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Tag: sebi

  • Paytm Money Settles Case for Violating SEBI Regulations by Paying Fine of INR 45.50 Lakh

    In order to resolve a case with SEBI about alleged violations of the standards for the technical fault framework, Paytm Money, the wealthtech subsidiary of Paytm, has paid a fine of INR 45.50 lakh. The market’s watchdog stated in a settlement decision that it had sent Paytm Money a show-cause notice for breaking multiple SEBI Act, 1992 provisions:

    •Failure to establish the permissible threshold of 70% for the generation of timely notifications for all critical assets.

    •Absence of documentation pertaining to the inspection period’s peak load.

    •Failing to integrate the Logs Analytics and Monitoring Application with all of its vital systems.

    •For the first half of fiscal year 2023–2024 (H1 FY24), there will be no live DR drills.

    “With a settlement order and a September 17, 2024, settlement application filed with SEBI, the noticee (Paytm Money) proposed to settle the current proceedings brought against it, pending adjudication proceedings, without acknowledging or disputing the findings of facts and conclusions of law,” the order stated.

    Regulatory Bodies Putting Strict Scanner on Paytm

    Earlier, Paytm and its directors and officials, both present and past, settled a complaint with SEBI by paying a total of INR 3.32 Cr. It is important to remember that for the past two years, regulatory agencies have been closely examining Paytm. In 2015, the Reserve Bank of India (RBI) granted in-principle approval to 11 applicants to establish a payments bank, including Paytm.

    Due to alleged violations of know your customer (KYC) standards, the central bank prohibited Paytm Payments Bank from onboarding new clients and taking deposits using its services, including FASTag and wallet, in 2024. The payments bank is essentially unable to conduct business as a result of the RBI’s crackdown.

    The Financial Intelligence Unit-India (FIU-IND) fined Paytm Payments Bank INR 5.49 Cr in March 2024 for breaking the nation’s money laundering regulations. The stock of Paytm Payments Bank plummeted as a result of the RBI’s crackdown. Additionally, Paytm’s market share in the UPI industry has decreased as a result of this.

    Response from Paytm

    Rajeev Krishnamuralilal, a former IRS and SEBI long-time member, has joined Paytm Money’s board as a non-executive independent director, the company announced in a statement. It is important to remember that One 97 Communications, the parent company of Paytm, already has Krishnamuralilal on its board. Apart from his position as a non-executive independent director, Krishnamuralilal will also be the chairwoman of Paytm Money’s risk management and corporate social responsibility committees and a member of the audit committee.

    Rajeev Agarwal Officially Joins Paytm

    Rajeev Krishnamuralilal Agarwal was appointed as an extra non-executive independent director at One97 Communications’ wholly-owned subsidiary, Paytm Money, on 13 February 2024.

    Agarwal will also assume important responsibilities, such as chairing the Paytm Money Risk Management and Corporate Social Responsibility (CSR) Committees and being a member of the Audit Committee. Having worked for the Indian Revenue Services (IRS) for 28 years, Agarwal brings more than 40 years of expertise to the position. He has worked for the Securities and Exchange Board of India (SEBI) as a full-time member.

    RBI Removes Restrictions on Online Customer Onboarding at Kotak Mahindra Bank
    The RBI has lifted restrictions on Kotak Mahindra Bank’s online customer onboarding, allowing the bank to resume digital account openings and other services.
    StartupTalkyNitin Konde

  • The 1% Club, Led by Sharan Hegde, Receives an RIA Licence from SEBI

    At a time when the Securities Exchange Board of India (SEBI) has tightened its grip on financial influencers, well-known financial influencer Sharan Hegde’s company, 1% Club, has obtained an Investment Advisor (RIA) licence. Subject to certain rules established by SEBI, the licence permits a person or business to function as an RIA, which is legally permitted to offer customers financial advice on investments in the Indian market.

    Now, the company’s Personal CFO division complies completely with the stringent regulations set forth by SEBI. According to Hegde, the business is now the first influencer-led enterprise to obtain a SEBI-RIA licence. Working with leading compliance and legal organisations in the nation, the process of acquiring the licence took six to eight months.

    Finfluencers not Preferred Choice for SEBI

    According to Hegde, people have been demanding that finfluencers register since SEBI has been harshly critical of them for the past one to one and a half years. He noted that the business currently has 45 employees and advises about 1,000 clients on financial matters. In less than a year, the firm has managed INR 1,000 crore in assets under advisory (AUA). This has been accomplished profitably by the 1% Club.

    Hegde wants to continue scaling it. The company will eventually be able to employ at least 1,000–2,000 people in financial planning roles, each of whom will be able to assist 200–300 clients. The enterprise would have just touched the surface of India’s needs, even if it were extremely successful.

    India Need More Financial Advisors – Hegde

    A financial counsel is desperately needed in India right now, Hegde opined. At the moment, only those with savings of at least INR 2 to 3 crore have a financial planner. India needs about 10 lakh financial planners, according to SEBI. We only have a thousand, though. Therefore, if you ask any middle-class Indian today, they have no financial planner and haven’t ever considered what one is. Hegde went on, “So, we felt that there is a huge gap in the market to offer this as a service.” Co-founder Raghav Gupta stated, “We will put what we have been preaching into practice under the Personal CFO division, which is a subsidiary in the parent company.”

    “Because no one likes studying, everyone has been quite critical of education corporations. Thus, we aimed to be as good as we talked. Since many individuals claim that everyone can produce content and earn money, we don’t want to only teach.” With the laws and compliance that SEBI has adopted, this licence is our social proof to the world that we can actually do it,” Hegde stated.

    Government Cuts RuPay & UPI Transaction Incentives in Budget 2025
    Budget 2025 reduces incentives for RuPay and low-value UPI transactions, impacting digital payments. Find out how this change affects users and merchants.
    StartupTalkyNitin Konde

  • Draft IPO Documents are Submitted to SEBI by WeWork India Management

    WeWork India Management, an office-sharing business owned by the Embassy Group, has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI), the capital markets regulator, in order to acquire money through an initial public offering (IPO).

    An offer for sale (OFS) of up to 4.37 crore equity shares is part of the company’s first public offering (IPO). The OFS includes up to 1.02 crore equity shares held by 1 Ariel Way Tenant Limited (Investor Selling Shareholder) and up to 3.34 crore equity shares held by Embassy Buildcon LLP (Promoter Selling Shareholder). Proceeds from the sale offer will not be given to the company.

    Share Proportion of WeWork India

    The main stake in WeWork India is held by Embassy Group, which has constructed more than 85 million square feet of commercial real estate and is the sponsor of Embassy REIT, the first REIT in India and the largest office REIT in Asia in terms of leasable area, according to Coldwell Banker Richard Ellis (CBRE), the American commercial real estate services and investment company.

    One of the few flexible workspace providers in India with the support of a significant real estate developer is WeWork India. Embassy Buildcon LLP owns 76.21% of the business, with public stockholders owning the remaining shares, including 23.45% of the UK-based 1 Ariel Way Tenant. The issue’s book running lead managers are JM Financial Ltd, ICICI Securities Ltd, Jefferies India Pvt Ltd, Kotak Mahindra Capital Company Ltd, and 360 ONE WAM Ltd.

    Financial and Operational Dynamics of WeWork India

    WeWork India serves a wide spectrum of clients, including startups, small and mid-sized businesses, individuals, and large corporations, by offering flexible, high-quality workspaces. A notable list of Fortune 500 firms, domestic and foreign corporations, major enterprises, GCCs, MSMEs, and startups are among its members.

    About 93% of our portfolio as of June 30, 2024, consisted of Grade A properties. In terms of earnings, the company reported a loss of INR 146.8 crore in the previous fiscal year, which decreased to INR 135.8 crore in the fiscal year 2024. However, income increased by 26.7% to INR 1,665.1 crore during that same time, compared to INR 1,314.5 crore. On revenue of INR 918.2 crore, profit for the six-month period ending in September 2024 was INR 174.6 crore.

    WeWork Marking Stronger Presence in India

    WeWork Global made headlines in 2023 when it declared bankruptcy in the US due to post-pandemic stress, skyrocketing real estate prices, exorbitant leasing costs, and its incapacity to repay loans. However, the Indian arm then emphasised that it is a stand-alone business, thriving with ambitious expansion plans, and remains largely unaffected by the insolvency.

    WeWork India also announced in January that it had raised INR 500 crore through the issuance of securities through its parent company, WeWork, and the Embassy Group. According to the corporation, the money would be used to pay down current debt, lower capital expenses, and move towards becoming “debt-free.” WeWork India has 94,440 desks spread across 59 operational centres as of September 30, 2024, with a total of 6.48 million square feet of leaseable space for operational centres.

    OfBusiness Converts to Public Company Ahead of IPO
    OfBusiness has officially become a public company ahead of its planned IPO, marking a key step in its journey toward listing and expanding its market presence.
    StartupTalkyNitin Konde

  • With Additional Clarifications, SEBI Tightens its Hold on “Finfluencers”

    On 29 January, the Securities and Exchange Board of India released additional explanations regarding the finfluencer rules. Brokers, mutual funds, investment advisers, exchanges, and other market participants are prohibited from having a direct or indirect relationship with unregistered influencers, according to the document on the SEBI website.

    The regulator’s goal is still to shield investors from deceptive financial advice and promises of assured returns, even with these stronger safeguards in place. First of all, the rules are applicable to all market players governed by SEBI, including distributors of mutual funds, sub-brokers, and marketing firms that work with them. Simply put, it is against the law for SEBI-registered firms to associate with unregistered entities that make stock market recommendations or suggest assured returns.

    According to the regulator, unless the individual is registered with or otherwise authorised by the Board to provide such advice or recommendation, no person regulated by the Board (Sebi) or the agent of such a person may have a direct or indirect association with another individual who provides advice or recommendations, directly or indirectly, regarding or related to a security or securities, or make any explicit or implicit claims of returns or performance regarding or related to a security or securities, unless the Board has given the individual permission to do so.

    Bodies that Fall Under the Umbrella of New Guidelines

    Any cash exchanges, client recommendations, information sharing, and the use of services for marketing or promotions are all included in this relationship. Actually, SEBI has stated that it is prohibited to cooperate with an agency that collaborates with influencers.

    SEBI has tightened its control over the educator’s abilities and responsibilities, with investor protection remaining an exception. Any investor educator is not permitted to make any statements regarding investor returns, suggest particular stocks and securities, or forecast future trends using market data from the previous three months.

    However, a brief window has been made available for investor education through this cooperation. This is contingent upon the fact that these influencers do not offer recommendations or make any claims regarding returns or performance.

    Impact on Marketing and Advertisement

    The barriers may also have an intriguing effect on marketing and advertising. If they have control over where their ads appear, all SEBI-registered businesses are permitted to run them. It would be against the law if they had no control over where the advertisements were displayed and could not identify influencers.

    When there is a violation, SEBI has the authority to ban offenders from the market, terminate registrations, or issue penalties. On August 29, 2024, these restrictions were introduced, and on October 22, 2024, an additional alert was released. These regulations are already in effect because the regulator requested that registered participants get their acts in shape within three months after the October circular.

    HPZ Token Scam: Fintechs Deny Account Freezing Allegations
    Fintech firms involved in the HPZ Token scam deny allegations of account freezing and ED probes, stating no involvement in the ongoing investigations.
    StartupTalkyNitin Konde

  • BlackRock and Jio Finance Jointly Invest INR 117 Cr in Mutual Funds

    Following the revelation that the company and its joint venture partner, US-based BlackRock, have invested INR 117 crore in their mutual fund business, Jio Financial Services (JFSL) will continue to be the focus of attention on January 22. BlackRock and JFSL have each purchased 5.85 crore equity shares in Jio BlackRock Asset Management Private Limited, a 50:50 joint venture between the two companies, at a price of INR 10. According to a regulatory filing, this transaction is worth INR 117 crore in total.

    In order to obtain approval, Jio BlackRock Asset Management Private Ltd applied to SEBI. An initial investment of INR 82.5 crore each was made in this company by JFSL and BlackRock. ‘Jio BlackRock Broking Private Limited’ is a wholly owned subsidiary of Jio BlackRock Investment Advisers Private Ltd, a joint venture company of the company, which was established on January 20, 2025, to conduct broking activities subject to regulatory approvals.

    Performance of Jio Financial Services in Q3

    For the quarter ending December 31, 2024, Jio Financial Services reported a consolidated net profit of INR 295 crore, which was unchanged from the INR 294 crore reported during the same period last year. In the third quarter of FY25, the Mukesh Ambani-backed company reported total sales of INR 438 crore, a 6% increase over the INR 414 crore reported in the same quarter of the previous fiscal year. As of December 31, 2024, the assets under management (AUM) were INR 4,199 crore, up from INR 1,206 crore in the second quarter of FY25.

    Developments at Jio BlackRock Asset Management Company

    The developments occur at a time when JFS has intensified its fintech strategy. George Heber Joseph was named the first chief investment officer of Jio BlackRock Asset Management Company in December of last year. Additionally, rumours circulated earlier this year that BlackRock and JFS were negotiating the creation of a private lending partnership. By utilising technology, Reliance Jio’s extensive client base, and BlackRock’s experience in the financial services industry, JFS intends to upend the nation’s fintech industry by providing services like digital lending, banking, and insurance, among others.

    India’s Fintech Ecosystem Leading the Global Race

    In spite of this downturn, the Indian fintech ecosystem is one of the top three globally financed fintech ecosystems in H1 2024, after the US and the UK. According to Tracxn’s Geo Semi Annual Fintech India Report for H1 2024, the ongoing funding winter and a number of other geopolitical challenges are to blame for the funding fall. Compared to one in H2 2023, two funding rounds totalling more than $100 million were observed during that time. These include the $120 million Series C funding round raised by lending platform Avanse and the $144 million Series D funding round raised by non-banking lender Credit Saison.

    Ola Electric Begins Manufacturing the “Roadster” Electric Bike
    Ola Electric has started manufacturing its new “Roadster” electric bike, aiming to revolutionize the EV market with cutting-edge technology and design.
    StartupTalkyNitin Konde

  • In Order to Increase Liquidity in the ESOP Market, Hissa Develops a $35M Fund

    With a $35 million corpus, equity management platform Hissa has introduced Hissa Fund I to give the Indian employment stock option plan (ESOP) market liquidity. Established as a SEBI-registered Category II Alternative Investment Fund, the company would seek to invest in 15 to 20 companies in the development stage and collaborate closely with the founders to offer liquidity to support talent retention and business expansion plans. The fund’s target ticket size for each company is between INR 8 crore and INR 10 crore. Employee stock ownership plans, or ESOPs, provide staff members a stake in the business through share ownership. These options, however, are only exercisable upon an IPO or acquisition.

    Reason Behind the Move

    Businesses are taking longer to require public assistance as more and more capital enters the private markets, claims Satish Mugulavalli, a partner at Hissa Fund. Employees now own illiquid firm shares for extended periods of time as a result of this. This deficit will be addressed by the new fund. Hissa thought it was a little unfair that those who are assisting in the development of these businesses are unable to reap the value created due to a lack of liquidity. As a result, the business introduced a liquidity product that allows founders to supply periodic liquidity without having to wait for an exit. “Business owners are seeing some sort of liquidity happening in the middle,” Mugulavalli told a media outlet, “but the big liquidity will happen at the end (through an IPO or an acquisition).” Founders, high-net-worth individuals (HNIs), and family offices that have previously made investments in startups make up the majority of the fund’s limited partners (LPs). But according to Mugulavalli, it was too soon to reveal these LPs’ names.

    Following the FootSteps of VC Fund

    Like any other VC fund, Hissa will have stock selection criteria. It has valuation requirements that must be fulfilled and is aggressively seeking Series B companies. The startup’s offer will be based on the company’s most recent valuation, but like all financial assets, the asset may be valued at a premium or a discount, depending on the business. It can cost more if the business is doing really well. However, that is a choice that is made at that particular moment. ‘However, you’ll be anchored by the company’s most recent major funding round”, Mugulavalli stated. By the conclusion of the current fiscal year or the first quarter of FY26, the fund intends to fully distribute the entire amount.

    The fund has several choices to exit a business because ESOPs can only be activated in the event of an acquisition or if the company files to go public. Given that it does not own a sizable stake in the business, the fund may retain the shares until the firm goes public or is bought, or it may sell them whenever a major fund makes an investment in the business.

    Meta to Lay Off 3,600 Employees, Focusing on AI and Innovation
    Meta plans to lay off 3,600 underperforming employees as it shifts focus toward AI development and innovation-driven strategies.
    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

  • Ola Electric is Warned by SEBI for Announcing its Network Expansion Plan on Social Media

    Ola Electric, a manufacturer of two-wheeler electric vehicles (EVs), has received an administrative warning from the Securities and Exchange Board of India (SEBI) for breaking its rules. Ola Electric is facing charges for using social media to reveal important details about a planned shop network expansion before first alerting the stock exchanges. According to the current regulations, listed companies must notify stock exchanges of all material information as soon as possible, but no later than “twelve hours from the occurrence of the event or information.” Bhavish Aggarwal, the founder, chairman, and managing director of the electric vehicle manufacturer, released the information about the planned expansion about four hours prior to the firm sharing the data with the exchanges, according to Ola Electric’s filing with the exchange. In its warning letter to the company, SEBI noted that although the aforementioned information was released on the stock exchanges by Ola Electric at 1:36 PM (BSE) and 1:41 PM (NSE) on December 2, 2024, it was first announced on X (formerly Twitter) at 9:58 AM on the same day by Bhavish Aggarwal, the company’s promoter and Chairman-cum-Managing Director.

    Ola Electric Falling to Provide Information to all Investors

    The company was also found guilty by the markets authority of not giving all investors the information in a way that was “equal and timely.” The listed EV manufacturer “failed to take into consideration the interest” of all of its stakeholders, SEBI further noted. In its notice to the company, the regulator stated that Ola Electric had violated Regulations 4(1)(d), 4(1)(f), 4(1)(h), and 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. SEBI “warned and advised” the company to be “careful in the future” and to enhance its compliance standards to prevent recurrence of similar occurrences, while acknowledging that it took the violations “very seriously.” Additionally, it warned of “enforcement action” should such incidents recur and instructed the corporation to take corrective action. This comes one week after Pritam Das Mohapatra was named the new compliance officer and corporate secretary by the EV manufacturer. He is in charge of monitoring Ola Electric’s adherence to SEBI regulations and the current governance structure.

    More Trouble for Ola Electric

    The aforementioned warning was sent on the same day that the Karnataka High Court denied Ola Electric’s request to have a notice from the Central Consumer Protection Authority (CCPA) on charges of unfair practices, deceptive advertising, and suspected violations of consumer rights revoked. The HC granted some mercy and gave the EV manufacturer a six-week postponement to reply to the consumer protection watchdog’s show-cause notice, even though the CCPA notice demanded Ola Electric to submit new papers.

    Bajaj Auto Beats Ola Electric in E-Scooter Sales Race
    Bajaj Auto has overtaken Ola Electric in the competitive electric two-wheeler market, highlighting its strong performance and market strategy in the EV space.
    StartupTalkyNitin Konde

  • Sebi Approves IPOs for Schloss Bangalore, Ather Energy, and Four Other Companies

    Sebi has approved six companies’ plans to go public, including Oswal Pumps, EV player Ather Energy, and Schloss Bangalore. An update with the markets regulator revealed on December 30 that the six businesses submitted their draft initial public offerings (IPO) documents to Sebi between September 10 and 23 and received the regulator’s comments on December 23–27. Fabtech Technologies, Oswal Pumps, Ather Energy, Ivalue Infosolutions Ltd., and Schloss Bangalore Ltd. are the corporations in question. Getting observations is Sebi’s way of saying that it’s okay to raise public concerns.

    The proposed INR 5,000-crore IPO of Schloss Bangalore Ltd., the company that runs Leela Palaces Hotels & Resorts, consists of an offer for sale (OFS) of stocks valued at INR 2,000 crore by promoter Project Ballet Bangalore Holdings (DIFC) Pvt Ltd. and a new issue of equity shares worth INR 3,000 crore.

    Schloss Bangalore Plans to Utilise Proceeds

    Schloss Bangalore might be the biggest initial public offering (IPO) in the hotel industry in the nation. The proceeds of the new issuance, according to Schloss Bangalore, which has the support of Brookfield Asset Management, will be utilised for general corporate objectives as well as the repayment of loans taken out by the company and its subsidiaries.

    With a portfolio of 3,382 keys spread across 12 active properties, Schloss Bangalore is well-known for its opulent hotels and resorts under the “The Leela” brand. The Leela Palaces, Leela Hotels, and Leela Resorts are part of its portfolio as of May 31, 2024, and are spread across ten locations in the nation.

    Ather Energy’s IPO

    The proposed IPO by Ather Energy, maker of electric two-wheelers, consists of an Offer For Sale (OFS) of 2.2 crore equity shares by promoters and investors, as well as a new issue of equity shares valued at INR 3,100 crore. Caladium Investment Pte Ltd, National Investment and Infrastructure Fund II, 3State Ventures Pte Ltd, IITM Incubation Cell, and IITMS Rural Technology and Business Incubator are among the companies offering shares in the OFS for sale.

    The new issue’s proceeds would be utilised for marketing campaigns, loan repayment, research and development, capital expenditures to build electric two-wheeler manufacturing in Maharashtra, and other corporate needs. Following Ola Electric Mobility’s INR 6,145-crore IPO in August, this will be the second electric two-wheeler startup aiming to go public. 

    Oswal Pumps’ IPO

    An offer-for-sale (OFS) of up to 1.13 crore equity shares by promoter Vivek Gupta and a new issue of equity shares valued at INR 1,000 crore comprise the Haryana-based Oswal Pumps IPO.

    The proceeds from the new issue will be allocated to the following purposes: the financing of specific capital expenditures, the establishment of new manufacturing facilities in Karnal, Haryana, the payment of debt, the investment in a wholly-owned subsidiary, Oswal Solar, in the form of debt or equity, and the funding of general corporate purposes. Beginning with the production of low-speed monoblock pumps in 2003, Oswal Pumps has now grown to include the production of electric motors, grid-connected submersible pumps, and high-speed monoblock pumps.

    Fabtech Technologies’ IPO

    The proposed initial public offering (IPO) of Fabtech Technologies, a turnkey engineering solutions provider for the biotech, pharmaceutical, and healthcare industries, is a completely new issue of up to 1.20 crore equity shares.

    Eligible employees can also reserve a subscription as part of the offer. As a member of the Fabtech Group, Fabtech Technologies provides a wide range of clients with full start-to-finish solutions that include the design, engineering, procurement, installation, and testing of specific pharmaceutical equipment.

    iValue Infosolutions’ IPO

    According to the Draft Red Herring Prospectus (DRHP), the private equity company Creador-backed iValue Infosolutions’ proposed inaugural share sale is an Offer for Sale (OFS) of up to 1.87 crore equity shares by promoters and investor stockholders. Sundara (Mauritius) Ltd, a Creador affiliate, will sell 1.11 crore equity shares in accordance with the OFS. As an expert in enterprise technology solutions, iValue Infosolutions provides complete, custom-designed solutions for protecting and handling digital apps and data.

    Tata Power-DDL and Baaz Bikes to Set Up Battery Swapping Stations
    Tata Power-DDL collaborates with Baaz Bikes to install battery swapping stations, enhancing EV infrastructure and supporting sustainable transportation solutions.
    StartupTalkyNitin Konde

  • IndiQube Submits DRHP for IPO of INR 850 Cr

    IndiQube Spaces, a managed office space provider, has submitted its DRHP for an INR 850 Cr initial public offering (IPO) to the Securities and Exchange Board of India (SEBI), the market watchdog. An offer for sale (OFS) of up to INR 100 Cr and a new issue of shares up to INR 750 Cr will be part of the company’s first public offering (IPO). Meghna Agarwal and Rishi Das, the cofounders and promoters, will sell off a portion of their shares through the OFS.

    The issue’s book running lead managers are JM Financial and ICICI Securities. Both the BSE and the NSE will list the company’s shares. From the net proceeds of the new issuance, IndiQube intends to use INR 462.6 Cr to open additional centres, INR 100 Cr to pay back some loans, and the rest sum for general business needs. From INR 198.11 Cr in the previous fiscal year to INR 341.51 Cr in FY24, the company’s net loss increased by 72%. Operational revenue for the reviewed fiscal year was INR 867.66 Cr, a 44% increase over FY23’s INR 601.28 Cr. Its operating revenue for the three months ending June 30, 2024 (Q1 FY25) was INR 251.30 Cr, while its loss after tax was INR 42.04 Cr. IndiQube reported in a statement that its EBITDA was INR 153 Cr in the first quarter of FY25 and INR 263.4 Cr in FY24.

    Focusing on ‘Office in a Box’ Concept

    IndiQube is a managed office space provider that was founded in 2015 and provides clients with a “office in a box” experience that includes workspace design, interior build-out, and a wide range of technology-enabled B2B and B2C services. Nearly three months have passed since a media report revealed that the Bengaluru-based business was in advanced talks to choose merchant bankers for its initial public offering. A resolution to rename the company from “IndiQube Spaces Private Limited” to “IndiQube Spaces Limited” was passed by the board of IndiQube in November. According to the company’s claims, as of June 30, 2024, it managed a portfolio of 103 locations spread over 13 cities, totalling 7.76 million square feet of area under management (AUM) in built-up area and 1.72 lakh seats.

    Third Coworking Space Segment Firm to Opt for IPO

    The clients of IndiQube include Myntra, upGrad, Zerodha, No Broker, Redbus, Juspay, Perfios, Moglix, and Ninjacart. WestBridge Capital, Ashish Gupta of Helion Ventures, and Aravali Investment Holdings support the brand. Interestingly, none of the current investors are selling shares through the OFS, with the exception of the cofounders.

    After Awfis went public in May of this year, IndiQube is now the third firm in the coworking space sector to file for an initial public offering (IPO). Although SEBI authorised Smartworks’ DRHP, it has not yet approved DevX’s IPO proposal. In addition, companies including Innov8, 91springboard, Spring House, Incuspaze, and COWRKS are aiming to go public shortly. These coworking space providers are growing as a result of rising office space costs and the rise in modern tech companies that require office space.

    Greaves Electric Mobility Files for INR 1,000 Cr IPO
    Greaves Electric Mobility has filed its DRHP with SEBI for a proposed IPO of INR 1,000 crore, aiming to strengthen its position in the EV market.
    StartupTalkyNitin Konde