TIMF Holdings, which owns stake in IPO-bound FirstCry and PharmEasy, bought 12 Lakhs shares, or 1.57% stake, of online gaming major Nazara Technologies on Monday (July 1) in a bulk deal worth INR 104.64 Cr.

TIMF Holdings lapped up some of the shares offloaded by Gyaana Retreat and Services, Fashion Brands, and Parijata Trading at INR 872 apiece. They cumulatively sold 18 Lakh shares in the company today worth INR 157 Cr.

TIMF Holdings is owned by US-based Think Investments, which counts the likes of Chaayos, Spinny, Dream11 and Swiggy in its portfolio.

It is pertinent to note that shares of Nazara jumped almost 7% on Friday (June 28) after its esports subsidiary NODWIN Gaming announced increasing its existing 13.51% stake in Germany-based Freaks 4U Gaming GmbH to 100%.

Nazara witnessed high trading volume in today’s session with over 2.2 Mn shares traded together on the BSE and the NSE. The stock ended the session 1.8% higher at INR 884.8 on the BSE.

In May this year, Nazara Technologies’ promoter Mitter Infotech also sold 48.84 Lakh shares, or 6.38% equity, to Plutus Wealth Management in an on-market block deal.

Nazara’s promoters and promoter groups held a 16.43% stake in the company at the end of the quarter ended March 2024. 

After witnessing a sharp slump from the beginning of the year, shares of Nazara have been rallying since the end of May. The shares have jumped over 43% so far since May 27, after the company published its Q4 and FY24 earnings.

The company’s consolidated net profit declined 98% year-on-year (YoY) to INR 18 Lakh in Q4, while operating revenue also declined 8% YoY to INR 266.2 Cr. However, certain metrics in its results were better than expected by analysts.

The post TIMF Holdings Buys 12 Lakh Shares Of Nazara In INR 105 Cr Bulk Deal appeared first on Inc42 Media.

Electric vehicle (EV) maker Ola Electric is reportedly working on developing solid-state batteries to power its electric scooters. 

As per Reuters, Ola Electric founder and CEO Bhavish Aggarwal said that the company plans to roll out EVs with solid-state batteries by as soon as next year. “We are in very early stages of our experimentation on solid state batteries,” Aggarwal said reportedly.

The timeline will reportedly coincide with the commencement of commercial production at its battery production “gigafactory” in Tamil Nadu next year. 

For the uninitiated, solid-state batteries offer a longer lifespan and faster charging compared with conventional lithium-ion batteries. However, EV makers veer away from solid-state batteries owing to issues such as high costs, constraints in raw material availability and intricate manufacturing process. 

The CEO reportedly also said that the EV maker has already begun manufacturing the “more efficient” 4680 form of battery cells for testing purposes. These cells are said to be more efficient than their widely used 2170 counterparts but issues remain over scaling up their production. 

As per the report, Aggarwal said that Ola Electric’s 4680 cells have received a key domestic certification, adding that the startup has invested $100 Mn to build an initial capacity to produce about 1.5 gigawatt hours (GWh) worth cells annually. 

According to a separate report by Economic Times, Aggarwal said that the EV maker is “okay” with the Centre “tapering off” Faster Adoption and Manufacturing of Electric Vehicles (FAME) subsidies to focus on production-linked-incentive (PLI) schemes. 

His comments come in the backdrop of reports that the government is expected to earmark a budgetary outlay of INR 10,000 Cr for the upcoming FAME-III scheme, which is expected to cover electric two, three, and four-wheelers in the country. 

The comments come as Ola Electric continues its reign as the biggest player in the Indian electric two-wheeler space, in terms of sales, accounting for nearly 50% of the market. Additionally, the company has also rapidly scaled up its manufacturing capabilities and shored up partnership with key suppliers.  

Earlier this month, the Securities and Exchange Board of India (SEBI) officially greenlit Ola Electric’s plans for an initial public offering (IPO). As per its draft red herring prospectus (DRHP) filed with the markets regulator in December 2023, the company’s public issue will comprise a fresh issuance of shares worth INR 5,500 Cr and an offer for sale (OFS) component of up to 9.51 Cr shares. 

As it gears up for an IPO, the company has undertaken a company-wide restructuring exercise to cut costs and streamline operations. The EV player was also said to be planning to sack nearly 400-500 employees and also raised a debt of INR 100 Cr earlier this month in the run up to the IPO.

Ola Electric’s net loss widened 88% to INR 1,471.6 Cr in the financial year 2022-23 (FY23) compared to INR 783.4 Cr in the year ago period. Meanwhile, revenue from operations surged 605% year-on-year (YoY) to INR 2,630.9 Cr in the period under review.

The post Ola Electric Working On Solid-State Batteries To Power EVs: CEO Bhavish Aggarwal appeared first on Inc42 Media.

With an eye on diversifying its ecommerce offerings on the back of Open Network for Digital Commerce collaboration, Bhavish Aggarwal led ridesharing unicorn Ola Mobility is now all set to roll out its grocery delivery through the network over the next few days.

As per Moneycontrol’s report, citing a source, “Ola enables more than 30% of ONDC food orders in Bengaluru and Delhi-NCR, in its efforts to capture significant market share of the online food ecosystem in the immediate term. Further, it is also leveraging its core expertise in the logistics domain by offering EV-based logistics services at a highly competitive price to smaller sellers on the ONDC network.”

The report also added that Ola is already the second largest buyer-side platform after Magicpin in the food category, processing 15,000-20,000 food orders per day. 

With its new foray, Ola will be taking on Pai Platforms (Paytm Ecommerce), Swiggy’s Instamart, Blinkit, among others.

Inc42 has reached out to Ola for comments on the development. The story will be updated based on the responses. 

It is pertinent to note that this is not the first time Ola has ventured into grocery delivery. It launched its standalone food delivery app in 2015 with the idea of leveraging its cabs and drivers to deliver groceries alongside. However, it discontinued this offering just nine months after the launch. 

In 2021, the company reintroduced its grocery delivery with Ola Dash in by enabling services across Mumbai and Bengaluru, but wind down the operations after a year. 

This development comes at a time when Ola is working on giving its user base an option to purchase groceries, fashion and apparel via its app,

Moreover, the startup is deepening its ties with ONDC by inking a partnership to offer last-mile logistics services for all categories, including food delivery, grocery shopping and pharmaceuticals.

Meanwhile, ONDC is expanding its services by entering new segments and onboarding new participants. Notably, it clocked a 23% month-on-month increase in the platform’s transactions in May, recording 89 Lakh transactions across retail and ride-hailing segments. 

Startups in the likes of Paytm, Ola, PhonePe, Shiprocket, Delhivery, Dainik Jagran, Uber, IDFC Bank, Kotak, Dunzo, and Tata Neu have already integrated some of their services with the ONDC.

The post Ola To Launch Grocery Delivery Via ONDC Soon, Eyes Major Share Of Food Orders On Network appeared first on Inc42 Media.

Greg Moran, the co-founder of Zoomcar, has been terminated as CEO after a 12-year tenure, the Bengaluru-based car rental company said in a regulatory filing.

“On June 20, 2024, Greg Moran, the company’s chief executive officer, was terminated from his role. Pursuant to Mr. Moran’s employment agreement, Mr. Moran is required to resign from the board of directors of the company (the “Board”) as a result of such termination,” the filing read.

ET reported the development first.

The company has been facing regulatory scrutiny over the market price of its Nasdaq-listed shares and its revenue projections, as per media reports.

Amid these challenges, the board has named Hiroshi Nishijima, the current chief operating officer, as its interim chief executive officer.

Meanwhile, the company has raised $3 Mn from institutional investors.

“Zoomcar Holdings Inc entered into a securities purchase agreement with certain institutional accredited investors pursuant to which the company issued and sold an aggregate of $3,600,000 in principal amount of notes and warrants to purchase up to an aggregate of 52,966,102 shares of company common stock for gross proceeds of $3,000,000. The closing occurred on June 20,” the SEC filing added.

Founded by Moran and David Back in 2013, Zoomcar is a marketplace for renting self-driving cars. The startup connects hosts with guests, who choose from a selection of cars for use at affordable prices.

Zoomcar India’s operating revenue declined 27% to INR 69.1 Cr in FY23 from INR 94.9 Cr in the previous fiscal year. The startup generates revenue from car rentals and subscriptions, among others.

The India entity posted a net loss of INR 237 Cr in the financial year 2022-23 (FY23), a jump of 221% from INR 74 Cr in the previous fiscal year.

Zoomcar started trading on Nasdaq on December 29 after a business combination with Cayman Island-registered Innovative International Acquisition Corp. Earlier this year, Zoomcar roped in former Flipkart and Hindustan Unilever executive Adarsh Menon as its president.

The post Nasdaq-Listed Zoomcar Terminates CEO Greg Moran appeared first on Inc42 Media.

Tata Electronics, which is building India’s first semiconductor fabrication plant in Gujarat’s Dholera, has signed a Memorandum of Understanding (MoU) with US-based Synopsys to accelerate production at the fabrication unit.

The US-based giant provides electronic design automation, silicon IP and system verification and validation, among other services to semiconductor players.

The collaboration will help Tata Electronics in developing a foundry design platform to accelerate chip development at its AI-enabled semiconductor fab plant at Gujarat’s Dholera. It will also enable the establishment of factory automation, data analytics, TCAD (Technology Computer Aided Design) flow set-up, process design kits, IP development, among others. 

“We view Synopsys as a key partner and accelerator in our journey by virtue of the expertise they bring in semiconductor design and services,” Tata Electronics’ CEO and managing director Randhir Thakur said. 

In February, the Union Cabinet approved the establishment of the Tata Group’s semiconductor fab in Dholera in partnership with Taiwan’s Powerchip Semiconductor Manufacturing Corp (PSMC). 

The Tata Group has earmarked an investment of INR 91,000 Cr for the factory. It is looking to manufacture 50,000 wafers per month at the unit. The chips produced at the factory are expected to power entities in eight sectors, including high power compute, EV, telecomm, defence, consumer electronics, automobile, power electronics. 

As of now, Tata Electronics has started exporting semiconductor chips packaged at a pilot line at its Bengaluru R&D centre to partners in Japan, the US, and European countries. It is also nearing completion of the design process for semiconductor chips in various sizes, including 28nm, 40nm, 55nm, and 65nm.

“With this intended collaboration with Synopsys, Tata Electronics solidifies a critical pillar for a holistic approach to achieve its targets to be the first to bring semiconductor manufacturing to India,” the company said in a statement. 

Besides the Dholera plant, the company is also building a fab plant at Assam’s Jagiroad with an investment of INR 27,000 Cr. 

Behind the Tata Group’s decision to enter the semiconductor space is a market opportunity pegged north of $150 Bn. According to Inc42’s report, “The Rise Of India’s Semiconductor Startups Report 2024”, the country’s semiconductor market will witness an impressive CAGR of 24% during 2023-2030. 

Eyeing a piece of the semiconductor pie, SaaS giant Zoho is also looking to set up a semiconductor manufacturing plant in Tamil Nadu with an investment of around $700 Mn. Besides, US-headquartered Micron Technology is also building an INR 22,000 Cr semiconductor testing and packaging plant in Gujarat’s Sanand.

The companies’ semiconductor push has been fuelled by the multiple initiatives taken by the Centre, including the INR 76,000 Cr allocation for the Semicon India programme to develop the semiconductor and display manufacturing ecosystem in the country.

The post Tata Electronics Inks MoU With Synopsys For Its Fab Plant In Gujarat’s Dholera appeared first on Inc42 Media.

Doubling down on its premium play, hospitality major OYO has opened its first luxury hotel in Dubai under the brand ‘Palette’.

OYO is looking to cash in on the increase in the number of Indian tourists travelling to Dubai.

“India ranked top in terms of the number of passengers, with a total of 11.9 Mn visitors to Dubai in 2023, followed by Saudi Arabia with 6.7 Mn tourists and the United Kingdom with a total of 5.9 Mn tourists,” OYO said in a statement. 

OYO claims to have over 700 properties in the UAE, including over 200 in Dubai. The unicorn said it expects the number of Indian tourists visiting Dubai to grow significantly in 2024 following the relaxation in the city’s visa policy.

Commenting on the opening of the hotel, OYO Middle East business head Nitin Gupta said, “The combination of rising affluence, the perception of Dubai as a luxury destination, and the desire for exclusive experiences among Indian tourists is expected to drive the demand for premium hotels in Dubai. We have been seeing a surge in the number of Indian tourists asking for luxury accommodation in the region. OYO plans to meet the requirements of tourists visiting Dubai through this initiative.”

The development is part of OYO’s efforts to increase the number of on premium properties in its portfolio. Last year, the Ritesh Agarwal-led startup launched the Palette brand for upscale resorts and hotels to target premium travellers.

Besides India, OYO has properties in the US, the UAE, and Thailand under the Palette brand. Earlier in March this year, OYO said it would open around 13 self-operated hotels by the end of this year under the Palette brand. 

OYO also has luxury hotels in India under the brand ‘Sunday’. It also operates Belvilla, a premium resort hotel brand, in Europe and Bali in Indonesia. 

Last month, OYO withdrew its draft red herring prospectus from SEBI, saying it was close to finalising its refinancing plans for its Term Loan B. 

Earlier this year, OYO founder Agarwal claimed in a social media post that the startup recorded its first full year of profitability in the financial year 2023-24 (FY24) with a net profit of about INR 100 Cr. 

Recently, the SoftBank-backed startup also received the nod of its shareholders to raise INR 416.85 Cr by issuing preference shares.

The post OYO Opens Maiden Luxury Hotel In Dubai To Bolster Its Premium Portfolio appeared first on Inc42 Media.

While expanding its existing train partnership with PhonePe, online travel platform ixigo has now joined hands with the Walmart-backed digital payments unicorn to offer flight and bus bookings on the latter’s app.

This comes close on the heels of Le Travenues Technology, the parent company of ixigo, making a strong debut on the stock exchanges last Tuesday, opening significantly higher than the issue price. On the NSE, ixigo shares opened at INR 138.10 per share, a 48.5% increase from the issue price of INR 93, while it opened at INR 135 apiece, up 45.16% from the issue price on BSE.

Earlier, ixigo claims to have partnered with PhonePe to facilitate train bookings for the latter’s users on the app.

ixigo will exclusively power these travel booking options on PhonePe, integrating services from ixigo flights for flight bookings, AbhiBus for bus bookings as well as expanding its prior partnership with ConfirmTkt for train bookings, the company said in a statement.

Founded in 2007 by Aloke Bajpai and Rajnish Kumar, ixigo is a travel search website to help users compare flight deals. The company offers travel services like flights, trains, bus tickets, and hotel bookings, and holiday packages. Its listed competitors include EaseMyTrip, Yatra, and MakeMyTrip.

The company also claimed that the partnership will enable over 54 Cr PhonePe users to experience more comprehensive travel booking and utility services for flights, trains and buses. 

On the other hand, PhonePe users will be able to have the advantage of advanced features and value-added services from the ixigo Group, including ixigo Assured (free cancellation), ixigo Assured Flex, Abhi Assured among others to book fully flexible and freely reschedulable flight, train and bus tickets, and get instant refunds of their fare upon cancellation, the company added.

Aloke Bajpai, group chief executive at ixigo, said, “This collaboration will particularly benefit travelers from Tier II and III cities, leveraging ixigo’s products & offerings for the next billion users and PhonePe’s growing penetration in smaller towns and its fintech expertise.”

Sameer Nigam, founder of PhonePe said, “With rising disposable incomes and growing aspirations of Indian travelers, we are seeing rapid adoption of our travel offerings. The ixigo, ConfirmTkt & AbhiBus apps offer great customer experience ideal for catering to the fast evolving travel needs of Indians.”

The post ixigo Expands Partnership With PhonePe, Adds Bus And Flight Bookings appeared first on Inc42 Media.

After making a stellar debut on the Indian bourses on Tuesday (June 18), online travel platform ixigo has left behind its listed new-age tech peers in terms of gains in the first four trading sessions.

Shares of ixigo rallied over 25% from the listing price in the first four trading sessions. The stock listed at INR 135 on the BSE, a premium of 45.16% to its issue price. It soared from there to end the week at INR 169.18, registering a 25.3% gain in four trading sessions.

For comparison, PB Fintech, which listed on the bourses on November 15, 2021, saw its shares rise 15.7% in the first four trading sessions from its listing price. Similarly, Zomato rallied 14.4% from its listing in four sessions after its listing on July 23, 2021.

Beauty ecommerce platform Nykaa gained 14% in the first four trading sessions after its listing on November 10, 2021. Paytm, on the other hand, declined 10.3% in the same number of sessions after its public market debut on November 18, 2021.

Others like Nazara Technologies, MapmyIndia, and even Awfis, which listed just before ixigo, saw their shares go below their listing price by the end of the fourth trading session since their debut. 

It is pertinent to note that the market was highly bullish about ixigo’s initial public offering (IPO). Its public issue was oversubscribed 98.34X, with qualified institutional buyers (QIBs) showing the highest interest. The portion reserved for non-institutional investors (NIIs) and retail investors were also oversubscribed. 

On the listing day, shares of ixigo were locked in the upper circuit by rallying 20%. The day next, the stock again touched the upper circuit on the BSE by gaining 20% but ended the day 14.4% higher at INR 185.25.

On Thursday (June 20), ixigo shares declined over 9% to INR 167.75, which was about 24.2% higher than its listing price. The shares gained slightly by about 0.9% during Friday’s trading.

Ahead of ixigo’s IPO, coworking space provider Awfis also saw high interest in its public issue. Its IPO was oversubscribed 108.56X, higher than ixigo’s. However, its shares listed at a lower premium than ixigo’s. At INR 432.25, shares of Awfis listed at a 12.8% premium on the BSE.

Before these two startups, insurtech startup Go Digit made its market debut last month. Among the recently listed new-age tech stocks, Go Digit’s IPO saw the most lacklustre response from the public market investors.

Meanwhile, ixigo’s market cap increased from INR 6,275.87 Cr ($752.2 Mn) on the day of listing to INR 6,554.43 ($784.4 Mn) by the end of this week.

Earlier this week, Riyank Arora, technical analyst at Mehta Equities, said that ixigo’s risk-reward ratio was unfavourable at current levels. He pegged INR 160 as a strong support for the stock.

However, he added that the stock could move further towards INR 200 and INR 225 levels.

Founded in 2007 by Aloke Bajpai and Rajnish Kumar, ixigo offers travel services like flights, trains, bus tickets, and hotel bookings, and holiday packages. Its listed competitors are EaseMyTrip, Yatra, and MakeMyTrip.

ixigo has been able to mark its niche in the train ticketing segment and differentiate itself from the other OTAs with a major focus on Tier 2 and beyond markets. These factors largely helped the company witness a massive demand for its IPO.

Surge In Startup IPOs

It is pertinent to note that at least 10 new-age tech startups are expected to get listed on the Indian exchanges this year. Of these, four mainboard IPOs have already taken place.

Last week, Ola Electric got the approval from SEBI to launch its INR 5,500+ Cr IPO. It is among the most-awaited public market debuts this year given its large issue size, coupled with factors like it is a loss-making entity and the first Indian EV startup to go public.

Market experts believe that strong fundamentals will play a crucial role in making the public offers of startups attractive to investors. Besides, elements like first-mover advantage in a particular industry and clear differentiating factors are also getting increased importance.

After the listing of Go Digit, Awfis, and ixigo, all focus is expected to shift towards Ola Electric from here on.

Meanwhile, the IPOs of Swiggy, FirstCry, Unicommerce, Ola Cabs, PayU, and MobiKwik are also awaited this year.

Earlier this month, Unicommerce added SoftBank-backed Starfish I Pte Ltd and Snapdeal cofounders Kunal Bahl and Rohit Kumar Bansal as its promoters in its IPO documents.

With the pick up in IPOs after the slump in 2022 and 2023, a  number of startups are now preparing for listing on the Indian bourses,

Recently, Flipkart-backed logistics unicorn BlackBuck converted itself into a public company as it eyes a public listing in FY25.

Meanwhile, fintech unicorn Pine Labs is said to be eyeing an IPO of $1 Bn in the country. However, the timeline for its IPO is not clear yet.

The post ixigo Brushes Past Other New-Age Tech Stocks With 25% Gains In First Four Sessions appeared first on Inc42 Media.

Government-run oil and gas giant Bharat Petroleum Corporation Limited (BPCL) has inked a partnership with Bengaluru-based electric vehicle (EV) manufacturer Bounce Infinity to establish retail stores for two-wheeler EVs at BPCL fuel retail outlets.

This collaboration will leverage BPCL’s extensive network to transform select fuel stations into EV sales hubs. As per BPCL’s website, it has over 14,802 fuel stations across the country.

These stores will be operated either by Bounce Infinity or through BPCL’s dealer network and each outlet will have charging points for customers to charge their vehicles on-site.

Bounce Infinity will help BPCL’s on-ground dealers by offering marketing support, managing inventory, and providing training. The state gas company also plans to offer EV charging stations at around 7,000 petrol stations over the next five years.

“Partnering with Bounce Infinity is an integral part of our strategy to transform our fuel stations into versatile energy hubs that cater to the evolving needs of our customers and contribute to environmental sustainability,” said BPCL business head for retail Pardeep Goyal.

While these stores are designed to make EVs more accessible and to raise awareness among aspiring EV customers, they also intend to facilitate a smooth transition from internal combustion vehicles to electric vehicles.

“By targeting the large base of petrol two-wheeler owners who come to refuel at BPCL stations, this partnership aims to encourage a seamless transition to EVs,” as stated by the company. 

Bharat Petroleum’s retail infrastructure includes a network of installations, depots, energy stations, aviation service stations and LPG distributors. 

This development comes close to Bounce recording a 13% net loss decline to INR 197 Cr in the financial year 2022-23 (FY23) from INR 243.3 Cr in the previous year, following strong sales of its electric vehicles (EVs). 

Its operating revenue increased by 510% to INR 90.9 Cr during the year under review from INR 14.9 Cr in FY22. 

Founded in 2014 by Anil G, Varun Agni, and Vivekananda Hallekere, Bounce began operations as a bike rental platform. However, it pivoted to become an EV manufacturer in 2022. Currently, it manufactures and sells EV scooters and also allows customers to directly rent out the electric scooters from designated points. 

It has raised a total funding of over $234 Mn to date and is reportedly planning to raise a funding round of $20 Mn to $40 Mn from new as well as existing investors. 

The post BPCL Partners With Bounce Infinity To Sell EVs At Fuel Pumps appeared first on Inc42 Media.

Travel tech major OYO has reportedly received the approval from its shareholders to raise INR 416.85 Cr by issuing preference shares. 

The approval was received at the startup’s extraordinary general meeting (EGM) held on June 18, Economic Times reported citing sources. The report said that OYO received shareholders’ nod to issue 14.37 Cr Series G cumulative compulsorily convertible preference shares (CCCPS) to InCred Wealth through private placement.

The preference shares will be valued at INR 29 each, translating into a cumulative sum of INR 416.85 Cr. The resolution was passed with a 99.99% majority at the EGM. 

During the meeting, the shareholders reportedly also gave their assent to increase OYO’s authorised share capital to INR 1,341.14 Cr from INR 901.14 Cr earlier. 

The increase in authorised share capital would provide the company with “greater flexibility” to issue new shares as it pursues future opportunities. 

“This EGM marks an important milestone for OYO as the company’s ability to raise funds and restructure its capital base underscores investor confidence in its long-term vision and prospects,” the report quoted a source as saying. 

Inc42 has reached out to OYO for a response on the development. The story will be updated on receiving comments from the startup. 

The development comes days after reports surfaced that the hospitality giant was in advanced discussions to raise INR 1,000 Cr in funding from family offices of leading Indian corporate executives Ramesh Juneja and Rajeev Juneja, the promoters of Mankind Pharma, and stock market expert Anand Jain. 

The approval also comes a month after OYO officially withdrew its IPO documents.

Founded in 2012 by Ritesh Agarwal, OYO is a travel tech startup that offers easy-to-book and affordable accommodation to customers around the world. It claims to have more than 1.57 Lakh hotels under its umbrella across 35 countries, including India, Europe, and Southeast Asia.

OYO reported its first full year of profitability in the financial year 2023-24 (FY24) and clocked a net profit of about INR 100 Cr, Agarwal claimed in a social media post last month. OYO also claimed to have posted its eighth successive EBITDA positive quarter in Q4 FY24, with the startup’s cash reserves hovering around the INR 1,000 Cr mark at the end of the fiscal year.

The post OYO Gets Shareholders’ Nod To Raise INR 417 Cr By Issuing Preference Shares appeared first on Inc42 Media.

Reversing its two-day winning streak, shares of newly-listed online travel aggregator (OTA) ixigo slumped as much as 10.4% to INR 165.98 during the intraday trading on the BSE on Thursday (June 20).

It ended the day’s trading almost 9.4% lower at INR 167.75, which was about 24.2% higher than its listing price of INR 135.

After getting listed at a 45.16% premium on the BSE earlier this week, shares of ixigo rallied 20% during the intraday trading on the listing day to touch the upper circuit. During Wednesday’s early trading hours, the stock once again touched the upper circuit at INR 194.38 on the BSE by jumping 20%. 

The stock ended yesterday’s trading session 14.4% higher at INR 185.25 on the BSE.

Speaking on the stock, Riyank Arora, technical analyst at Mehta Equities, said yesterday that ixigo looked poised for an upside move towards INR 200 and INR 225 but the risk-reward ratio at current levels was unfavourable.

On NSE, the stock ended down 8.9% at INR 168.49 on Thursday.

Founded in 2007 by Aloke Bajpai and Rajnish Kumar, ixigo offers travel services like flights, trains, bus tickets, and hotel bookings, and holiday packages. Its listed competitors are EaseMyTrip, Yatra, and MakeMyTrip.

However, the startup has been able to mark its niche in the train ticketing segment and differentiate itself from the other OTAs with a major focus on the Tier 2 and beyond markets. These factors largely helped ixigo witness a massive demand for its IPO.

Its public issue was also oversubscribed 98.34X. 

However, after jumping over 37% from its listing price in two sessions, investors are likely booking profits in the stock now. 

Arora said on Wednesday, “Immediate support, as per the signals on lower time frames, is placed around INR 180. Below this, the next support is around INR 160. However, on a pullback towards INR 170, we can consider buying this stock with a strict stop loss of INR 160 for potential targets of INR 200 and INR 225.”

The post ixigo Shares Break 2-Day Winning Streak, Slump 10.4% Intraday appeared first on Inc42 Media.

Update | June 20, 1:15 PM

The Securities and Exchange Board of India (SEBI) has officially cleared the public offer of Ola Electric Mobility. The markets regulator issued its observation letter to the company on June 10. This is one day prior to when Inc42 learnt that the public market debut of the company has been greenlit by the regulator.

Original Story |  Jun 11, 5:15 PM

Bhavish Aggarwal-led two-wheeler electric vehicle (EV) manufacturer Ola Electric has received the nod from the Securities and Exchange Board of India (SEBI) for its much-awaited initial public offering (IPO), company sources told Inc42.

The company received the approval earlier in the day today and is eyeing a listing on the exchanges within a month, one of the sources said.

Official confirmation from the markets regulator is expected soon. As per the last update from SEBI on June 7, Ola Electric’s DRHP was under process. 

Ola Electric filed its draft red herring prospectus (DRHP) with the markets regulator in December last year. As per the DRHP, the public issue will comprise a fresh issue of INR 5,500 Cr and an offer for sale (OFS) component of up to 9.51 Cr shares. 

Founder and CEO Aggarwal and investors like SoftBank, Temasek, Tiger Global, Alpha Wave, Tekne Capital and Matrix Partners are among those who will sell shares via the OFS. 

The company’s public issue will be the first IPO by any EV maker in India and first by any automaker in the last 20 years. 

Ola Electric plans to use the proceeds from the IPO to set up its Ola Gigafactory project — targeting 100 GWh capacity for battery production at full scale —  to manufacture EVs, batteries and other components. 

Additionally, Ola Electric will deploy a portion of the funds for research and product development, organic growth and general corporate purposes, including paying off some debt raised by Ola Electric.

In the financial year 2022-23 (FY23), Ola Electric’s net loss widened 88% to INR 1,471.6 Cr from INR 783.4 Cr in the previous fiscal year. Sales surged 605% to INR 2,630.9 Cr from INR 373 Cr in FY22. 

Meanwhile, the startup reported sales of INR 1,242.7 Cr in the first three months of FY24. 

Ola Electric continues to lead the Indian two-wheeler EV space with close to 50% market share. 

Earlier this month, a report said that the startup is planning to sack nearly 400-500 employees to cut costs and streamline operations. Meanwhile, Ola Electric has raised a debt of INR 100 Cr ahead of the IPO.

The post [Update] SEBI Clears Ola Electric’s INR 5,500 Cr IPO appeared first on Inc42 Media.

Online travel aggregator (OTA) Yatra Online has agreed to buyout its partner’s stake in the joint venture Adventure and Nature Network Private Limited (ANN), operating in the field of adventure tourism, in an all cash deal. 

Yatra Online will be picking up an additional 45% stake in ANN, raising its shareholding from 50% to 99%. 

With this, ANN will become a subsidiary of Yatra Online.

The company has acquired 33,12,400 equity shares of INR 10 each, representing 49% of the issued and paid-up equity share capital (on a fully diluted basis) of the target company from the joint venture partner. The cost of acquisition for the shares is INR 98 Lakh, as per filings.

Founded in 2012, ANN has a paid up equity share capital of INR 6 Cr, consisting of INR 6 Lakh equity shares of INR 10 each. 

With this acquisition, the company aims to increase its presence in the adventure tourism space by focusing on key areas. It expects that acquiring the stake from the joint venture partner will enhance its activities by converting the JV entity into a subsidiary, bringing in valuable synergies.

The acquisition was formalised through a share purchase agreement (SPA) executed on June 19, 2024. With the completion of this transaction on the closing date specified in the SPA, Yatra Online Limited now holds a controlling interest in ANN.

As per a regulatory filing, this acquisition aligns with Yatra’s growth objectives and reinforces its commitment to expanding its footprint in the adventure tourism industry.

Gurugram-based Adventure and Nature Network Private Limited (ANN) is a private limited company engaged in providing services related to transport, travel, and tourism, and organises activities such as trekking, cycling, camping, and sports events.

Yatra reported a consolidated net loss of INR 4.5 Cr in the financial year 2023-24 (FY24), compared to a net profit of INR 7.6 Cr in the previous fiscal year. The loss was mainly due to a surge in expenditure outpacing sales.

Additionally, the OTA’s consolidated net profit declined 37% to INR 5.57 Cr in the fourth quarter (Q4) of FY24 from INR 8.96 Cr in the same period the previous year. Operating revenue increased by 11% to INR 422.3 Cr in FY24 from INR 380 Cr in FY23, but it dipped 10% year-on-year (YoY) to INR 107.7 Cr during January-March 2024.

Besides, last month, the company also rolled out an AI-based expense management solution to help international and domestic enterprises manage their business expenditures efficiently. 

It is pertinent to note that Yatra got listed on the US stock exchange in 2016. The company saw a muted listing on the Indian bourses last year in September. 

The post Yatra Online Picks Up Additional 45% Stake In ANN appeared first on Inc42 Media.

Continuing its rally for the second consecutive trading session, shares of online travel aggregator (OTA) ixigo gained over 14% during Wednesday’s (June 19) trading session.

After getting listed at a 45.16% premium on the BSE on Tuesday, shares of ixigo rallied 20% during the intraday trading to touch the upper circuit. The stock ended its first trading session at INR 161.99.

During today’s early trading hours, the stock once again touched the upper circuit at INR 194.38 on the BSE by jumping 20%. However, it shed some of the gains to end the day’s trading 14.4% higher at INR 185.25 on the BSE.

While ixigo shares touched its upper circuit for the second consecutive day on the BSE, they couldn’t do so on the NSE today. After hitting the 20% upper circuit on the NSE on Tuesday, the stock jumped 19.2% on the exchange during the early trading hours today.

It ended the day 11.5% higher at INR 184.86 on the NSE on Wednesday.

ixigo also saw a few large bulk deals on the day of listing on the NSE. Japanese investment major Nomura Group, via two of its funds, bought 66.98 Lakh shares worth INR 106.56 Cr in the company.

It is pertinent to note that after getting listed at a 48.5% premium to its issue price on the NSE yesterday, ixigo shares are already trading almost 34% higher compared to its listing price of INR 138.1 on the exchange.

The stock is trading 37.2% higher compared to its listing price of INR 135 on the BSE.

ixigo’s market cap at the end of the second day of its listing stands at INR 7,177.01 Cr ($860 Mn) as against INR 6,275.87 Cr ($752.2 Mn) on the first day.

Riyank Arora, technical analyst at Mehta Equities, said that though there is limited data on the technical charts for the stock, ixigo looks poised for an upside move towards INR 200 and INR 225. However, the risk-reward ratio at current levels is unfavourable.

“Immediate support, as per the signals on lower time frames, is placed around INR 180. Below this, the next support is around INR 160,” Arora said. “However, on a pullback towards INR 170, we can consider buying this stock with a strict stop loss of INR 160 for potential targets of INR 200 and INR 225.”

Founded in 2007 by Aloke Bajpai and Rajnish Kumar, ixigo initially started as a travel search website, helping users compare flight deals. In FY20, it pivoted to become an OTA, earning revenue from selling various travel services like flights, trains, bus tickets, hotel bookings, and holiday packages.

On the back of its profitability factor and strong differentiation from other OTAs, ixigo IPO received a positive response from public market investors. Its public issue was oversubscribed 98.34X. 

ixigo’s major early investors Peak XV and SAIF Partners also made massive returns from the IPO. As per Inc42’s calculations, the returns made by Peak XV and SAIF Partners on the shares they sold via the OFS and pre-IPO deals stood at about 8.2X and 13X, respectively.

The post ixigo Shares Rally In Second Straight Session To End Over 14% Higher On The BSE appeared first on Inc42 Media.

Shares of Le Travenues Technology Ltd, the parent company of online travel platform ixigo, has jumped 20% to INR 194.38 in the early hours of trading on Wednesday (June 19), a day after its listing.

ixigo shares were trading at INR 186.89 at 10:25 AM, as compared to previous close at INR 161.99.

The traveltech company made a strong debut on the stock exchanges on Tuesday (June 18), opening significantly higher than the issue price.

On the NSE, ixigo shares opened at INR 138.10 per share, a 48.5% increase from the issue price of INR 93. Similarly on the BSE, the shares opened at INR 135 apiece, up 45.16% from the issue price.

The ixigo IPO, which included a fresh equity issue worth INR 120 Cr and an offer for sale (OFS) of 6.67 Cr shares, received a massive subscription of more than 98 times, driven by heavy bidding from non-institutional, institutional and retail investors.

Ahead of the IPO opening, the company raised INR 333 Cr from 23 anchor investors, including the likes of SBI Magnum Children’s Benefit Fund, the Government of Singapore, Tata Investment Corporation Limited and Bajaj Allianz Life Insurance Company.

Founded by Aloke Bajpai and Rajnish Kumar, ixigo started in 2007 as a travel search website to help users compare flight deals. In FY20, it became an OTA and started selling various travel services like flights, trains, bus tickets, hotel bookings and holiday packages.

One of the startup’s biggest value propositions in the crowded OTA market is its focus on railways and its extensive reach into Tier-2 and smaller cities. This strategic focus differentiates it from competitors like EaseMyTrip, MakeMyTrip, Yatra and Flipkart-owned Cleartrip.

The company initially filed for an IPO in 2021, aiming to raise INR 1,600 Cr. However, due to unfavorable macroeconomic conditions, ixigo postponed its public offer despite receiving approval from the market regulator SEBI.

Since then, ixigo has remained profitable. After incurring a loss in FY22, the company bounced back in FY23, reporting a profit of INR 23.3 Cr. Continuing its financial strengthening, ixigo achieved a profit of INR 65.7 Cr in the first nine months of FY24.

The post ixigo Shares Jump 20% In Early Trading Hours On Day 2 Of Listing appeared first on Inc42 Media.

Shares of online travel aggregator (OTA) ixigo touched the upper circuit on the exchanges on the day of its listing on Tuesday (June 18).

The shares jumped 20% and were locked in the upper circuit at INR 161.99 on the BSE. Similarly, the stock jumped 20% to 165.72 on the NSE.

Earlier today, ixigo made a stellar debut on the Indian bourses, listing at a 45.16% premium to the issue price on the BSE and a 48.5% premium on the NSE.

The stock was listed at INR 135 and INR 138.1 apiece on the BSE and the NSE, respectively.

ixigo’s shares had an issue price of INR 93 apiece. The stock ended the first day of the trading on the BSE 74.2% higher than the issue price.

The company currently has a market cap of INR 6,275.87 Cr ($752.2 Mn).

ixigo’s IPO comprised a fresh issue of shares worth INR 120 Cr and an offer for sale (OFS) component of 6.67 Cr shares worth INR 620 Cr.

The subscription for the startup’s public issue opened last week on June 10 and ended on June 12. Its IPO was oversubscribed 98.34X. 

Its major early investors Peak XV and SAIF Partners raked in massive gains from the IPO. As per Inc42’s calculations, the returns made by Peak XV and SAIF Partners on the shares they sold via the OFS and pre-IPO deals stood at about 8.2X and 13X, respectively.

Founded in 2007 by Aloke Bajpai and Rajnish Kumar, ixigo initially started as a travel search website, helping users compare flight deals. In FY20, it pivoted to become an OTA, earning revenue from selling various travel services like flights, trains, bus tickets, hotel bookings, and holiday packages.

It is pertinent to note that this was ixigo’s second attempt at IPO. Earlier, it deferred its public listing plans after filing the DRHP in 2021 for an INR 1,600 Cr public offering. 

ixigo posted a consolidated net profit of INR 65.7 Cr in the first nine months of FY24, up 3X from INR 23.4 Cr in the entire FY23. Operating revenue stood at INR 491 Cr in the first nine months of the previous fiscal as against INR 501.2 Cr in FY23. 

The post ixigo Shares Jump 20% To Hit Upper Circuit On Listing Day appeared first on Inc42 Media.

Le Travenues Technology, the parent company of online travel platform ixigo, made a strong debut on the stock exchanges today (June 18), opening significantly higher than the issue price.

On the NSE, ixigo shares opened at INR 138.10 per share, a 48.5% increase from the issue price of INR 93. Similarly on the BSE, the shares opened at INR 135 apiece, up 45.16% from the issue price.

The ixigo IPO, which included a fresh equity issue worth INR 120 Cr and an offer for sale (OFS) of 6.67 Cr shares, received a massive subscription of more than 98 times, driven by heavy bidding from non-institutional, institutional and retail investors.

Ahead of the IPO opening, the company raised INR 333 Cr from 23 anchor investors, including the likes of SBI Magnum Children’s Benefit Fund, the Government of Singapore, Tata Investment Corporation Limited, and Bajaj Allianz Life Insurance Company.

The IPO of Le Travenues Technology concluded last week with bids surpassing 98 times the number of shares available for purchase.

Investors bid for 4,293.6 Mn shares, which is significantly higher than the 43.7 Mn shares that were available for purchase.

Founded by Aloke Bajpai and Rajnish Kumar, ixigo started in 2007 as a travel search website to help users compare flight deals. In FY20, it became an OTA and started selling various travel services like flights, trains, bus tickets, hotel bookings and holiday packages.

After a three-year wait, ixigo’s dreams of a public listing have finally come true. The company initially filed for an IPO in 2021 with the aim of raising INR 1,600 crore. However, citing macroeconomic conditions, ixigo postponed its public offer despite receiving approval from the market regulator SEBI.

Since then, ixigo has demonstrated resilience, maintaining profitability. After experiencing a loss in FY22, the company returned to profitability in FY23, reporting a profit of INR 23.3 Cr for the fiscal year. Subsequently, ixigo has continued to strengthen its financial position, achieving a profit of INR 65.7 Cr in the first nine months of FY24.

The post ixigo IPO Listing: Shares Make Stellar Debut, Lists At 48.5% Premium appeared first on Inc42 Media.

With the initial public offering (IPO) of online travel aggregator ixigo, its major early backers Peak XV Partners and SAIF Partners (now Elevation Capital) have lapped up 8.2X and 13X gains, respectively.

ixigo, which is scheduled to list on the exchanges later today (June 18), had an issue price of INR 93 per equity share for the IPO and raised INR 740 Cr. 

Its IPO comprised a fresh issue of shares worth INR 120 Cr and an offer for sale (OFS) component of 6.67 Cr shares. As a part of the OFS, SAIF Partners sold 1.94 Cr shares and Peak XV offloaded 1.3 Cr shares. 

On the day of the filing of ixigo’s red herring prospectus (RHP), Peak XV held a 15.66% stake in the traveltech startup with a total of 5.92 Cr shares. On the other hand, SAIF Partners held a 23.37% stake with 8.83 Cr shares. 

Besides the OFS, Peak XV offloaded almost 70 Lakh shares of ixigo at INR 93 per equity share in a pre-IPO secondary sale on June 6 for INR 65 Cr. Similarly, SAIF Partners also sold 1.07 Cr equity shares worth INR 100 Cr in the pre-IPO round.

As per Inc42’s calculations, the returns made by Peak XV and SAIF Partners on the shares sold by them via the OFS and pre-IPO deals stood at about 8.2X and 13X, respectively.

Besides, Peak XV currently holds 3.91 Cr shares of ixigo, while the number for SAIF Partners is 5.81 Cr.

Meanwhile, Micromax Informatics, another early backer of the startup, also made 10.9X returns on its investment.

Micromax Informatics sold 54.86 Lakh shares via the OFS and 10.75 Lakh shares in the pre-IPO deal.

Founded in 2007 by Aloke Bajpai and Rajnish Kumar, ixigo initially started as a travel search website, helping users compare flight deals. In FY20, it pivoted to become an OTA, earning revenue from selling various travel services like flights, trains, bus tickets, hotel bookings, and holiday packages.

Also backed by other major names such as Placid Holdings, Trifecta Capital, and Madison India, ixigo raised around $96 Mn in total funding as a private entity across multiple rounds.

A day ahead of the opening of its public issue for subscription, the company raised INR 333 Cr from 23 anchor investors. ixigo’s public issue received a stellar response from its investors and was oversubscribed 98.34X. 

Helped by its clear differentiating factors as an OTA with a major focus on Tier 2 and beyond markets, as well as a focus on the railways, investors were expecting ixigo’s IPO to be successful.

ixigo posted a consolidated net profit of INR 65.7 Cr in the first nine months of FY24, up 3X from INR 23.4 Cr in the entire FY23. Its operating revenue also jumped to INR 491 Cr in the first nine months of the previous fiscal from INR 501.2 Cr in FY23. 

The post ixigo IPO: Elevation Capital Makes 13X Returns, Peak XV Rakes In Over 8X Gains appeared first on Inc42 Media.

Hospitality major OYO is reportedly in advanced discussions to raise a fresh funding of around INR 1,000 Cr, weeks after withdrawing its IPO application.

Citing sources, ET reported, family offices of leading Indian corporate executives, such as Ramesh Juneja and Rajeev Juneja, the promoters of Mankind Pharma, and stock market expert Anand Jain, are likely to pick up a stake in the hotel chain.

Inc42 has reached out to OYO for comments on the development . The story will be updated based on the responses.

Last month, OYO officially withdrew its IPO documents from the market regulator SEBI.

Founded in 2012 by Ritesh Agarwal, OYO is a hospitality service company that aims to provide  easy-to-book and affordable accommodation to customers around the world. The company claims to offer over 40 integrated products and solutions to patrons who operate above 157K hotel and home storefronts in more than 35 countries including India, Europe, and Southeast Asia.

OYO is headed towards hosting an extraordinary general meeting (EGM) on June 18 (Tuesday), to approve the fundraise, where the company will consider the fundraise of around INR 500 Cr.

In May, the travel tech unicorn was in talks to raise a fresh funding round at marked-down valuation, based on reports, where the company is said to have roped in Incred to broker talks with family offices to raise about $80 Mn to $90 Mn at a valuation of $2.3 Bn, 77% lower than the $10 Bn valuation at which it raised its last external round. 

OYO reported its first full year of profitability in the financial year 2023-24 (FY24), posting a net profit of about INR 100 Cr, founder and CEO Ritesh Agarwal claimed.

Taking to social media platform X, Agarwal said OYO logged its eighth straight quarter of positive EBITDA in Q4 FY24. He added that the SoftBank-backed startup’s cash reserves stood at around INR 1,000 Cr at the end of the year.

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Shares of Le Travenues Technology, which operates travel tech startup ixigo, will debut on the exchanges on Tuesday (June 18) and are expected to list with a 30% premium from its issue price of INR 93 apiece.

Ahead of the debut, the company’s shares fetched a premium of INR 29-30 in the unlisted market, reflecting a 31% premium over the issue price, Moneycontrol reported.

Based on current trends, analysts estimate the listing price of ixigo’s IPO to be around INR 120-125 per share, 32% higher than the issue price.

The ixigo IPO, which included a fresh equity issue worth INR 120 Cr and an offer for sale (OFS) of 6.67 Cr shares, received a massive subscription of more than 98 times, driven by heavy bidding from non-institutional, institutional and retail investors.

Ahead of the IPO opening, the company raised INR 333 Cr from 23 anchor investors, including the likes of SBI Magnum Children’s Benefit Fund, the Government of Singapore, Tata Investment Corporation Limited, and Bajaj Allianz Life Insurance Company. 

Through its IPO, ixigo is looking to raise INR 740 Cr at the upper end of its price band of INR 88-93.

Founded in 2006, ixigo started as a travel search website to help users compare flight deals. In FY20, though, it remodeled 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.

Within the first nine months of FY24, ixigo posted a PAT of INR 65.7 Cr, a nearly 3X jump from INR 23.3 Cr it had posted during the entire FY23. Meanwhile, revenue from operations stood at INR 491 Cr during the first nine months of FY24.

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The public issue of online travel aggregator (OTA) ixigo closed today (June 12) with an overwhelming investor interest. Investors placed bids for 430.40 Cr shares against the 4.37 Cr on offer, resulting in an oversubscription of 98.34X. 

Interest from Qualified Institutional Buyers (QIBs) picked up on the final day of bidding, with investors in the segment placing bids for 254.81 Cr shares as against the 2.38 Cr shares reserved for them. This resulted in an oversubscription of 106.73X.

Non Institutional Investors (NIIs) maintained high optimism for ixigo’s IPO since day one. NIIs oversubscribed their quota by 110.53, placing bids for 131.94 Cr shares against the 1.19 Cr shares reserved for them. Within the segment, NIIs whose bid amount exceeded INR 10 Lakh showed the most interest in the public issue, oversubscribing their quota by 117.40x. 

Meanwhile, the Retail Individual Investors’ (RIIs) quota was oversubscribed 54.85X on the final day of bidding. Investors in the segment placed bids for 43.64 Cr shares as against the 79.58 Lakh shares reserved for them. 

With the close of its IPO, ixigo is also set to make its debut on the public markets. Through its IPO, it will be raising INR 740 Cr at the upper end of its price band of INR 88-93. The public offer comprises a fresh issue of shares worth INR 120 Cr and an offer for sale (OFS) component of 6.67 Cr shares worth up to INR 620 Cr. 

Prior to its run at the bourses, the company raised INR 333 Cr from 23 anchor investors, including the likes of SBI Magnum Children’s Benefit Fund, the Government of Singapore, Tata Investment Corporation Limited, and Bajaj Allianz Life Insurance Company. 

Founded by Aloke Bajpai and Rajnish Kumar, ixigo started in 2007 as a travel search website to help users compare flight deals. In FY20, it became an OTA and started selling various travel services like flights, trains, bus tickets, hotel bookings and holiday packages.

Its listing dreams have actualised three years after it made its first attempt. Back in 2021, the company had filed for an IPO to raise INR 1,600 Cr. Despite getting the go-ahead from the market regulator SEBI, it postponed the public offer citing macroeconomic conditions. 

Since then, the startup has been able to maintain profitability. After slipping into the red in FY22, the company regained profitability in FY23 reporting a profit of INR 23.3 Cr in the fiscal. It has managed to boost this number since, logging in a profit of INR 65.7 Cr for the first nine months of FY24. 

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Electric vehicle (EV) manufacturer Ola Electric is raising a debt of INR 100 Cr (about $12 Mn) from venture debt fund Alteria Capital.

As per the startup’s regulatory filings with the Registrar of Companies, its board approved the issuance of 10,000 non-convertible debentures (NCDs) with face value of INR 1 Lakh each to Alteria Capital. While 6,000 NCDs will be allotted to Alterial Capital India Fund II, the remaining will be issued to Alteria Capital India Fund III. 

“The company intends to raise funds through (an) issue of 6,000… non convertible debentures… having face value of INR 1,00,000/- each to Alteria Capital India Fund II and 4,000 NCDs… having face value of INR 1,00,000/- each to Alteria Capital Fund III… aggregating up to INR 100,00,00,000/-..,” the filing said. 

There is no clarity on how the EV startup plans to use the capital. The development was first reported by Entrackr. 

Earlier this year, Ola Electric also raised INR 410 Cr in debt from EvolutionX Debt Capital. Last year, it closed a $384 Mn funding round, which was a mix of debt and equity. 

Till date, it has raised a total funding of over $1.4 Bn. 

Meanwhile, Ola Electric received the go ahead from the Securities and Exchange Board of India (SEBI) for its much-awaited initial public offering (IPO) today. 

As per its DRHP, the startup’s IPO comprises a fresh issue of shares worth INR 5,500 Cr and an offer for sale (OFS) component of up to 9.51 Cr shares. 

Ola Electric has been clocking the highest number of electric two-wheeler registrations for the last many months. However, it continues to be a loss-making entity. 

Its net loss jumped 88% year-on-year (YoY) to INR 1,471.6 Cr in the fiscal year 2022-23 (FY23). Sales soared more than 7X to INR 2,630 Cr in FY23 from INR 373.4 Cr in the previous year. 

The startup’s loss stood at INR 267.1 Cr in the first quarter (Q1) of FY24 on an operating revenue of INR 1,242.7 Cr.

As it gears up for its IPO, Ola Electric has been streamlining its operations. As part of this, the EV major was reportedly contemplating downsizing its workforce by 400-500 employees to curb cash burn and trim loss.

Ola Electric competes with Ather Energy, Bajaj, Hero, and TVS in the two-wheeler EV space. 

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Investor interest in online travel aggregator (OTA) ixigo’s initial public offering (IPO) rose significantly on day two as it received bids for 40.83 Cr shares against the 4.37 Cr shares on offer, resulting in an oversubscription of 9.33X.

Leading the fray were non-institutional investors (NIIs), who placed bids for 24.04 Cr shares against the 1.19 Cr shares reserved for them. This translated to an oversubscription of 20.14X. 

Meanwhile, the retail individual investors’ (RIIs) quota was oversubscribed 18.73X. Investors in the segment placed bids for 14.90 Cr shares as against the 79.58 Lakh shares reserved for them. 

As is the common trend with IPOs, interest from qualified institutional buyers (QIBs) remained muted on day two. Investors in this segment bid for 1.89 Cr shares as against the 2.38 Cr shares reserved for them, resulting in a 0.79X subscription. 

The startup is looking to raise INR 740 Cr via its IPO at the upper end of its price band of INR 88-93. The public offer comprises a fresh issue of shares worth INR 120 Cr and an offer for sale (OFS) component of 6.67 Cr shares worth up to INR 620 Cr. 

A day prior to the opening of the IPO, the OTA said it bagged INR 333 Cr from 23 anchor investors, including SBI Magnum Children’s Benefit Fund, the Government of Singapore, Tata Investment Corporation Limited, and Bajaj Allianz Life Insurance Company. 

Prior to that, ixigo also closed a pre-IPO secondary sale at INR 176.2 Cr. 

Founded by Aloke Bajpai and Rajnish Kumar, ixigo started in 2007 as a travel search website to help users compare flight deals. In FY20, it became an OTA and started selling various travel services like flights, trains, bus tickets, hotel bookings and holiday packages.

The startup made its first attempt at public listing in 2021. Back then, it was looking to raise INR 1,600 Cr via the public offer. However, it put its plans on hold owing to the macroeconomic conditions then.

The Delhi NCR-based startup reported an operating revenue of INR 491 Cr for the first nine months of FY24. Profit stood at 65.7 Cr during the period under review, a 3X jump from the INR 23.3 Cr profit it posted in the entire FY23.

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The public issue of online travel aggregator ixigo was oversubscribed 1.95X at the end of day 1 of the initial public offering (IPO), led by a significant interest from retail investors.

Investors placed bids for 8.55 Cr shares on the first day as against 4.38 Cr shares on offer.

The retail investors’ portion was oversubscribed 6.21X, as they placed bids for 4.95 Cr shares as against 79.58 Lakh shares on offer for them.

The non-institutional investors’ (NIIs) portion was also oversubscribed 2.78X by the day’s end, as these investors placed bids for 3.32 Cr shares versus 1.19 Cr shares on offer for them.

However, the qualified institutional buyers’ (QIBs) portion remained undersubscribed. The QIBs placed bids for 28.83 Lakh shares at the end of the first day as against 2.39 Cr shares on offer.

Among the sub-segments of QIBs, mutual funds placed the highest number of bids for 26.88 Lakh shares.

ixigo’s IPO comprises a fresh issue of shares worth INR 120 Cr and an offer for sale (OFS) component of 6.67 Cr shares worth up to INR 620 Cr. 

The startup has set a price band of INR 88-93 per equity share for its public issue. Investors can place bids for a minimum of 161 equity shares and in multiples of that thereafter.

At the upper end of the price band, the OTA major is looking to raise INR 740 from its IPO.

On Friday, a day before its IPO opening, ixigo raised INR 333 Cr from 23 anchor investors, including SBI Magnum Children’s Benefit Fund, the Government of Singapore, Tata Investment Corporation Limited, Bajaj Allianz Life Insurance Company, among others.

Prior to this, ixigo also closed a pre-IPO secondary sale at INR 176.2 Cr. 

Founded by Aloke Bajpai and Rajnish Kumar, ixigo started in 2007 as a travel search website to help users compare flight deals. In FY20, it became an OTA and started earning revenue from selling various travel services like flights, trains, bus tickets, hotel bookings and holiday packages.

The investors Inc42 spoke to ahead of ixigo’s IPO emphasised that the biggest value propositions of the startup in the crowded OTA market were its focus on the railways and deep penetration into Tier-2 and beyond cities, which would also lead to a successful market debut for the company.

The IPO will close on June 12. 

ixigo reported a consolidated net profit of INR 65.7 Cr in the first nine months of FY24, up 3X YoY, on an operating revenue of INR 491 Cr.

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