 

However, in June 2024, a senior Walmart executive said that PhonePe’s IPO could take a couple of years, setting the stage for a 2026 IPO.

In August 2024, the fintech major’s cofounder and CEO Nigam said that payments body National Payment Corporation of India’s (NPCI) plan to cap the UPI market share of third-party app providers (TPAPs) was hindering the company’s plans from going ahead with its IPO.

The fintech major saw its consolidated net loss widen 39% YoY to INR 2,795.3 Cr FY23. Revenue soared 77% YoY to INR 2,913.7 Cr during the year under review. 

Physics Wallah

A brainchild of Alakh Pandey and Prateek Maheshwari, Physics Wallah (PW) was founded in 2020. The startup operates online and offline coaching centres for K-12 students and test preparation platforms for various exams. It also has a skilling arm and a study abroad vertical. 

Kicking off its IPO plans just days after raising a mega $210 Mn funding round in September, PW is said to be scouting investment bankers for its initial public offering (IPO) in 2025. The edtech unicorn is said to be eyeing a valuation of over $2.8 Bn, the number at which it raised its last funding. 

If the plan fructifies, PW will become India’s first edtech startup to list on the stock exchanges. 

PW’s net profit declined over 90% to INR 8.9 Cr in FY23 from INR 98.2 Cr in the previous fiscal year due to a sharp rise in its expenses. However, operating revenue soared 234% to INR 779.3 Cr in FY23 from INR 233 Cr in FY22.

Portea Medical 

A brainchild of Krishnan Ganesh and Meena Ganesh, Portea Medical is a healthtech startup that offers services such as maternal care, physiotherapy, nursing, lab tests, counselling and critical care. 

Backed by Accel, InnoVen Capital, Alteria Capital and British International Investment, Portea Medical has raised more than $92.3 Mn across multiple rounds till date.

The healthtech startup filed its IPO papers in July 2022 for an INR 800 Cr IPO. As per its DRHP, the IPO then comprised a fresh issue of equity shares worth INR 200 Cr and an OFS component of up to 56.25 Mn shares.

In April 2023, it received approval from the market regulator to go ahead with the public listing on the BSE and NSE. However, there have been no further updates on its IPO plans.

Portea Medical posted a net loss of INR 53 Cr in FY23, up from INR 40 Cr in the previous year. Revenue from operations declined 3.3% YoY to INR 145 Cr during the year under review. 

Pure EV

A brainchild of Nishanth Dongari and Rohit Vadera, the startup manufactures electric bikes and scooters across multiple variants. 

It has raised more than  $14 Mn in funding till date and counts the likes of Bennett Coleman and Company, Hindustan Times Media Ventures, Ushodaya Enterprises, among others, as backers. 

Setting its plans to become India’s second listed EV player in motion, the startup, in August 2024, said it plans to list on the bourses in 2025. 

However, the startup continues to be a loss-making entity and reported a net loss of INR 9.3 Cr in FY23. Meanwhile, revenue from operations also declined 42% to INR 131.28 Cr from INR 225.98 Cr in FY22. 

Shadowfax

Founded in 2015 by Vaibhav Khandelwal and Abhishek Bansal, Shadowfax is a logistics startup that offers hyperlocal and on-demand deliveries to businesses. 

The Flipkart-backed startup competes with the likes of Delhivery, Ecom Express, XpressBees, LoadShare, Ripple and Pickrr. It is also backed by the likes of Mirae Asset Venture Investments (India), IFC, Nokia Growth Partners, Qualcomm and Trifecta Capital.

The logistics services startup is reportedly looking to raise INR 2,500 Cr to INR 3,000 Cr via its public market debut at a valuation of INR 5,000 Cr to INR 8,000 Cr. While there is no clarity on the timeline for the IPO, its promoters and investors have kicked off discussions with merchant bankers for the IPO.

Shadowfax trimmed its net loss 19% YoY to INR 142.63 Cr in FY23. Meanwhile, revenue from operations jumped 42% to INR 1,415 Cr during the year under review from INR 990 Cr in FY22.

Smartworks

Founded in 2016 by Neetish Sarda and Harsh Binani, Smartworks is a shared workspace provider that offers customisable coworking solutions for enterprises. 

The startup has raised $41 Mn in funding till date and is backed by the likes of Ananta Capital, Keppel Land and Plutus Capital. 

Taking the first step towards its IPO, the startup turned into a public company in July 2024 and changed its name to Smartworks Coworking Spaces Ltd from Smartworks Coworking Spaces Private Ltd previously.

In August 2024, it filed its DRHP with SEBI for an INR 550 Cr initial public offering. As per its DRHP, the company’s IPO comprises a fresh issue of equity shares worth INR 550 Cr and an offer for sale (OFS) component of up to 67.49 Lakh equity.

It trimmed its net loss to INR 49.9 Cr in FY24 from INR 101.4 Cr in FY23. Operating revenue jumped 46% YoY to INR 1,039.3 Cr during the year under review.

Swiggy

Swiggy commenced operations as an online food delivery platform in 2014. In 2020, it also entered the grocery delivery business with Swiggy Instamart.

Now, the Bengaluru-based startup has begun diversifying beyond the quick commerce grocery business. Swiggy Instamart now also offers high-value products, allowing shoppers to order fitness and electronics devices.

Initially, Swiggy filed its DRHP with markets regulator SEBI via the confidential pre-filing route for an IPO worth INR 10,414.1 Cr ($1.2 Bn) in April. In September, the company filed its updated IPO papers with the market regulator.

As per the updated DRHP, Swiggy’s public issue will comprise a fresh issuance of shares worth INR 3,750 Cr and an OFS component of 18.57 Cr equity shares.

In late September, the company received shareholders’ nod to increase the size of its fresh issue by 33% to INR 5,000 Cr. Swiggy is reportedly targeting a valuation of $15 Bn valuation for its IPO.

Swiggy posted a net loss of INR 2,350 Cr in FY24, down 44% from INR 4,179 Cr in FY23. Revenue grew 36% to INR 11,247 Cr during the fiscal under review from INR 8,265 Cr in FY23.

In Q1 FY25, Swiggy’s consolidated net loss rose over 8% YoY to INR 611 Cr while revenue from operations zoomed 35% YoY to INR 3,222.2 Cr during the quarter under review.

Ullu

Founded by the husband-wife duo of Vibhu Agarwal and Megha Agarwal, Ullu Digital is a Mumbai-based OTT platform that deals with the distribution, promotion, exhibition, marketing and delivery of video content on its streaming platform Ullu. 

It filed its DRHP with the BSE SME for an IPO in February this year. As per the draft papers, the company’s IPO would comprise a fresh issue of 62.63 Lakh shares and would not have OFS component.

Ullu Digital plans to raise INR 135-INR 150 Cr via the IPO, which, if approved, would become the biggest SME IPO till date. 

The platform plans to use the net proceeds raised via the IPO to meet its expenses for production of new content, purchase of international shows, tech investment, and to meet the working capital requirements.

While Vibhu Agarwal holds a 61.75% stake in Ullu Digital, Megha Aggarwal owns 33.25% of the company. 

In March 2024, the OTT streaming platform came under the scanner of multiple government authorities including SEBI, the Ministry of Corporate Affairs and the Ministry of Electronics and Information Technology (MeitY) for allegedly selling “pornographic” content using school children.

Zappfresh

Founded by Deepanshu Manchanda and Shruti Gochhwal in 2015, Zappfresh is a D2C meat startup that supplies meat from farms to customers within 90 minutes. 

Taking its first step towards IPO,the startup converted into a public entity in April 2024 after dropping “private” from its name. As per its RoC filings, the company changed its name to DSM Fresh Foods Limited from DSM Fresh Foods Private Limited previously. 

The startup’s parent filed its DRHP for listing on BSE SME in August 2024. Zappfresh’s IPO will comprise a fresh issue of 59.06 Lakh equity, with no offer for sale component.

Zappfresh plans to use the proceeds from the IPO to fuel acquisitions, meeting marketing and capital expenditure requirements and for general corporate purposes.

Zepto

Founded in 2021 by Aadit Palicha and Kaivalya Vohra, Zepto is a quick commerce startup that claims to offer 10-minute deliveries of groceries and other items. 

In September 2024, it was reported that the quick commerce major commenced active discussions with domestic and global merchant bankers, including Morgan Stanley and Goldman Sachs, for a potential IPO by August 2025. 

The startup plans to raise $450 Mn via fresh issuance of shares and an undisclosed amount through the offer for sale (OFS) component.

Zepto’s net loss ballooned 3.35X YoY to INR 1,272.4 Cr in FY23 from INR 390.3 Cr in the previous fiscal year. Meanwhile, revenue from operations soared 14.3X to INR 2,024.3 Cr in the fiscal year ended March 2023 from INR 140.7 Cr in FY22. 

Last Updated: October 08, 8:00 AM IST

The post Indian Startup IPO Tracker 2024 appeared first on Inc42 Media.

A day after a public spat between Ola Electric CEO Bhavish Aggarwal and comedian Kunal Kamra over the former’s after-sales services, the Central Consumer Protection Authority (CCPA) has issued a show cause notice to the electric vehicle (EV) major. 

In an exchange filing, the company said that the consumer watchdog has directed it to respond to the show cause notice within 15 days. The notice, as per the company, pertains to alleged violation of consumer rights, misleading advertisement and unfair trade practices by Ola Electric. 

“… We wish to inform you that the Company has received (a) show cause notice from the Central Consumer Protection Authority. The CCPA has provided a timeline of 15 days to the company to respond to the show cause notice. The Company will respond to the CCPA within the given timeframe with the supporting documents,” the filing said. 

Ola Electric said that the notice will have no impact on financial, operational or other activities of the company. 

This comes a day after a verbal duel erupted between Aggarwal and Kamra. It all started after Kamra posted a photo on X, showing Ola escooters parked outside a dealership and gathering dust. 

“Do Indian consumers have a voice? Do they deserve this? Two wheelers are many daily wage workers’ lifeline …,” said Kamra. In retort, Aggarwal accused Kamra of taking money to criticise the company, adding that Ola Electric is expanding its network and would clear the backlogs soon.

The comedian responded by calling Aggarwal “arrogant, substandard”, while Ola Electric CEO retorted by offering to pay Kamra “better” than his “flop shows”. 

Ola Electric has been facing a rising number of consumer complaints for the last few months. To address the issue, the company recently said that it would launch “HyperService” to offer “one-day resolution” of service-related issues.

Meanwhile, a day after Aggarwal’s social media spat and amid a decline in the broader Indian markets, shares of Ola Electric tanked as much 9% during the early trading hours on Monday (October 8). The stock eventually closed the day 8.31% lower at INR 90.82 on the BSE. 

The developments come at a time when competitors TVS and Bajaj Auto have started eating into the market share of Ola Electric, which saw its two-wheeler registrations decline 11% month-on-month (MoM) to 23,965 units in September — the lowest monthly vehicle sales since October last year.

On the financial front, Ola Electric’s net loss widened 30% to INR 347 Cr in the first quarter (Q1) of the financial year 2024-25 (FY25) from INR 267 Cr in Q1 FY24. Operating revenue jumped 32% to INR 1,644 Cr during the quarter under review from INR 1,243 Cr in Q1 FY24.

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Zomato-owned Blinkit has rolled out a new functionality that allows businesses to add goods and services tax identification number (GSTIN) while making purchases on the quick commerce platform.

This will effectively enable businesses to claim input tax credit (ITC) on the GST paid to Blinkit for buying products. For the uninitiated, ITC allows businesses to reduce their tax liability by claiming GST paid on purchases.

“We’ve rolled out the ability to add GSTIN for businesses purchasing on Blinkit. A lot of our customers have been asking for GST invoices as it is a big decision-making factor, especially for high-value purchases,” said Blinkit CEO Albinder Dhindsa in a LinkedIn post.

The company has likely launched the new offering to streamline bulk buying experience on the platform. Besides, businesses will be easily able to claim their ITC on the GST portal without having to separately feed the data on the tax portal. 

The new offering comes at a time when Blinkit has aggressively diversified its product mix from merely offering grocery items. Last month, the company began selling the newly launched iPhone 16 on its platform and has been adding more electronics products to the offerings listed on the platforms. 

In August, the company rolled out “10-minute” delivery of passport-size photos in Delhi and Gurugram. In the same month, it also allowed users from select countries to send rakhis and gifts to their siblings in India during Raksha Bandhan.

The latest development comes at a time when Blinkit is seeing strong growth and almost achieved adjusted EBITDA breakeven in Q1 FY25. It clocked a gross order value (GOV) of INR 4,923 Cr during the quarter, up 130% from INR 2,140 Cr in the corresponding quarter last year. Sequentially, GOV rose 22.2% from INR 4,027 Cr. 

The quick commerce juggernaut operated 639 dark stores across the country at the end of June 2024. Besides, its average daily GOV throughout per store rose to INR 10 Lakh from 639 stores as of Q1 FY25 as against INR 6 Lakh from 383 stores in Q1 FY24. 

The company has set its eyes on increasing the number of dark stores under its belt to 2,000 by the end of 2026. 

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It was December of 2023 and Prime Minister (PM) Narendra Modi had just taken to the stage to address the gathering of people at the Kashi Tamil Sangamam in Uttar Pradesh’s Varanasi. Just as PM Modi commenced his address in Hindi, the attendees plugged in their headphones to hear the translated version of his speech in real time.

At work was the Centre’s ambitious AI platform, Bhashini, a language translation platform that aims to make digital services and the internet more accessible in Indian languages. However, much has happened in the 10 months since then.

Since then, the government has taken a series of steps to bolster its AI offerings. Most recently, the Centre announced the BharatGen project, touted as the world’s first government-funded multimodal large language model (LLM) project.

The Ministry of Science said that it will undertake the development of the multimodal LLM project, which will be focussed on creating “efficient and inclusive AIs” in Indian languages.

Once completed, BharatGen will be able to generate high-quality text and “multimodal content” in various Indian languages. 

For the uninitiated, a multimodal LLM can process multiple types of data, or modalities, such as text, images, audio, video, and 3D environments. It can also generate content in all these formats.

As per the government, there will be  four key “distinguishing features” of BharatGen: 

• Multilingual and multimodal nature of foundation models
• Indigenously built datasets, which will be leveraged to train the LLMs
• Open-source architecture
• Development of an ecosystem of GenAI research in India

The Making Of BharatGen

Slated to be completed in a span of two years, BharatGen will cater to both text and speech to ensure coverage across India’s “diverse linguistic landscape”. 

“Looking ahead, BharatGen’s roadmap outlines key milestones up to July 2026. These include extensive AI model development, experimentation, and the establishment of AI benchmarks tailored to India’s needs,” the government said in a statement.

To be undertaken under DST’s National Mission on Interdisciplinary Cyber-Physical Systems (NM-ICPS), the development of BharatGen will be spearheaded by IIT Bombay. Besides, the execution of the project will also see participation from other academic institutes such as IIIT Hyderabad, IIT Mandi, IIT Kanpur, IIT Hyderabad, IIM Indore, and IIT Madras.

The multimodal LLM will be trained on multilingual datasets to “deeply capture” the nuances of Indian languages. 

In order to address this paucity of data sets, necessary to train AI models, BharatGen will also look to develop processes for collecting and curating India-centric data. This data will be accumulated in a way that the country’s diverse languages, dialects, and cultural contexts are accurately represented. 

Notably, one of the core features of BharatGen will be its focus on data-efficient learning, particularly for Indian languages with limited digital presence. The government will partner with multiple academic institutions to develop AI models that are effective with minimal data. 

“This emphasis on data sovereignty strengthens India’s control over its digital resources and narrative,” the statement added.

As of now, LLMs are predominantly trained in the English language as there is a plethora of data online with regards to the language. However, there have been attempts by the likes of Google to roll out their AI chatbots in multiple Indian languages on the back of the treasure trove of search-related data.

However, smaller players do not have access to such resources. And it is this chasm that the government wants to fill with its open-architecture LLM, which can be used by startups and academicians to build products on top of this tech stack and linguistic datasets. 

“BharatGen will deliver generative AI models and their applications as a public good by prioritising India’s socio-cultural and linguistic diversity. It strives to address India’s broader needs such as social equity, cultural preservation, and linguistic diversity, while ensuring that GenAI reaches all segments of society,” as per the government. 

Secretary in the department of science and technology (DST), Professor Abhay Karandikar, said that BharatGen will be leveraged to address “national priorities” such as cultural preservation and inclusive technology development, beyond merely making AI accessible to all and for industrial and commercial purposes.

Aligned with the government’s ‘Atmanirbhar Bharat’ vision, one of the stated goals of the project is to reduce “reliance on foreign technologies” and strengthen the domestic AI ecosystem for startups, industries, and government agencies. 

The Centre also believes that BharatGen will democratise access to AI through foundational models, adding that the tech stack will allow innovators, researchers, and startups to build AI applications quickly and affordably. 

The project will also look to foster a vibrant AI research community through training programmes, hackathons, and collaborations with global experts.

The proposed project is part of the Indian government’s overarching push for digital public infrastructure (DPI). Leveraging AI could give a further impetus to India’s existing digital public goods rails and pave the way for offering cost-effective solutions not just in India, but globally. 

The BharatGen project also echoes India’s focus on fostering the adoption of AI technologies. Earlier this year, the union cabinet approved the IndiaAI Mission with an allocation of INR 10,372 Cr over the course of next five years. The outlay will be utilised to facilitate funding for emerging AI startups and spur innovation in the sector.

In September, the government also invited applications from startups and researchers to build and deploy “impactful” AI solutions in key critical areas. Amid all these, the Centre has already constituted an advisory group to formulate a framework to regulate AI. 

At the heart of all this is the Indian AI landscape, which already hosts more than 100 startups that have raised more than $600 Mn between 2019 and H1 2024. As per Inc42 data, the Indian GenAI ecosystem is projected to be a $17 Bn market opportunity by 2030 on the back of the growing adoption of the emerging technology. 

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Zomato cofounder and CEO Deepinder Goyal will not be seen in the upcoming season of Shark Tank India, as the foodtech major’s competitor Swiggy has sought Goyal’s removal as part of a deal to sponsor the TV show. 

“I unfortunately can’t go back because Swiggy sponsored Shark Tank this time and kicked me out,” Goyal told Economic Times.

As per a separate report by Moneycontrol, IPO-bound Swiggy has stipulated in the sponsorship agreement that Goyal should not be part of the panel of judges on the TV show. The Bengaluru-based foodtech major is said to be close to finalising a deal to sponsor the fourth season of Shark Tank India for INR 25 Cr.

Meanwhile, responding to a question on Swiggy’s IPO, Goyal said, “I genuinely don’t know, and we don’t even think about it. We’ll see what happens.” 

On September 26, Swiggy filed its updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its IPO. As per the draft document, the public issue will comprise a fresh issue of shares worth INR 3,750 Cr and an offer for sale (OFS) of 18.57 Cr shares. However, earlier this week, the foodtech giant received approval of its shareholders to increase the size of the fresh issue in its IPO to INR 5,000 Cr.

Swiggy plans to utilise INR 950 Cr from the IPO proceeds to fuel marketing and brand awareness to shore up growth and woo more customers.

The development comes at a time when Swiggy has launched a slew of new offerings in the runup to its IPO. The company announced the launch of a bulk order service called ‘Swiggy XL EV’ fleet in Gurugram on Saturday (October 6), almost a month after Inc42 exclusively reported that it was piloting a large order fleet.

Prior to that, the company also launched ‘Bolt’ to deliver quick-to-prepare dishes in 10 minutes in six cities – Bengaluru, Hyderabad, Mumbai, Chennai, Delhi, and Pune. The IPO-bound major is also said to be experimenting with high-priced concierge membership that offers subscribers purchase access to high-end experiences and events.

Swiggy’s consolidated net loss widened over 8% to INR 611 Cr in the first quarter (Q1) of the fiscal year 2024-25 (FY25) from INR 564.08 Cr in the year-ago period. Revenue from operations zoomed 35% to INR 3,222.2 Cr during the quarter under review from INR 2,389.8 Cr in Q1 FY24.

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In a major reprieve, listed gaming major Nazara Technologies’ subsidiary Openplay Technologies has received an interim relief from the Calcutta High Court (HC) in connection with the INR 845.7 Cr tax notice issued by West Bengal goods and services tax (GST) authorities. 

In an exchange filing, the online gaming giant said that the HC has issued directions that “no effect shall be given to any order passed by the tax authority (Director General of GST Intelligence, Kolkata) in relation to the show cause notice”.

The relief comes two months after Nazara’s two subsidiaries – Openplay and Halaplay Technologies Pvt Ltd, received tax notices to the tune of INR 1,119.93 Cr from DGGI, Kolkata.

The show cause notice against Openplay pertains to the period between 2017-18 and 2022-23, and was issued under Section 74(1) of the CGST Act, 2017 and State SGST Act, 2017.

“These claims are in relation to calculation of GST based on the sums pooled by players as opposed to gross gaming revenues,” Nazara said at the time. It also said then that both Openplay and Halaplay cumulatively contribute less than 2% of the company’s revenue and less than 1% of its total profit.

The tax notices came a year after the GST Council decided to impose a 28% GST on online real-money gaming on the full face value of the bets. The aftermath saw several online platforms, including Gameskraft, Delta Corp, among others, receiving GST notices to the tune of INR 1.12 Lakh Cr. Many of these companies have challenged these levies in courts. 

Notably, this is not the first time that Nazara has received a show cause notice to pay tax GST levy. Last year, the listed online gaming major received a GST show cause notice from the Mumbai office of the Directorate of GST Intelligence (DGGI) amounting to INR 2.84 Cr. 

The latest development comes at a time when Nazara is in the middle of a funding and acquisition spree. Last month, it signed a definitive agreement to acquire a 47.7% stake in Pokerbaazi parent Moonshine Technology for INR 831.5 Cr through a secondary transaction.

In September itself, Nazara said it was acquiring a 15.86% stake in gaming community platform GetStan Technologies for INR 18.4 Cr. More recently, the company also said that its board approved a proposal to raise INR 900 Cr via a preferential equity issue. 

Shares of the company closed 2.9% lower at INR 954.20 on the BSE on Friday (October 4).

The post Nazara’s Openplay Gets Interim Relief From Calcutta HC In INR 845 Cr GST Notice Case appeared first on Inc42 Media.

IPO-bound foodtech major Swiggy has launched a new service to deliver quick-to-prepare dishes in 10 minutes. 

Called Swiggy Bolt, the new offering is currently operational in six cities – Bengaluru, Hyderabad, Mumbai, Chennai, Delhi, and Pune. 

In a statement, Swiggy said that the new offering will deliver food from popular restaurants and QSR chains within two kilometre radius of the consumer. 

Bolt will feature dishes such as burgers, hot and cold beverages, breakfast items, and biryani that require minimum preparation time. The new offering will also focus on ready-to-pack dishes like ice cream, sweets and snacks. 

“Customers can choose from a mix of well-known national brands like KFC, McDonald’s, Burger King, Baskin Robbins, Starbucks, Chaayos, and EatFit, alongside local favourites… “ the statement added. 

The company also claimed that the delivery partners will not be informed of the distinction between Bolt and regular orders, adding that they will not be penalised or incentivised based on delivery time.

“Bolt is the next evolution in our mission to provide unmatched convenience. Ten years ago, Swiggy revolutionised food delivery by cutting average wait times to 30 minutes. Now, we’re reducing that wait even further for frequently ordered items… ,” Swiggy’s food marketplace division’s CEO Rohit Kapoor said. 

In a post on LinkedIn, Kapoor said that Swiggy is eyeing a pan-India roll out of the service in the near future. 

This comes nearly a month after Inc42 reported that the IPO-bound foodtech launched ‘Cafe’ in a few localities in Bengaluru to deliver snacks and beverages in 15 minutes. At the time, it was reported that Swiggy Cafe had curated a few beverage options such as coffee, milkshakes, and protein bars from brands like Blue Tokai and The Whole Truth under the new offering.

Earlier today, it was also reported that the foodtech major has started piloting a high-priced concierge membership that offers subscribers purchase access to high-end experiences and events that are not available to the general public.

However, the 10-minute delivery space is not something new for the IPO-bound startup. In 2022, it launched Swiggy Instacafe in a pilot mode under its quick commerce arm Swiggy Instamart. It was said to be making deliveries of pre-made food and snacks, along with groceries, through its dark stores in certain pockets of Bengaluru back then. 

Swiggy’s competitor Zomato also launched a similar service ‘Zomato Instant’ in Gurugram in April 2022 but “rebranded” the vertical due to “not getting the daily volume required to even meet the fixed costs”. 

Meanwhile, a new competitor in the 10 minute food delivery space emerged recently. Swish, founded in August, began delivering select fast food in the HSR layout area of Bengaluru and is planning to expand its operations soon.

For Swiggy, the pilots come ahead of its much-anticipated IPO. The startup filed its updated draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI). On Thursday, the company got approval from its shareholders to increase the size of the fresh issue of shares in the IPO to INR 5,000 Cr. The IPO will also comprise an offer for sale of 18.53 Cr equity shares.

The post Swiggy Launches 10-Minute Food Delivery Service Bolt appeared first on Inc42 Media.

The union government will “soon” float tenders for setting up 10 gigawatts (GWs) of battery energy storage projects.

Vijay Mittal, joint secretary in the Ministry of Heavy Industries (MHI), said that the new projects will strengthen India’s position in the energy storage segment, news agency PTI reported.

“The ministry (MHI) will soon come out with a 10 GW RFP (request for proposal) for those who are working on the energy storage part of it for grid-scale energy storage systems… so that we have… indigenous capability for manufacturing of battery energy storage system(s) compatible with advanced chemistry cells,” Mittal was quoted as saying. 

Mittal also said that the Centre has set aside over 40 gigawatt-hours (GWh) out of 50 GWh for various original equipment manufacturers (OEMs) for indigenous manufacturing of advanced chemistry cells (ACCs) under the government’s production-linked-incentive (PLI) scheme.

Simply put, ACCs are used in electric vehicles (EVs) and can store electric energy either as electrochemical or as chemical energy.

According to Livemint, the new RFP will be formulated in association with the ministry of new and renewable energy and NITI Aayog. Mittal also reportedly added that a large chunk of India’s energy storage requirement, which may be in the range of 110-150GWh, will be manufactured domestically by 2030.

Noting that the ministry is leading the mission of indigenous manufacturing of chemistry cells in the country, Mittal, as per PTI, said that the country has set its eyes on reducing the need for imports of internal combustion engine (ICE) vehicles to address environmental concerns.

It is pertinent to note that the Centre approved the PLI scheme for manufacturing ACC batteries in May 2021 to give a major impetus to the homegrown electric mobility sector and battery storage ecosystem. With an outlay of INR 18,100 Cr, the PLI scheme aims to achieve manufacturing capacity of 50 GWh of ACC and 5 GWh of “niche” ACC.

The scheme will look to enhance India’s manufacturing capabilities by setting up giga scale ACC manufacturing facilities in India with emphasis on maximum domestic value addition. 

Notably, last month, MHI selected Reliance Industries Limited (RIL) as the successful bidder under the PLI scheme for 10 GWh ACC manufacturing unit. Under the scheme, the conglomerate will  be eligible for the maximum budgetary outlay off INR 3,620 Cr.

The first round of bidding, in March 2022, for the PLI scheme saw three companies – Reliance New Energy Limited, Ola Electric, and Rajesh Exports Limited win grants for 10 GWh each.

It is pertinent to note that Ola Electric has already completed the initial phase of setting up its gigafactory, “Futurefactory”, in Tamil Nadu’s Krishnagiri. The EV major claims that the unit will have an overall production capacity of up to 20 GWh.

The post Govt To Soon Invite Bids For Building 10 GW Battery Storage Projects appeared first on Inc42 Media.

Jio Financial Services and BlackRock have received in-principle approval from the Securities and Exchange Board of India (SEBI) to set up their proposed mutual fund business.

“… Securities and Exchange Board of India (SEBI) vide letter dated October 3, 2024 has granted in-principle approval to the Company and BlackRock Financial Management Inc to act as co-sponsors and set up the proposed mutual fund,” Jio Financial Services said in a filing with the BSE.

The financial services company said that the final approval for registration from SEBI will be contingent upon certain requirements to be fulfilled by it and BlackRock. 

This comes more than a year after Jio Financial Services said that it signed a joint venture (JV) agreement with BlackRock to foray into the Indian asset management space. At the time, it said that Jio Financial Services and BlackRock would target an initial investment of $150 Mn each in the JV, where both entities will own 50% stake each in the newly formed digital-first company. 

Thereafter, in October last year, Jio Financial Services filed an application with SEBI for a mutual fund licence. 

It is pertinent to note that SEBI approves mutual applications in two steps. First, the applicants get in-principle approval, enabling them to set up an asset management company, which is followed a few months later by final nod.

In April this year, Jio Financial Services also signed another JV with BlackRock to set up wealth management and brokerage ventures. At the time, the financial services company said that the move would enable it to offer digital-first products and “democratise” access to investment solutions.

With this, Jio Financial Services-BlackRock has become the latest entity to receive SEBI approval for its mutual fund foray. In the past one year, the regulator has issued licences to the likes of Zerodha, Old Bridge Capital Management, Helios Capital, among others, for offering mutual funds. 

The approval comes at a time when India’s mutual fund ecosystem continues to see healthy growth. As a result of this, new players like Zerodha and Groww have launched multiple mutual funds in the past one year.

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