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  • By the End of March, Urban Company Expected to Submit Draft Documents for an INR 3K Cr IPO

    According to reports, Urban Company, a startup providing hyperlocal services, plans to submit draft documents for its INR 3,000 Cr IPO by the end of March. According to a report that cited sources, the company will issue both new and existing shares in its first public offering (IPO). The business will primarily raise primary capital, it stated. The business has enlisted Morgan Stanley, Goldman Sachs, and Kotak Mahindra Capital to supervise the procedure. As stated in October of last year, Prosus, one of its investors, intends to increase its stake in the business in anticipation of its initial public offering. In a secondary transaction, Prosus wants to invest $30 million (about INR 252 crore) in the hyperlocal services company Urban Company, providing Bessemer Venture Partners with a partial exit.

    Raising INR 400 Cr Last Year      

    Through a secondary deal last July, Urban Company raised INR 400 Cr ($50 Mn) from Dharana Capital, a Bengaluru-based venture capital firm. Employees and other shareholders sold their shares of Urban Company as part of the deal. The fundraising event took place at the same time as Titan Capital, the venture capital (VC) firm that cofounded Snapdeal with Rohit Bansal and Kunal Bahl, completely left the startup. In October of last year, the company also established a joint venture (JV) with Saudi Manpower Solutions Company (SMASCO) to launch a new home services platform in Saudi Arabia.

    Current Financial Report of Urban Company

    In terms of finances, the business reduced its losses in the fiscal year 2023–2024 (FY24) by 70%. In the fiscal year 2023–2024 (FY24), Urban Company reported a loss before tax of INR 93 Cr, a 70% decrease from INR 312 Cr in the previous year. In FY24, the company’s operating EBITDA dropped to INR 116 Cr from INR 297 Cr in FY21. The current fiscal year (FY25) saw Urban Company generate INR 281 Cr in sales during the first quarter (Q1).

    In addition to activities in international markets like Singapore and Saudi Arabia, the brand is present in more than 30 Indian cities. According to Urban Company, 23 million services were delivered on the platform in FY24 by 57,000 partners. The company was founded in 2014 by Varun Khaitan, Abhiraj Singh Bhal, and Raghav Chandra. It is a technology-driven platform that links clients looking for home services with gig workers. Among other services, its offering includes cleaning, plumbing, appliance repair, and spa and beauty treatments. The company recently introduced a line of water purifiers as part of its diversification into branded household goods.

    SEBI Approves JSW Cement’s INR 4,000 Cr IPO Plan
    Securities and Exchange Board of India (SEBI) approves JSW Cement’s plan to raise INR 4,000 crore through an IPO, paving the way for its public offering.
    StartupTalkyNitin Konde

  • SEBI Approves JSW Cement’s Plan to Raise INR 4,000 Cr Through an IPO

    The Securities and Exchange Board of India (SEBI), which oversees capital markets, has given JSW Cement Limited, a division of the global conglomerate JSW Group, its final approval to raise INR 4000 crore through an initial public offering (IPO).

    On August 16, the business submitted its IPO documents to the market watchdog. An offer for sale (OFS) of up to INR 2000 crore by Investor Selling Shareholders and a fresh issuance of shares up to INR 2000 crore are both included in the IPO, which has a face value of INR 10 per. AP Asia Opportunistic Holdings Pte. Ltd. is offering up to 937.50 crore, Synergy Metals Investments Holding Limited is offering up to 937.50 crore, and State Bank of India is offering up to 125 crore.

    How Firm is Planning to Utilise Funds?

    As a pre-IPO placement, the company may investigate the prospect of collecting up to INR 400 crore through a preferential allotment or other means after consulting with the book-running lead managers. The size of the new issue will be changed appropriately if this placement is carried out correctly.

    INR 800 crore will be used by the company to partially finance the construction of a new integrated cement facility in Nagaur, Rajasthan; INR 720 crore will be used for the full or partial prepayment or repayment of some outstanding debts; and the remaining sum will be used for general business purposes.

    The offer’s registrar is KFin Technologies Limited, while the book running lead managers are JM Financial Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited, DAM Capital Advisors Limited, Goldman Sachs (India) Securities Private Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited, and SBI Capital Markets Limited. It is suggested that the equity shares be listed on the NSE and BSE.

    About JSW Cement

    According to a CRISIL Report, JSW Cement is among the fastest-growing cement manufacturers in India in terms of installed grinding capacity and sales volume between fiscal 2014 and fiscal 2024. Among the top 10 cement makers by installed capacity, it was also one of the fastest-growing cement production companies in India in terms of sales volume from Fiscal 2023 to Fiscal 2024.

    According to the CRISIL Report, the company’s sales volume increased by 31.11% in Fiscal 2023 (not including sales from JSW Cement FZC), greatly exceeding the industry average growth of 6.35%.

    In contrast to the industry norms of 7.31% and 7.56%, respectively, JSW Cement’s installed grinding capacity and sales volume expanded at compound annual growth rates (CAGR) of 14.14% and 19.06% over this time, according to CRISIL.

    Centre Unveils the Bharat Cleantech Manufacturing Platform
    The Centre unveils the Bharat Cleantech Manufacturing Platform, aiming to promote sustainable innovation and green manufacturing in India.
    StartupTalkyNitin Konde

  • Amazon Launches Community Development Initiatives in Meerkhanpet Village, Telangana

    The completion of community development projects in Hyderabad’s Meerkhanpet, Kandukur Mandal, which is a part of the Rangareddy district, was announced by Amazon Web Services (AWS) India. The local community received the freshly rebuilt facilities for a health sub-centre and self-help group (SHG) resource centre, a public park, and a water purification system. In addition to local ward members and leaders, the new initiatives were launched in front of dignitaries such as Sabitha Indra Reddy, a member of the Telangana Legislative Assembly; Sergio Loureiro, VP of Global Data Centre Operations at Amazon Web Services (AWS); Saji P.K., Director of Data Centre Operations – Asia-Pacific, Middle East, and Africa at AWS; and Aditya Chowdhry, Director of Data Centre Operations – India at AWS.

    Corporates are the Key Drivers: Reddy

    According to Sabitha Indra Reddy, corporations play a crucial role in fostering robust community development that aims to improve both the quality of life and economic progress. Amazon has continuously made a commitment to strengthening Telangana’s local communities through a number of development projects that have shown promise. The administration anticipates that all facets of the village’s inhabitants will significantly benefit from the new initiatives.

    The village panchayat owned the property on which the recently opened public park was built. The park has a running track, a children’s play area, and an open gym. Through an automated water dispensing equipment, the RO water purifier system will make drinking water easy and affordable for the community, removing the need for outside vendors.

    The renovated health sub-centre, which has a larger waiting area, an in-patient room for short-term treatments, and a medical consultation room, will serve the community’s basic healthcare needs. There are now two storage rooms, a sizable meeting room, and newly constructed restrooms in the SHG resource centre. The local women’s self-help groups will utilise it for meetings and as a place to work together on business ventures.

    Other Initiatives by Amazon

    Along with these projects, Amazon has also planted avenues for Meerkhanpet’s village roads and installed solar lamps. In addition to renovating the Zilla Parishad High School in Meerkhanpet and building a community library, Amazon also established an Amazon Think Big Space there in 2022, which aims to promote STEM education for kids.

    These new projects in Telangana supplement the numerous projects that Amazon has already carried out in the Rangareddy district of the state, including the opening of Think Big Spaces in several locations throughout the district, including Nednur, Meerkhanpet, and Kandukur mandals, and the refurbishment of government schools, Anganwadi centres, healthcare facilities, and hospitals.

    Ambarish Kenghe Joins Angel One as Group CEO
    Ambarish Kenghe, VP of Google Pay, has been appointed as the Group CEO of Angel One, marking a new era for the company.
    StartupTalkyNitin Konde

  • Ambarish Kenghe, VP of Google Pay, Becomes Group CEO of Angel One

    Ambarish Kenghe, a former Google Pay executive, has been appointed as the new group chief executive officer (CEO) of listed online stock broking giant Angel One. Angel One stated in a filing with the exchanges that Kenghe will begin working for the company on March 6, 2025, at the latest. Kenghe, who attended Purdue University, joined Google Pay in 2018 as vice president and general manager for the Asia Pacific (APAC) region. He was involved in the creation of Chromecast and Google TV at Google and was instrumental in growing the digital payments platform. He formerly worked as a strategic consultant for San Francisco’s Bain & Company and as the chief product officer at Myntra.

    Exciting New Era for Angel One: Thakkar

    Dinesh Thakkar, the managing director and chairman of Angel One, commented on the hiring, saying that Ambarish’s appointment as managing director ushers in a thrilling new era for the company. With his extensive industry knowledge and demonstrated ability to drive innovation, he is the visionary leader the company needs to launch into its next phase of expansion. In 1996, Angel One—previously known as Angel Broking—was established. The business provides financial product distribution, investment advising, and broking services. Thanks to its digital play, it has experienced tremendous growth in recent years. As of the end of December 2024, its “total client base” had grown to 29.5 million, a 52% year-over-year (YoY) increase.

    With four patents under his belt, Kenghe is a prolific innovator who epitomises technical know-how and inventiveness. His excellent academic background includes a bachelor’s degree in computer engineering from AMU, a master’s degree in computer science from Purdue University, a master’s degree in computer science and engineering from IIT Kanpur, and an MBA from UC Berkeley.

    “I am incredibly honoured to be a part of Angel One, a brand that has been at the forefront of transforming India’s fintech landscape,” Kenghe said as he stepped into his new role at Angel One. Angel One has established a solid basis via its emphasis on innovation and customer-centricity. In order to propel the next stage of growth and provide users with cutting-edge financial solutions, “I am excited to collaborate with the outstanding team.”

    Financial Developments at Angel One

    Angel One’s net profit increased 8.1% to INR 281.4 Cr in the third quarter (Q3) of the fiscal year 2024–25 (FY25) from INR 260.3 Cr in the same time last year. From INR 1,059 Cr in Q3 FY24 to INR 1,262.2 Cr, operating revenue increased 19%. The most recent appointment was made months after the company hired Arief Mohamad, a former Flipkart executive, to lead its direct business as its chief business officer in October 2024.

    Groww Eyes IPO with a Valuation of $7-8 Billion
    Groww is reportedly in negotiations to apply for an IPO, targeting a valuation of $7-8 billion to strengthen its market position.
    StartupTalkyNitin Konde

  • The Dunzo App and Website are Down While Employees Leave

    The website and mobile app of Dunzo, a hyperlocal delivery startup, are unavailable due to continuous issues. The message “{“error”:”Something went wrong.”} appears on its website. The message “Something doesn’t seem right” appears on the mobile app. The app does not presently allow new users to sign in. The software has been unavailable to users in several parts of the nation for a few days. The app and the website are reportedly having some “migration issues,” according to a media report, even though Dunzo has not made any public statements on the matter.

    However, report further stated that the company might be going through a process called ‘App Migration’. The process of transferring software applications from one environment to another is known as app migration.

    More Bad News for Denzo

    All of Dunzo‘s staff have departed the startup, according to the media report. On January 9, a few workers also complained about their unpaid salary to the Bengaluru police station in Indira Nagar against cofounder Kabeer Biswas. According to the lawsuit, Dunzo has failed to pay the salaries of around 400 workers. According to various reports, Biswas is expected to speak with the investigating officer about the situation on January 14. Due to a lack of funds, Dunzo has repeatedly postponed staff salaries over the past 12 months. In addition to not paying salary for November 2024, it postponed paying salaries for June and July for several months.

    Due to financial difficulties, Dunzo let go of several employees in 2023 and 2024, and a small number of people left the firm to work for other companies. The most recent development occurs just days after Biswas left Dunzo. He was the sole cofounder still working for the startup. Biswas will join “Flipkart Minutes” to oversee the operations of the e-commerce giant’s rapid commerce division.

    Denzo Unable to Generate Investments

    According to reports, Dunzo has made purchase offers to Reliance Retail, Flipkart, PhonePe, and Swiggy. Additionally, Reliance Retail wrote off its $200 million investment in Dunzo, according to various media reports. When Dunzo was first established in 2014, it provided pick-and-drop services. In 2021, it switched to fast commerce, and in 2022, Reliance Retail provided $240 million in capital.

    In order to complete a settlement with Invoice Discounters, the company has asked the National Company Law Tribunal (NCLT) for more time. The underlying financial problems have not been addressed, even though this might provide a brief reprieve.

    Some media outlets claim that Dunzo’s attorney informed the tribunal that the parties are sincere in their pursuit of settlement negotiations and close to finishing the terms of the agreement. Please give them two weeks. In the meantime, the corporation has barely paid half of its debt, according to the creditor’s attorney, who is disputing these assertions. Investors exit, boardroom chaos, and significant leadership changes at Dunzo have further compounded the company’s problems. Concerns regarding the startup’s future have been raised by the departure of important board members, including those from significant backers LightBox and Reliance Retail. The leadership gap is made worse by the departure of co-founders Dalvir Suri and Mukund Jha.

    Groww Eyes IPO with a Valuation of $7-8 Billion
    Groww is reportedly in negotiations to apply for an IPO, targeting a valuation of $7-8 billion to strengthen its market position.
    StartupTalkyNitin Konde

  • With a Valuation of $7-8 Billion, Groww is in Negotiations to Apply for an IPO

    According to a media report, stockbroking company Groww has been in talks with several investment bankers about its initial public offering (IPO), hoping to earn about $700 million at a valuation of $7-8 billion. Groww has begun the IPO process by working with investment bankers. The timing hasn’t been determined yet, though. The report went on to say that it would depend on the situation of the market.

    Less than a year has passed since the company finished relocating its holding company’s headquarters from the US to India, becoming one of the leading fintech companies to return to their home countries in the face of advantageous economic policies and a growing domestic market. The Bengaluru-based business intends to list at a time when the nation’s stock brokers are struggling with a recent decision by market regulator Sebi to restrict trading in futures and options, citing speculation by small retail traders.

    Groww Showing Strong Performance in the Market

    Groww‘s valuation is contextualised by the fact that Angel One, a Mumbai-based and publicly traded stockbroking firm, is valued at less than $3 billion. In terms of active investors, Groww, one of India’s top full-stack financial services companies, outperformed rival Zerodha last year.Groww more than doubled its user base from the previous year, adding over 50 lakh users by November 2024. Over the past year, it has increased its advantage over Angel One and Zerodha, its nearest competitors.

    Groww presently leads Zerodha by over 50 lakhs. According to data from market exchanges as of December 2024, Groww has over 1.3 crore active investors on the site, whilst Zerodha has approximately 81 lakh active investors.There are over 78 lakh active investors in Angel One.

    Shifting from Mutual Funds to Stock Trading

    Groww began as a direct mutual fund platform before concentrating on stock trading and swiftly becoming the biggest broking app in the nation. Over 12 million traders are currently using Groww’s application. The business ended the previous fiscal year with INR 3,145 crore in total revenue and INR 805 crore in net losses.

    The firm sponsored by Peak-XV Partners claimed an operating profit of INR 535 crore, but the one-time tax payment from the flip back to India was the reason for its net loss. In addition to trading stocks, Groww manages assets and extends credit through a non-banking financing company. The company provides consumer credit and check-out finance services via Groww Creditserv Technology. The lender had INR 731 crore in assets under control by March 2024.

    This year, Groww is one of several Indian businesses aiming to go public. Various media outlets reported on January 13 that Ather Energy is seeking a public offering of $2.4 billion. The fintech company MobiKwik went public in December and is now valued at over INR 4,000 crore.

    Centre Unveils the Bharat Cleantech Manufacturing Platform
    The Centre unveils the Bharat Cleantech Manufacturing Platform, aiming to promote sustainable innovation and green manufacturing in India.
    StartupTalkyNitin Konde

  • “Bharat Cleantech Manufacturing Platform” Unveiled by the Centre

    The ‘Bharat Cleantech Manufacturing Platform’ was launched by Commerce Minister Piyush Goyal. In order to promote cleantech manufacturing in the nation across industries like solar, wind, hydrogen, and battery storage, the platform will attempt to bring together players from policy, industry, finance, and research. The project was created to strengthen India’s cleantech value chain, according to an official release. Goyal made the announcement of the new platform on January 11, during the Bharat Climate Forum 2025 event in New Delhi. The minister also encouraged the audience to “think innovatively and increase manufacturing scale” in the nation during his remarks. According to him, the platform’s launch will give Indian businesses a chance to work together and co-innovate. He went on to say that the new project will provide a way to exchange resources, ideas, and technology as well as to finance projects. According to him, this would make India a compelling commercial case and a world leader in cleantech and sustainability.

    The Sprawling Nexus of Cleantech Startups

    Goyal also stated during the launch that subsidies and production-linked incentives (PLIs) are harmful to the renewable energy industry’s long-term expansion. The trade minister stated that the cleantech industry should aim to become self-sustaining and “independent of the government,” adding that such measures were crucial to only help launch the sector. The remarks coincide with the emergence of numerous cleantech startup companies in India to tackle environmental issues and develop creative ways to strike a balance between the demands of sustainability and economic growth. Electric cars, rooftop solar energy harvesting, organic waste management, and even air and water purification are some of these services.

    Encouraged by the government’s initiative, PLI, and businesses’ increasing emphasis on environmentally responsible practices, the sector has also seen a substantial increase in investor interest. With $829 million raised from 75 agreements, the Indian cleantech ecosystem ranked as the sixth most funded industry in 2024.

    Investors Pouring Funds in Cleantech Startup Sector

    SolarSquare, a firm providing rooftop solar solutions, raised $40 million in its Series B fundraising round in December, with Lightspeed leading the deal. Last month, Zunroof also raised over $2.3 million in a round headed by ANBG Enterprise LLP, the Godrej family office. Kazam, a cleantech firm, raised $8 million in its Series A3 fundraising round in August of last year. Vertex Ventures Southeast Asia and India led the deal. India Accelerator launched a new vertical last year to support Indian cleantech firms, demonstrating the level of interest in the industry. All things considered, by 2040, the Indian cleantech market might be worth $41 billion.

    NCLT Approves Zepto’s Reverse Flip to India
    The NCLT has approved Zepto’s reverse flip into India, paving the way for the company’s transition back as an Indian entity.
    StartupTalkyNitin Konde

  • Brand of Bubble Tea Boba Bhai Launches New Korean Offerings with INR 30 Cr

    Based in Bengaluru, in a Series A fundraising round headed by 8i Ventures, Boba Bhai, a quick-service restaurant (QSR) brand that specialises in bubble tea and other culinary products, has raised INR 30 Cr, or roughly $3.4 million. Numerous current investors, including DEVC, Global Growth Capital, and Titan Capital Winners Fund, also participated in the round. The firm intends to use the extra revenue to scale operations, introduce new Korean products, create new sub-brands, and enter more recent cities like Pune and Ahmedabad. With the most recent round, the business has raised a total of INR 42.5 Cr ($4.9 Mn) so far. Boba Bhai was established in 2023 by Dhruv Kohli and offers K-Pop burgers with an Indian touch along with 45 types of bubble tea.

    Previous Funding Rounds and Further Expansion Plans

    Together with participation from other investors, such as V3 Ventures cofounder Arjun Vaidya, Marsshot VC (RazorPay founders’ fund), DEVC, Warm Up Ventures, Mamaearth cofounder Varun Alagh, and PeerCheque, Boba Bhai raised INR 12.5 Cr in April of last year. Bengaluru, Hyderabad, Mumbai, Delhi, Gurugram, Noida, Mangalore, Udaipur, and Chennai are among the nine locations where the brand is currently present. Its goal is to quadruple its footprint. By the end of this year, the business hopes to add more than 150 locations, according to Kohli. According to Kohli, the startup has made INR 8 Cr in its first six months of business.

    Currently Processing Over 85,000 Monthly Orders

    Speaking about the funding, Kohli stated that the brand’s remarkable success over the last nine months can be attributed to its dedication to quality, innovation, and customer pleasure. The business is in a strong position to grow, launch innovative new products, and position Boba Bhai as the preferred QSR brand for the upcoming generation of Indian customers thanks to the strategic support of its investors. Boba Bhai has 42 locations in nine cities and processes more than 85,000 orders every month, with an average order value (AoV) of about INR 400 per order. The firm has a 48% recurring customer rate and an average order value of around INR 400. According to the founder, he wants to own 75–80% of the bubble tea market in India.

    About 30% of the brand’s orders originate from its physical locations, with the remaining 70% coming via its website and online marketplaces like Zomato, Swiggy, and ONDC.  Additionally, the brand intends to launch sales via fast commerce platforms shortly. According to Kohli, the firm anticipates that rapid commerce would account for 25–30% of its sales once its platforms are launched.

    Vishwanath V, general partner at 8i Ventures, commented on the investment, stating that Boba Bhai is a popular brand among India’s Gen Z and the undisputed market leader in the bubble tea category. It was impressed by Kohli and his team’s speed and operational expertise, and they are a pleasure to work with.

    NCLT Approves Zepto’s Reverse Flip to India
    The NCLT has approved Zepto’s reverse flip into India, paving the way for the company’s transition back as an Indian entity.
    StartupTalkyNitin Konde

  • The NCLT Approves Zepto’s Reverse Flip into India

    The merger of Mumbai-based Kiranakart Technologies, the company behind the fast commerce platform Zepto, with its Singapore-based affiliate, Kiranakart Pte Ltd, has been accepted by the National Company Law Tribunal (NCLT). Zepto becomes an Indian firm after the NCLT order, and there is no resistance to the two companies’ cross-border merger. Zepto is operated by Kiranakart Technologies Private Limited, an Indian firm, and Kiranakart PTE LTD, a Singaporean holding company. According to the NCLT ruling, Zepto will not need a no-objection certificate (NOC) from the Reserve Bank of India (RBI). According to the tribunal, the RBI has not objected, and an express NOC is not required because the Scheme of Arrangement is covered by Regulation 9 of the Cross Border Merger Regulations, which stipulates that the RBI’s prior permission is presumed. According to the ruling, the scheme will also help the companies deal with better management, value consolidation, risk and policy management, competitive regulatory environments, and shareholder value creation.

    Zepto Aims to Streamline its Group’s Structure with this Move

    Zepto intends to simplify its group structure by lowering the number of legal entities in order to “optimise the legal entity structure” for improved business synergies, speedier decision-making, and substantial cost savings with the move of its holding company to Mumbai, India. This streamlined framework will help future fundraising efforts from Indian and international investors, according to the NCLT Mumbai bench. The judgement further stated that by switching to India, Zepto will be able to control risks, comply with local regulations, and directly align with the regulatory environment. By removing unnecessary administrative tasks and numerous record-keeping procedures, this action also seeks to streamline operations and drastically cut down on common management, administrative, and other costs. Zepto’s preparations for an IPO in India later this year are anticipated to be accelerated by this development.

    Within 30 days, Zepto is anticipated to formally finalise the transfer of its domicile to India. According to an earlier report by Inc42, Zepto, which is financed by Nexus, intends to reverse flip to India. According to people close to the business, Zepto wants to get into the reverse flipping queue with companies like Groww, Razorpay, Pine Labs, and Eruditus. However, many of these unicorns are being cautious and planning the most effective reverse flipping structure, much like PhonePe, whose tax liabilities went up to $900 million. The Mumbai bench of the NCLT noted in its January 9 ruling that the plan seems reasonable and fair and does not violate any legal provisions or public policy. Singaporean officials have also approved the merger.

    Zepto Aiming for an IPO

    In March or April of this year, the fast commerce platform hopes to submit its initial public offering (IPO) draft documents. Prior to going public, the company had already secured the required permits to move its headquarters from Singapore to India. Aadit Palicha and Kaivalya Vohra founded Zepto in 2021, and it presently uses a business-to-business (B2B) business model. Its parent company, Kiranakart Technologies, buys products straight from manufacturers and only distributes them to its licensee businesses, which include Commodum Groceries, Geddit Convenience, and Drogheria Sellers. Last year, Zepto made headlines when it raised an incredible $1.3 billion in capital and surpassed Blinkit and Swiggy Instamart in terms of revenue. At the moment, the rapid commerce unicorn is worth about $1.4 billion.

    Zaggle Partners with Zepto to Deliver SaaS Solutions
    Zaggle inks an agreement to provide Zepto with SaaS solutions, enabling enhanced operational efficiency and technological innovation.
    StartupTalkyNitin Konde

  • Ather Energy Wants to Value its IPO at $2.4 billion

    According to reports, Ather Energy, an electric car startup, is aiming for a $2.4 billion value for its impending initial public offering (IPO) this year. The new valuation is more than 80% higher than its previous round of fundraising, according to a media story that cited sources. The firm will submit its final clarifications to the Securities and Exchange Board of India (SEBI), the market watchdog, and submit its revised draft red herring prospectus (DRHP) by the end of January or the first few weeks of the subsequent month, according to the article.

    How Company Plans to Utilise Funds?

    Ather intended to use INR 750 Cr, or 25% of the fresh issue part of the INR 3,100 Cr IPO, for research and development (R&D) in accordance with its original DRHP, which was submitted in September. Additionally, INR 927 Cr will be set aside for the establishment of a new facility in Maharashtra. According to reports, the unicorn in e-mobility was aiming for an IPO price of about $2.5 billion. It should be noted that this development occurs weeks after SEBI approved Ather’s plans to go public. According to the SEBI website, the markets regulator sent Ather the observation letter on December 23.

    Recent Developments at Ather

    Ather Energy, which was founded in 2013 by Tarun Mehta and Swapnil Jain, produces battery packs and electric two-wheelers in addition to having its own charging station. The company recently introduced the Rizta family escooter series and ventured into the smart helmet industry after expanding its market with its 450 line of ebikes. After raising INR 600 Cr from its current investor NIIF in August 2024 at a post-money valuation of $1.3 billion, the EV powerhouse became a unicorn. However, the slowdown in the number of EVs sold in the broader market impacted Ather Energy, which experienced a 19% drop in vehicle registrations to 10,429 last month from 12,909 in November.

    Good News for Nikhil Kamath!

    Nikhil Kamath, a well-known podcaster and cofounder of Zerodha, will also benefit from one of the fastest value increases due to IPO valuation, as his 5% ownership will increase to over $100 million in around six months.

    By purchasing Flipkart cofounder Sachin Bansal’s share last year, Kamath made his debut on the Ather cap table. At a value below the unicorn round, Kamath is thought to have paid about $40 million for the Ather stake.

    With investments in a number of early-, late-, and IPO-bound firms, Kamath has become a prominent player in India’s digital economy. Among the companies in his portfolio are Bluestone and Subko Coffee.

    Hero MotoCorp, the biggest shareholder in Ather with roughly a 37% interest, will be listed as a co-promoter and will not be selling any shares during the offer-for-sale (OFS) window. Another Flipkart cofounder, Binny Bansal, is selling off a portion of his investment in the EV manufacturer as part of the IPO. Other stockholders include GIC and Tiger Global.

    Lenskart Eyes $1 Billion Investment Ahead of IPO
    Lenskart, as it gears up for its IPO, aims to attract up to $1 billion from investors, marking a significant milestone in its growth journey.
    StartupTalkyNitin Konde