Blogs, insights, guides and videos on India's unlisted market — all in one place.
<h2 data-pm-slice="1 1 []">Introduction: IPO Listing in Sight</h2> <p>The buzz is strong — <strong>Vikram Solar</strong> is reportedly preparing for an IPO, with the expected price band hovering around <strong>₹400–₹420 per share</strong>. As one of India’s leading solar energy companies, Vikram Solar’s listing marks an important milestone in its corporate journey. But for investors in the <strong>unlisted market</strong>, the story has already been playing out — full of swings, opportunities, and now, important lessons.</p> <p>Let’s explore Vikram Solar’s business model, financial traction, and price movement in the unlisted space — and what investors can expect from the IPO.</p> <div><hr /></div> <h2>Vikram Solar: Business Model</h2> <p>Vikram Solar is a <strong>tier-1 solar PV module manufacturer</strong>, engaged in:</p> <ol start="1" data-spread="false"> <li> <p><strong>Solar Panel Manufacturing</strong>: Specialises in high-efficiency mono PERC and bifacial panels.</p> </li> <li> <p><strong>EPC Projects</strong>: Executes large-scale solar projects for government and industrial clients.</p> </li> <li> <p><strong>Operations & Maintenance (O&M)</strong>: Offers asset lifecycle management services.</p> </li> </ol> <h3>Key Clients & Sectors</h3> <ul data-spread="false"> <li> <p>Government agencies (e.g., NTPC, SECI)</p> </li> <li> <p>Private solar developers</p> </li> <li> <p>Export to international markets (Europe, USA, Africa)</p> </li> </ul> <p>With <strong>India targeting 500 GW of renewable energy by 2030</strong>, Vikram Solar is well-positioned to benefit from structural growth.</p> <div><hr /></div> <h2>Order Book & Capacity</h2> <p>As per their Draft Red Herring Prospectus (DRHP):</p> <ul data-spread="false"> <li> <p><strong>Order Book</strong>: Stood at <strong>8,214.63 Megawatt (MW)</strong></p> </li> <li> <p><strong>Module manufacturing capacity</strong>: Over 3 GW (expandable)</p> </li> <li> <p>The order book includes both domestic and international EPC and module supply contracts.</p> </li> </ul> <p>Capacity expansion and PLI (Production Linked Incentive) support could further boost margins and revenue visibility.</p> <div><hr /></div> <h2>Journey in the Unlisted Market</h2> <h3>🔄 Historical Price Movement (2023–2025):</h3> <ul data-spread="false"> <li> <p><strong>Early 2024 lows</strong>: ~₹150–₹180 range</p> </li> <li> <p><strong>Mid-2024</strong>: Climbed to ₹250–₹320 as solar sector gained momentum</p> </li> <li> <p><strong>Late 2024</strong>: Sharp rally to ₹465 in anticipation of IPO</p> </li> <li> <p><strong>2025 June</strong>: Trading around ₹475 in the unlisted market</p> </li> </ul> <p>Investors who bought <strong>around ₹150 in early 2024</strong> are now sitting on <strong>3x returns</strong>.</p> <p>However, as the IPO price is expected around ₹400–₹420, <strong>those entering now are exposed to listing-day risk</strong>.</p> <div><hr /></div> <h2>Who Made Money in the Unlisted Market?</h2> <ul data-spread="false"> <li> <p><strong>Early buyers (₹150–₹200)</strong>: Saw 2.5x–3x appreciation</p> </li> <li> <p><strong>Mid-stage buyers (₹300–₹350)</strong>: Still likely to benefit from listing gains</p> </li> <li> <p><strong>Late entrants (₹450–₹475)</strong>: Need a strong listing (₹500+) to make profits</p> </li> </ul> <p>Hence, IPO performance will <strong>critically affect short-term gains</strong> for recent investors.</p> <div><hr /></div> <h2>Valuation & Risk at IPO</h2> <p>Assuming IPO pricing at ₹410:</p> <ul data-spread="false"> <li> <p><strong>Market Cap could be ~₹13000 crore</strong></p> </li> <li> <p>Valuation may look stretched if profitability doesn’t justify the premium</p> </li> <li> <p>Listing gains will depend on: market sentiment + renewable sector tailwinds + valuation comfort</p> </li> </ul> <p>If the stock <strong>lists below IPO price</strong>, recent investors could see mark-to-market losses. If it <strong>lists at ₹500+</strong>, those buying around ₹475 may make marginal gains.</p> <div><hr /></div> <h2>What Should New Investors Keep in Mind?</h2> <ul data-spread="false"> <li> <p>IPO gains are <strong>not guaranteed</strong> — recent pre-IPO buyers need <strong>+15% listing premium</strong> to make meaningful profit</p> </li> <li> <p>If listing is flat or negative, <strong>lock-in of 6 months (for pre-IPO investors)</strong> may cause illiquidity</p> </li> <li> <p>Evaluate based on <strong>long-term fundamentals</strong>, not hype alone</p> </li> </ul> <div><hr /></div> <h2>Conclusion: A Story of Timing & Fundamentals</h2> <p>Vikram Solar’s IPO is a key milestone for the renewable energy space — but for unlisted investors, it’s also a story of <strong>timing, valuation, and discipline</strong>.</p> <p>1. Those who entered early saw strong gains.</p> <p>2. Those buying at the top are exposed to IPO-day volatility.</p> <p><strong>Lesson:</strong> In the unlisted market, <strong>understanding business quality and timing your entry</strong> can be the difference between compounding and disappointment.</p> <p>Stay updated with UnlistedZone for real-time coverage on IPO pricing, DRHP updates, and investor insights.<br /><br /></p> <p data-pm-slice="1 1 []"><strong>For more such deep-dive analysis, visit </strong><a href="http://www.unlistedzone.com"><strong>UnlistedZone.com</strong></a></p>
<h3>Introduction</h3> <p>To tackle the growing menace of financial frauds in the investment space, SEBI (Securities and Exchange Board of India), in collaboration with NPCI (National Payments Corporation of India), has announced a major reform — the launch of the <strong>"@vailid" UPI handle</strong>. This initiative is set to go live on <strong>October 1, 2025</strong>, and aims to bring greater transparency and trust to investor payments.</p> <div><hr /></div> <h3>Why Was This Needed?</h3> <p>In the past few years, several retail investors have lost money to fraudulent operators posing as SEBI-registered entities. These fraudsters typically collect money via common UPI handles and vanish without a trace. Since it was difficult to verify whether a payment receiver was a genuine SEBI-registered intermediary or not, SEBI decided to step in.</p> <div><hr /></div> <h3>What is the "@vailid" UPI Handle?</h3> <p>The "@vailid" handle will act as a <strong>verification tag for UPI payments</strong>. Only SEBI-registered intermediaries will be allowed to use this handle, and each UPI ID will be <strong>verified and approved by banks</strong>, post proper documentation.</p> <h4>Key Features:</h4> <ul data-spread="false"> <li> <p>UPI handles like <code>abcstock.biz@vailid</code>, <code>xyzmf.mf@vailid</code> etc.</p> </li> <li> <p>Each category of SEBI-registered intermediary will have a <strong>designated suffix</strong> (e.g., <code>.mf</code> for mutual funds, <code>.biz</code> for stockbrokers)</p> </li> <li> <p>Verified UPI handles will also display a <strong>green triangle trust symbol</strong> to confirm authenticity</p> </li> </ul> <div><hr /></div> <h3>Who Will Use It?</h3> <p>This verified UPI system will apply to the following ten SEBI-registered categories:</p> <ol start="1" data-spread="false"> <li> <p>Stockbrokers</p> </li> <li> <p>Depository Participants</p> </li> <li> <p>Investment Advisors</p> </li> <li> <p>Research Analysts</p> </li> <li> <p>Mutual Funds</p> </li> <li> <p>Portfolio Managers</p> </li> <li> <p>Alternative Investment Funds (AIFs)</p> </li> <li> <p>Infrastructure Investment Trusts (InvITs)</p> </li> <li> <p>Real Estate Investment Trusts (REITs)</p> </li> <li> <p>Custodians</p> </li> </ol> <p>Each type will use a <strong>unique suffix</strong> in the UPI ID to make it easier to identify the nature of the entity.</p> <div><hr /></div> <h3>Transition & Implementation Timeline</h3> <ul data-spread="false"> <li> <p><strong>Launch Date</strong>: October 1, 2025</p> </li> <li> <p><strong>New UPI IDs</strong> must be generated within <strong>90 days</strong> of SEBI’s circular</p> </li> <li> <p><strong>Old UPI IDs</strong> will be phased out by <strong>mid-December 2025</strong>, with a 3-month grace period for transition</p> </li> </ul> <p>For existing mandates like SIPs or ECS, no immediate action is needed. They will continue uninterrupted until updated instructions are given by SEBI.</p> <div><hr /></div> <h3>How Will This Help Investors?</h3> <p>This move aims to address the rising investor concern around payment fraud and fake advisory schemes. Here's how investors will benefit:</p> <ul data-spread="false"> <li> <p><strong>Greater Transparency</strong>: Investors can verify UPI IDs before making any payment</p> </li> <li> <p><strong>Increased Trust</strong>: Only SEBI-recognized firms will have the ability to use the "@vailid" handle</p> </li> <li> <p><strong>Fraud Protection</strong>: Reduced chances of money being sent to fraudulent or unregulated entities</p> </li> </ul> <p>Before transferring money, investors can simply <strong>check the UPI ID ending</strong> and look for the <strong>green triangle trust symbol</strong>.</p> <div><hr /></div> <h3>Conclusion</h3> <p>The "@vailid" initiative is a well-timed, digital-first approach by SEBI and NPCI to ensure safer, more transparent transactions in the securities market. As India’s financial ecosystem becomes increasingly digital, such measures will serve as critical safeguards for investors.</p> <p><strong>UnlistedZone Take</strong>: The success of this system will depend on its enforcement and investor awareness. But if implemented well, it could become a permanent trust layer for India's retail investors.</p>
<h3>Introduction</h3> <p>In a significant validation of India’s growing private-sector defence capabilities, <strong>Navy Chief Admiral Dinesh Kumar Tripathi</strong> visited the manufacturing facilities of <strong>JSR Dynamics</strong>, along with BrahMos Aerospace and Solar Defence, during a two-day visit to Nagpur. This development is a major signal to investors in the unlisted space — particularly those tracking the strategic relevance and long-term growth potential of JSR Dynamics.</p> <p>This article outlines why this visit matters and how it may act as a catalyst for growth in JSR Dynamics — one of the youngest and most agile players in India’s private defence ecosystem.</p> <div><hr /></div> <h3>A) Why This Visit Matters for Investors</h3> <p>The Indian Navy Chief’s direct inspection of JSR Dynamics’ facility, alongside DRDO Chairman Sameer Kamat’s prior visit to Nagpur’s defence cluster, highlights <strong>growing institutional recognition</strong> of the private sector's role in defence manufacturing.</p> <p>Unlike traditional PSU-led projects, JSR Dynamics has been actively developing:</p> <ul data-spread="false"> <li> <p><strong>Air-launched glide bombs</strong></p> </li> <li> <p><strong>Miniature UAVs and loitering munitions</strong></p> </li> <li> <p><strong>Electronic decoys and long-range missile systems</strong></p> </li> <li> <p><strong>High-calibre guided munitions</strong></p> </li> </ul> <p>These are not legacy arms contracts but <strong>next-gen warfare solutions</strong> critical to India’s modernization and self-reliance goals under <strong>Atmanirbhar Bharat</strong>.</p> <div><hr /></div> <h3>B) Strong Leadership & Strategic Focus</h3> <p>JSR Dynamics is promoted by <strong>Air Marshal (Retd) Shirish Deo</strong>, former Vice Chief of the Indian Air Force. This gives the company not just technical and domain expertise but also a strong understanding of procurement, testing, and deployment cycles within the armed forces.</p> <p>With institutional leadership and a sharp R&D focus, the company is ideally positioned to secure:</p> <ul data-spread="false"> <li> <p>DRDO-approved production orders</p> </li> <li> <p>Direct defence exports under the SCOMET category</p> </li> <li> <p>Strategic collaborations with foreign OEMs and PSU integrators</p> </li> </ul> <div><hr /></div> <h3>C) Why This Signals Future Growth</h3> <p>The Indian armed forces are rapidly moving toward <strong>indigenisation of precision-guided weapons</strong>, counter-drone systems, and smart munitions. The fact that the Navy Chief visited JSR Dynamics indicates:</p> <ol start="1" data-spread="false"> <li> <p><strong>Product Maturity</strong>: The solutions are not in idea-stage — they’re near or post-prototyping.</p> </li> <li> <p><strong>Defence Procurement Alignment</strong>: The Navy is scouting platforms for long-range precision weapons and autonomous strike systems — exactly where JSR operates.</p> </li> <li> <p><strong>Government Trust</strong>: Official visits mean inclusion in the future roadmap, especially for Make-II and Make-III procurement categories.</p> </li> </ol> <div><hr /></div> <h3>D) Investment Outlook: What It Means for Unlisted Shareholders</h3> <p>JSR Dynamics’ recognition by the highest ranks of the Navy and DRDO signifies that it is <strong>no longer a speculative bet</strong>, but a <strong>strategic asset</strong> in India’s defence supply chain. For unlisted investors, this creates:</p> <ul data-spread="false"> <li> <p>A <strong>potential rerating of its valuation</strong> post visibility of real orders</p> </li> <li> <p>Possible inclusion in <strong>large public-private production mandates</strong></p> </li> <li> <p>Eventual eligibility for <strong>government incentives</strong> or equity infusion from strategic defence funds</p> </li> <li> <p><strong>IPO-readiness</strong> in the medium term if production scales</p> </li> </ul> <p>Given the broader context of Nagpur becoming a hub for next-gen defence systems (with BAPL, SDAL, and JSR in proximity), JSR stands to benefit from talent pooling, technology synergies, and a supportive procurement ecosystem.</p> <div><hr /></div> <h3>Conclusion</h3> <p>The Navy Chief’s visit to JSR Dynamics is not a routine protocol. It is a high-level signal of trust and interest in JSR’s capabilities. For UnlistedZone investors, this represents a strong validation of the company’s direction and underscores its role in shaping India’s future defence preparedness.</p> <p>As always, UnlistedZone will continue tracking strategic developments, order flows, and policy tailwinds shaping the valuation of JSR Dynamics in the unlisted space.</p> <p>Stay tuned.</p>
<h3 data-pm-slice="1 1 []">Introduction</h3> <p>FY25 has been a <strong>standout year</strong> for Elofic Industries, with the company achieving a revenue of <strong>₹450 crore</strong> and a net profit of <strong>₹77 crore</strong>, resulting in a robust <strong>Return on Equity (ROE) of 23%</strong>. The company has not only posted strong financials but has also taken meaningful strides toward <strong>technological innovation, market expansion, and product diversification</strong>.</p> <p>From strengthening its presence in global markets to developing next-gen filtration solutions, Elofic has positioned itself as a serious contender in both the traditional and new-age automotive and industrial filtration segments.</p> <div><hr /></div> <h3>A) Financial Performance Snapshot – FY25</h3> <table style="width: 57.4835%; height: 240px;"> <tbody> <tr style="height: 18.4615px;"> <th style="width: 62.4415%; height: 18.4615px; text-align: center;">Metric</th> <th style="width: 20.2051%; height: 18.4615px; text-align: center;">FY25</th> <th style="width: 17.1043%; text-align: center;">FY 24</th> </tr> <tr style="height: 18.4615px;"> <td style="width: 62.4415%; height: 18.4615px; text-align: center;">Revenue</td> <td style="width: 20.2051%; height: 18.4615px; text-align: center;">₹450 Cr</td> <td style="width: 17.1043%; text-align: center;">₹352 Cr</td> </tr> <tr style="height: 18.4615px;"> <td style="width: 62.4415%; height: 18.4615px; text-align: center;">Net Profit (PAT)</td> <td style="width: 20.2051%; height: 18.4615px; text-align: center;">₹77 Cr</td> <td style="width: 17.1043%; text-align: center;">₹48 Cr</td> </tr> <tr style="height: 18.4615px;"> <td style="width: 62.4415%; height: 18.4615px; text-align: center;">ROE</td> <td style="width: 20.2051%; height: 18.4615px; text-align: center;">23%</td> <td style="width: 17.1043%; text-align: center;">19%</td> </tr> <tr style="height: 18.4615px;"> <td style="width: 62.4415%; height: 18.4615px; text-align: center;">Current Assets (CA)</td> <td style="width: 20.2051%; height: 18.4615px; text-align: center;">₹293 Cr</td> <td style="width: 17.1043%; text-align: center;">₹222 Cr</td> </tr> <tr style="height: 18.4615px;"> <td style="width: 62.4415%; height: 18.4615px; text-align: center;">Current Liabilities (CL)</td> <td style="width: 20.2051%; height: 18.4615px; text-align: center;">₹48 Cr</td> <td style="width: 17.1043%; text-align: center;">₹42 Cr</td> </tr> <tr style="height: 18.4615px;"> <td style="width: 62.4415%; height: 18.4615px; text-align: center;">Current Ratio (CA/CL)</td> <td style="width: 20.2051%; height: 18.4615px; text-align: center;"><strong>6.1x</strong></td> <td style="width: 17.1043%; text-align: center;"><strong>5.28</strong></td> </tr> <tr style="height: 18.4615px;"> <td style="width: 62.4415%; height: 18.4615px; text-align: center;">Debt</td> <td style="width: 20.2051%; height: 18.4615px; text-align: center;"><strong>Zero</strong></td> <td style="width: 17.1043%; text-align: center;"><strong>Zero</strong></td> </tr> <tr style="height: 18.4615px;"> <td style="width: 62.4415%; height: 18.4615px; text-align: center;">Cash Generated from Ops</td> <td style="width: 20.2051%; height: 18.4615px; text-align: center;">₹46 Cr</td> <td style="width: 17.1043%; text-align: center;">₹47 Cr</td> </tr> <tr style="height: 18.4615px;"> <td style="width: 62.4415%; height: 18.4615px; text-align: center;">Capex</td> <td style="width: 20.2051%; height: 18.4615px; text-align: center;">₹18 Cr</td> <td style="width: 17.1043%; text-align: center;">₹19 Cr</td> </tr> <tr style="height: 18.4615px;"> <td style="width: 62.4415%; height: 18.4615px; text-align: center;">Closing Cash Balance</td> <td style="width: 20.2051%; height: 18.4615px; text-align: center;">₹115 Cr</td> <td style="width: 17.1043%; text-align: center;">₹93 Cr</td> </tr> <tr style="height: 18.4615px;"> <td style="width: 62.4415%; height: 18.4615px; text-align: center;">Dividend Declared</td> <td style="width: 20.2051%; height: 18.4615px; text-align: center;">₹5/share</td> <td style="width: 17.1043%; text-align: center;">₹3/share</td> </tr> <tr style="height: 18.4615px;"> <td style="width: 62.4415%; text-align: center; height: 18.4615px;">P/E Ratio</td> <td style="width: 20.2051%; text-align: center; height: 18.4615px;">9</td> <td style="width: 17.1043%; text-align: center;">-</td> </tr> </tbody> </table> <p><br />The <strong>high current ratio of 6.1x</strong>, zero debt status, and ₹115 crore in cash and equivalents reflect a <strong>strong balance sheet</strong>, providing Elofic ample room to invest in growth and innovation.<br /><br />For More Detail <a href="https://www.unlistedzone.com/shares/elofic-industries-limited-share-price-buy-sell-unlisted-shares-of-elofic-industries-limited/">Visit this link</a> </p> <div><hr /></div> <h3>B) Business Model Overview</h3> <p>Elofic operates across three primary verticals:</p> <h4>1. <strong>OEM Segment</strong></h4> <p>Elofic supplies filtration solutions to major automotive OEMs and institutions. In FY25, this vertical saw <strong>12% growth</strong>, reflecting Elofic's deepened engagement with automobile manufacturers and large-scale buyers.</p> <h4>2. <strong>Aftermarket Segment</strong></h4> <p>Despite intense price-based competition in the aftermarket, Elofic has managed to <strong>gain market share</strong>, thanks to product consistency, brand loyalty, and distribution reach.</p> <h4>3. <strong>Exports</strong></h4> <p>Exports have been a major growth engine this year. Elofic’s overseas revenue jumped from <strong>₹134 crore in FY24 to ₹214 crore in FY25</strong>, driven by demand in Europe, the Middle East, and Southeast Asia.</p> <div><hr /></div> <h3>C) Technology, R&D and Innovation</h3> <p>Elofic is embracing <strong>digitisation, automation, and advanced material science</strong>. The company is actively implementing:</p> <ul data-spread="false"> <li> <p><strong>IoT integration</strong></p> </li> <li> <p><strong>Low-cost automation systems</strong></p> </li> <li> <p><strong>Productivity enhancement initiatives</strong></p> </li> </ul> <h4>New Product Developments:</h4> <ol start="1" data-spread="false"> <li> <p><strong>BEV and Hydrogen Fuel Cell Filters</strong>: Portfolio expanded with <strong>coolant deionization filters</strong>; R&D underway for <strong>hydrogen gas filters</strong> and <strong>battery venting membranes</strong>.</p> </li> <li> <p><strong>Water Softener</strong>: Targets household and industrial markets; removes hardness-causing calcium and magnesium ions.</p> </li> <li> <p><strong>Oil Mist Separator</strong>: Removes airborne oil droplets from crankcase or gearcase ventilation — key for emission compliance.</p> </li> <li> <p><strong>CNG Filters</strong>: Protects fuel injectors and regulators from CNG impurities.</p> </li> <li> <p><strong>Urea Filter</strong>: Enhances diesel engine compliance by filtering DEF (Diesel Exhaust Fluid) and protecting SCR catalysts.</p> </li> </ol> <div><hr /></div> <h3>D) Advanced Material Characterisation Lab</h3> <p>To drive precision R&D, Elofic has invested in an <strong>Advanced Material Characterisation Lab</strong>, housing cutting-edge filtration analysis instruments. A recent addition is the <strong>brake filter test rig</strong>, which simulates real-world vehicle braking conditions to test:</p> <ul data-spread="false"> <li> <p>Particulate emission capture</p> </li> <li> <p>Filter efficiency under thermal and pressure stress</p> </li> </ul> <p>This lab plays a crucial role in ensuring environmental and regulatory compliance, especially for exports.</p> <p><strong>R&D Expenditure</strong>: ₹4.77 crore in FY25, amounting to <strong>1.06% of total revenue</strong> — a solid commitment to future-readiness.</p> <div><hr /></div> <h3>E) Strategic Outlook for FY26</h3> <p>With strong capital reserves, zero debt, and expanding product lines, Elofic is well-placed to:</p> <ul data-spread="false"> <li> <p>Explore <strong>new global markets</strong></p> </li> <li> <p>Scale <strong>BEV and hydrogen filter production</strong></p> </li> <li> <p>Strengthen <strong>institutional business</strong> in India</p> </li> <li> <p>Increase <strong>automation to improve unit economics</strong></p> </li> </ul> <div><hr /></div> <h3>Conclusion</h3> <p>Elofic Industries’ FY25 performance reflects a <strong>perfect blend of financial discipline and strategic innovation</strong>. The company's ability to grow exports, maintain strong domestic positioning, and invest in next-gen filtration technologies puts it in an excellent spot for sustainable long-term growth.</p> <p>For investors in the unlisted market, Elofic presents a compelling opportunity — a profitable, cash-rich, zero-debt company investing in future-facing products across automotive, environmental, and industrial use-cases.</p> <p><strong>UnlistedZone View</strong>: Elofic is no longer just a filtration product manufacturer — it's evolving into a <strong>technology-driven filtration solutions company</strong>. The FY25 results make it one of the standout performers in India’s unlisted ecosystem.<br /><br /><a href="http://www.unlistedzone.com">Buy, sell, or research India’s top unlisted shares — all in one place. For more info, visit UnlistedZone.com.</a></p>
<p>Mandis offers instant cash and familiarity — but NERL brings storage, digital receipts, and smarter selling. Can tech truly disrupt India’s age-old agri markets? Watch this short to understand the clash between tradition and innovation in Indian agriculture — and what it means for farmers and investors alike.</p>
<h3 data-pm-slice="1 1 []">Introduction:</h3> <p>Garuda Aerospace, one of India’s leading drone startups, has once again made headlines with a fresh $1 million funding infusion from the Narotam Sekhsaria Family Office. This new capital injection, following its $12 million raise in April 2025, further solidifies its position as a dominant force in the drone tech sector. With total funding reaching $21 million, Garuda is set to enhance production, invest in R&D, and expand internationally. Here’s a closer look at the company’s trajectory, business focus, and what this means for the industry.</p> <div><hr /></div> <h3>A) Funding Highlights</h3> <ol start="1" data-spread="false"> <li> <p><strong>Latest Funding (June 2025):</strong> $1 million</p> </li> <li> <p><strong>Lead Investor:</strong> Narotam Sekhsaria Family Office</p> </li> <li> <p><strong>Other Participants:</strong> Existing investors, including We Founder Circle (WFC)</p> </li> <li> <p><strong>Previous Round:</strong> Raised $12 million in April 2025</p> </li> <li> <p><strong>Total Funding Till Date:</strong> $21 million</p> </li> </ol> <div><hr /></div> <h3>B) Use of Funds</h3> <ol start="1" data-spread="false"> <li> <p><strong>Manufacturing Expansion:</strong> Scale production from 8,000 to 12,000–15,000 drones annually</p> </li> <li> <p><strong>R&D Investment:</strong> Fuel innovation and develop new drone technologies</p> </li> <li> <p><strong>Export Plans:</strong> Target to operate in 50 countries by end of 2025</p> </li> </ol> <div><hr /></div> <h3>C) Company Overview</h3> <ul data-spread="false"> <li> <p><strong>Founded:</strong> 2015</p> </li> <li> <p><strong>Headquarters:</strong> Chennai, India</p> </li> <li> <p><strong>Founder & CEO:</strong> Agnishwar Jayaprakash</p> </li> <li> <p><strong>Product Portfolio:</strong> 30+ drone models</p> </li> <li> <p><strong>Operational Scale:</strong> 400 drones and over 500 trained pilots</p> </li> <li> <p><strong>Clientele:</strong> Over 75 marquee clients including Tata, Adani, Reliance, Swiggy, Flipkart, Delhivery, L&T, and various government bodies</p> </li> </ul> <div><hr /></div> <h3>D) Revenue Model</h3> <p>Garuda operates on a dual revenue stream:</p> <ol start="1" data-spread="false"> <li> <p><strong>Drone Product Sales:</strong> Customized industrial and agri drones</p> </li> <li> <p><strong>Drone-as-a-Service (DAAS):</strong> On-demand drone services and pilot training programs</p> </li> </ol> <div><hr /></div> <h3>E) Business Focus</h3> <ul data-spread="false"> <li> <p><strong>Agriculture:</strong> Currently contributes ~70% of the company's revenue</p> </li> <li> <p><strong>Defense & Government Contracts:</strong> Growing vertical with upcoming domestic and international opportunities</p> </li> </ul> <div><hr /></div> <h3>F) Financial Snapshot</h3> <ul data-spread="false"> <li> <p><strong>FY24 Revenue:</strong> ₹132 crore</p> </li> <li> <p><strong>Net Profit:</strong> ₹20 crore</p> </li> <li> <p><strong>Profitability:</strong> The company has maintained profitability over the past few years</p> </li> </ul> <div><hr /></div> <h3>🔍 UnlistedZone Takeaway:</h3> <p>Garuda Aerospace is more than just a drone maker; it’s an innovation-driven enterprise with a strong commercial footprint across agriculture, logistics, and defense. The back-to-back funding rounds in 2025 highlight investor confidence in Garuda's tech-first, scalable model. With an ambitious export roadmap and consistent profitability, the company is well-positioned to become a global drone leader.</p> <p><strong>Verdict:</strong> A high-potential private player to watch in India's growing drone economy. Stay tuned with UnlistedZone for exclusive updates on Garuda's journey toward potential IPO or next strategic milestone.</p> <div><hr /></div>
<p>India’s <strong>largest depository</strong>, <strong>National Securities Depository Limited (NSDL)</strong>, is all set to enter the public markets in <strong>July 2025</strong> with an <strong>IPO expected in the ₹750–₹800 range</strong>. This move will value the company at a whopping <strong>₹15,000–₹16,000 crore</strong>.</p> <p>While the buzz is real due to NSDL’s strong legacy and market infrastructure dominance, <strong>investors must dig deeper before diving in.</strong></p> <div><hr /></div> <h3>A) NSDL Business Model: <strong>India’s Capital Market Backbone</strong></h3> <p>Founded in <strong>1996</strong>, NSDL was India’s first depository and remains the largest, facilitating seamless electronic holding and settlement of securities.</p> <p><strong>Core Services Include:</strong></p> <ul data-spread="false"> <li> <p><strong>Demat Account Services</strong> (via Depository Participants)</p> </li> <li> <p><strong>Clearing & Settlement</strong> of securities</p> </li> <li> <p><strong>Corporate Action Processing</strong></p> </li> <li> <p><strong>Pledge/Unpledge Mechanism</strong></p> </li> <li> <p><strong>e-Voting & KYC Authentication</strong></p> </li> <li> <p><strong>Digital Record-Keeping & Vault Services</strong></p> </li> </ul> <p><strong>Clientele</strong>: Exchanges, brokers, custodians, mutual funds, and institutional investors — making NSDL a <strong>systemically important financial utility</strong>.</p> <div><hr /></div> <h3>B) Revenue Sources of NSDL</h3> <p>NSDL’s business model offers <strong>diverse, recurring and market-linked revenue streams:</strong></p> <ol start="1" data-spread="false"> <li> <p><strong>Issuer Charges</strong> – For corporate actions & dematerialization/rematerialization</p> </li> <li> <p><strong>Transaction Fees</strong> – Volume/value-linked settlement fees</p> </li> <li> <p><strong>Account Maintenance</strong> – Paid by DPs and investors</p> </li> <li> <p><strong>e-Gov Services</strong> – PAN, Aadhaar & KYC processing (via NSDL e-Gov Infra)</p> </li> <li> <p><strong>Technology Solutions</strong> – Software & IT infrastructure</p> </li> </ol> <p><strong>👉 NSDL = Institutional Heavy. CDSL = Retail Heavy.</strong></p> <div><hr /></div> <h3>C) NSDL Financial Performance (FY22–FY25)</h3> <table style="width: 67.5353%;"> <tbody> <tr> <th style="width: 41.7467%; text-align: center;"><strong>Metric</strong></th> <th style="width: 16.4216%; text-align: center;"><strong>FY22</strong></th> <th style="width: 17.1293%; text-align: center;"><strong>FY23</strong></th> <th style="width: 14.9882%; text-align: center;"><strong>FY24</strong></th> <th style="width: 9.63524%; text-align: center;"><strong>FY25</strong></th> </tr> <tr> <td style="width: 41.7467%; text-align: center;"><strong>Revenue (₹ Cr)</strong></td> <td style="width: 16.4216%; text-align: center;">761</td> <td style="width: 17.1293%; text-align: center;">1,022</td> <td style="width: 14.9882%; text-align: center;">1,268</td> <td style="width: 9.63524%; text-align: center;">1,420</td> </tr> <tr> <td style="width: 41.7467%; text-align: center;"><strong>EBITDA (₹ Cr)</strong></td> <td style="width: 16.4216%; text-align: center;">240</td> <td style="width: 17.1293%; text-align: center;">255</td> <td style="width: 14.9882%; text-align: center;">285</td> <td style="width: 9.63524%; text-align: center;">375</td> </tr> <tr> <td style="width: 41.7467%; text-align: center;"><strong>PAT (₹ Cr)</strong></td> <td style="width: 16.4216%; text-align: center;">212</td> <td style="width: 17.1293%; text-align: center;">235</td> <td style="width: 14.9882%; text-align: center;">275</td> <td style="width: 9.63524%; text-align: center;">343</td> </tr> <tr> <td style="width: 41.7467%; text-align: center;"><strong>EBITDA Margin (%)</strong></td> <td style="width: 16.4216%; text-align: center;">31.5</td> <td style="width: 17.1293%; text-align: center;">24.9</td> <td style="width: 14.9882%; text-align: center;">22.5</td> <td style="width: 9.63524%; text-align: center;">26.4</td> </tr> <tr> <td style="width: 41.7467%; text-align: center;"><strong>PAT Margin (%)</strong></td> <td style="width: 16.4216%; text-align: center;">27.9</td> <td style="width: 17.1293%; text-align: center;">23.0</td> <td style="width: 14.9882%; text-align: center;">21.7</td> <td style="width: 9.63524%; text-align: center;">24.2</td> </tr> <tr> <td style="width: 41.7467%; text-align: center;"><strong>EPS (₹)</strong></td> <td style="width: 16.4216%; text-align: center;">53.0</td> <td style="width: 17.1293%; text-align: center;">11.75</td> <td style="width: 14.9882%; text-align: center;">13.75</td> <td style="width: 9.63524%; text-align: center;">17.15</td> </tr> </tbody> </table> <p><strong>1. Revenue CAGR:</strong> ~23% over FY22–FY25<br /><br /><strong>2. Margin Pressure:</strong> FY22 to FY24 decline due to rising costs, partial recovery in FY25</p> <div><hr /></div> <h3>D) IPO Valuation: High Price, Low Comfort?</h3> <p>With <strong>expected pricing at ₹750–₹800</strong>, the implied valuation is:</p> <ul data-spread="false"> <li> <p><strong>P/E Ratio: ~44x FY25 EPS</strong> (₹17.15)</p> </li> </ul> <p><strong>Comparison:</strong></p> <ul data-spread="false"> <li> <p><strong>CDSL trades at ~65x FY25 EPS</strong></p> </li> <li> <p><strong>CDSL MCap: ₹34,800 Cr+</strong>, with much stronger retail base</p> </li> <li> <p><strong>NSDL IPO Valuation: ₹14,000–₹15,000 Cr (expected)</strong></p> </li> <li> <p><strong>Current Unlisted Market Cap: ₹25,500 Cr</strong> (UnlistedZone)</p> </li> </ul> <p><strong>Weak Points :</strong></p> <ul data-spread="false"> <li> <p><strong>Lower Retail Penetration</strong>: NSDL ~3 Cr accounts vs. <strong>CDSL 8.5 Cr+</strong></p> </li> <li> <p><strong>Lower Tech Automation</strong> = Higher Cost Base</p> </li> <li> <p><strong>Stiff IPO Pricing</strong> = Limited short-term upside</p> </li> </ul> <div><hr /></div> <h3>E) NSDL vs CDSL: The Face-Off</h3> <table style="width: 67.3922%;"> <tbody> <tr> <td style="width: 31.6839%; text-align: center;"><strong>Parameter</strong></td> <td style="width: 36.0678%; text-align: center;"><strong>NSDL</strong></td> <td style="width: 32.0824%; text-align: center;"><strong>CDSL</strong></td> </tr> <tr> <td style="width: 31.6839%; text-align: center;"><strong>Founded</strong></td> <td style="width: 36.0678%; text-align: center;">1996</td> <td style="width: 32.0824%; text-align: center;">1999</td> </tr> <tr> <td style="width: 31.6839%; text-align: center;"><strong>Promoter</strong></td> <td style="width: 36.0678%; text-align: center;">NSE , IDBI</td> <td style="width: 32.0824%; text-align: center;">BSE (51% stake)</td> </tr> <tr> <td style="width: 31.6839%; text-align: center;"><strong>Demat Accounts</strong></td> <td style="width: 36.0678%; text-align: center;">~3 crore</td> <td style="width: 32.0824%; text-align: center;">8.5+ crore</td> </tr> <tr> <td style="width: 31.6839%; text-align: center;"><strong>FY25 PAT Estimate</strong></td> <td style="width: 36.0678%; text-align: center;">₹343 crore</td> <td style="width: 32.0824%; text-align: center;">₹526 crore</td> </tr> <tr> <td style="width: 31.6839%; text-align: center;"><strong>IPO/MCap Valuation</strong></td> <td style="width: 36.0678%; text-align: center;">₹14,000–15,000 Cr (est.)</td> <td style="width: 32.0824%; text-align: center;">₹34000+ Cr</td> </tr> <tr> <td style="width: 31.6839%; text-align: center;"><strong>Revenue Orientation</strong></td> <td style="width: 36.0678%; text-align: center;">Institution-Driven</td> <td style="width: 32.0824%; text-align: center;">Retail-Heavy</td> </tr> <tr> <td style="width: 31.6839%; text-align: center;"><strong>Tech Efficiency</strong></td> <td style="width: 36.0678%; text-align: center;">Medium</td> <td style="width: 32.0824%; text-align: center;">High (automation-first)</td> </tr> <tr> <td style="width: 31.6839%; text-align: center;"><strong>Investor Appeal</strong></td> <td style="width: 36.0678%; text-align: center;">Moderate</td> <td style="width: 32.0824%; text-align: center;">Strong</td> </tr> </tbody> </table> <p><strong>CDSL has the edge in growth, reach, and valuation comfort.</strong></p> <div><hr /></div> <h3>F) Final Verdict: Quality Business, Expensive Entry Point</h3> <p>NSDL offers rock-solid fundamentals, regulatory credibility, and a strong growth history. But the <strong>high valuation in the unlisted market leaves little room for making return.</strong> </p> <p><strong>UnlistedZone Take:</strong></p> <ul data-spread="false"> <li> <p>Fundamentals: ✔️</p> </li> <li> <p>Market Infrastructure Leadership: ✔️</p> </li> <li> <p>Valuation Comfort: ❌</p> </li> <li> <p>Retail Momentum: ❌</p> </li> </ul> <p><strong> Wait for listing and price correction before investing.</strong></p> <div><hr /></div> <h3>Stay Tuned</h3> <p><strong>Follow UnlistedZone for exclusive updates and in-depth IPO analysis.</strong> </p>
<div><strong>Introduction</strong></div> <p>HDB Financial Services Ltd., the NBFC arm of HDFC Bank, is preparing for a landmark IPO estimated at <strong>₹12,500 crore (~$1.5 billion)</strong>, likely to be launched by <strong>mid-July 2025</strong>. This IPO isn't just another fundraising event — it’s driven by a regulatory mandate from the <strong>Reserve Bank of India (RBI)</strong>, which requires "Upper Layer" NBFCs to be listed by <strong>September 2025</strong>.</p> <p>With the <strong>UDRHP filing underway</strong> and anchor discussions in progress, investors are now asking: <em>Is HDB Financial Services fairly valued or is the premium already priced in?</em></p> <div><hr /></div> <h3>IPO Valuation Range and Unlisted Price</h3> <p>The IPO is expected to value HDB Financial Services between <strong>₹65,000 to ₹70,000 crore</strong>, implying a <strong>price band in the range of ₹820 to ₹880 per share</strong>. This estimate is based on internal investor presentations and peer valuation comparisons.</p> <p>However, in the unlisted market, HDB shares are <strong>trading above ₹1,200</strong>, implying a <strong>valuation north of ₹95,000 crore</strong> — a steep 35–40% premium over expected IPO pricing. This disconnect could mean one of two things:</p> <ul data-spread="false"> <li> <p>A potential <strong>listing day disappointment</strong> for those buying at elevated unlisted prices</p> </li> <li> <p>Or, optimistic investors <strong>betting on long-term compounding</strong> from a high-quality lending franchise</p> </li> </ul> <div><hr /></div> <h3>Financial Performance Snapshot (FY22–FY25)</h3> <table> <tbody> <tr> <th>Metric</th> <th>FY22</th> <th>FY23</th> <th>FY24</th> <th>FY25</th> </tr> <tr> <td>Interest Earned (₹ Cr)</td> <td>8,362</td> <td>8,928</td> <td>11,157</td> <td>13,836</td> </tr> <tr> <td>PAT (₹ Cr)</td> <td>1,011</td> <td>1,959</td> <td>2,461</td> <td>2,176</td> </tr> <tr> <td>EPS (₹)</td> <td>12.79</td> <td>24.75</td> <td>31.03</td> <td>27.34</td> </tr> <tr> <td>Net NPA (%)</td> <td>2.29</td> <td>2.72</td> <td>1.90</td> <td>2.26</td> </tr> <tr> <td>Book Value (₹)</td> <td>120.69</td> <td>144.51</td> <td>173.27</td> <td>198.79</td> </tr> <tr> <td>P/B (unlisted)</td> <td>6.01</td> <td>4.57</td> <td>6.90</td> <td>5.01</td> </tr> <tr> <td>ROE (%)</td> <td>10.6</td> <td>17.13</td> <td>17.91</td> <td>13.75</td> </tr> <tr> <td>Provisions (₹ Cr)</td> <td>2,465</td> <td>1,330</td> <td>1,067</td> <td>2,113</td> </tr> </tbody> </table> <p><strong>Note:</strong> FY25 profitability was impacted by a sharp rise in <strong>provisions and contingencies</strong>, which increased to <strong>₹2,113 crore</strong>, up nearly 100% over FY24. This rise in provisioning was likely precautionary amid macro uncertainty or portfolio stress, which <strong>dragged PAT down to ₹2,176 crore</strong> despite a strong 24% jump in interest income.</p> <p>This indicates that while core business remains strong, credit cost fluctuations can impact earnings trajectory — something investors should monitor in the run-up to IPO.</p> <h3>Valuation Concerns: Is the Premium Justified?</h3> <p>As per FY25 projected book value of <strong>₹198.79</strong>, the implied P/B at the upper IPO band of ₹880 comes to around <strong>4.4x</strong>. In contrast:</p> <ul data-spread="false"> <li> <p><strong>Most listed NBFCs</strong> like Cholamandalam, L&T Finance, and Mahindra Finance <strong>trade between 2.5x–5x P/B</strong></p> </li> <li> <p>Even high-quality players like Bajaj Finance have traded near these levels during consolidation periods</p> </li> </ul> <p>At <strong>5x+ P/B in the unlisted market</strong>, HDB Financial is priced <strong>like a premium lender</strong>, even though it has:</p> <ul data-spread="false"> <li> <p>No banking license</p> </li> <li> <p>Slower loan growth compared to peers</p> </li> <li> <p>Moderate ROE trajectory</p> </li> </ul> <p>This raises caution for investors entering at elevated levels in the secondary market.</p> <div><hr /></div> <h3>Regulatory Backing and Growth Potential</h3> <p>Despite valuation concerns, HDB enjoys:</p> <ul data-spread="false"> <li> <p><strong>Parentage of HDFC Bank</strong>, India’s most trusted private lender</p> </li> <li> <p>Deep distribution in semi-urban and underbanked regions</p> </li> <li> <p>Diversified loan book with strong presence in vehicle finance, personal loans, and SME lending</p> </li> </ul> <p>Additionally, the <strong>regulatory push for listing</strong> ensures full compliance and governance transparency, which could unlock future lending headroom.</p> <div><hr /></div> <h3>Conclusion</h3> <p>The HDB Financial IPO is a rare opportunity to invest in a scaled NBFC backed by India’s top private bank. However, <strong>valuation caution is warranted</strong> — especially for those buying in the unlisted space where the pricing appears rich.</p> <p>If the IPO is priced in the <strong>₹820–₹880 band</strong>, it may offer <strong>reasonable entry</strong> for long-term investors. But those holding unlisted shares above ₹1,200 should <strong>temper listing day expectations</strong> or be ready for the long haul.</p> <p><strong>UnlistedZone Recommendation:</strong> Wait for the IPO price band announcement. If you're already invested in unlisted shares, monitor anchor investor interest closely. If you're evaluating entry, compare P/B ratios and ROE profiles with listed peers.</p>
<h2 data-pm-slice="1 1 []"><strong>Introduction</strong></h2> <p>The <strong>National Stock Exchange of India (NSE)</strong> has received a green light from <strong>SEBI</strong> to launch <strong>monthly electricity futures contracts</strong> — a bold step that could transform India’s power market landscape. As India pushes toward <strong>net-zero emissions</strong> and a <strong>cleaner energy future</strong>, the move is set to <strong>deepen the country's power markets</strong>, <strong>improve transparency</strong>, and <strong>attract climate-aligned investments</strong>.</p> <p>This development is not only timely but also strategically important for <strong>NSE</strong> as it expands its influence in the <strong>commodity derivatives space</strong>, especially in <strong>energy trading</strong> — traditionally dominated by platforms like <strong>IEX</strong>.</p> <p>In this blog, we break down what this move means, its relevance to India's renewable goals, and how it might affect investors in power and energy sectors.</p> <div><hr /></div> <h2><strong>A) What Are Monthly Electricity Futures?</strong></h2> <p><strong>Electricity futures</strong> are standardized contracts that allow participants to <strong>buy or sell electricity at a fixed price for a future date</strong>. These contracts help manage the risk of <strong>price fluctuations</strong>, ensure better <strong>demand planning</strong>, and improve <strong>efficiency</strong> in the energy value chain.</p> <p>Unlike the current <strong>spot-based model</strong> where trades happen in real time (as on <strong>IEX</strong>), <strong>futures contracts provide hedging tools</strong> for <strong>large industrial consumers</strong>, <strong>generators</strong>, and <strong>distribution companies</strong> to lock in prices.</p> <p>With <strong>monthly futures</strong>, power sector players can now plan with more certainty and <strong>mitigate risks</strong> stemming from <strong>seasonal demand</strong>, <strong>regulatory changes</strong>, and <strong>fuel price swings</strong>.</p> <div><hr /></div> <h2><strong>B) Why This Matters for India's Energy Ecosystem</strong></h2> <h3>1. <strong>Aligns with India’s Green Energy Goals:</strong></h3> <p>As per the <strong>Niti Aayog</strong>, India needs over <strong>$250 billion in green investments annually</strong> till 2047 to meet its <strong>net-zero goals</strong>. NSE’s electricity futures can play a critical role by attracting <strong>global climate-focused investors</strong> to participate in a <strong>regulated</strong>, <strong>transparent</strong>, and <strong>hedged energy market</strong>.</p> <h3>2. <strong>Empowers Power Sector Stakeholders:</strong></h3> <p>From <strong>power producers</strong> to <strong>discoms</strong> and <strong>bulk buyers</strong>, every player can benefit from <strong>more accurate price signals</strong> and <strong>risk management tools</strong> — a step toward better <strong>planning and capital allocation</strong>.</p> <h3>3. <strong>Bridges the Gap in Price Volatility Management:</strong></h3> <p><strong>Electricity pricing in India is highly volatile</strong> due to <strong>monsoon dependence</strong>, <strong>grid issues</strong>, and <strong>fuel costs</strong>. <strong>Monthly futures contracts</strong> offer a robust way to <strong>hedge these fluctuations</strong>.</p> <div><hr /></div> <h2><strong>C) How NSE’s Entry Disrupts the Status Quo</strong></h2> <p>Until now, platforms like <strong>IEX (Indian Energy Exchange)</strong> have dominated India’s power trading, mainly in the <strong>Day Ahead Market (DAM)</strong> and <strong>Real Time Market (RTM)</strong>. However, <strong>NSE entering this segment with a derivatives offering</strong> changes the game.</p> <h3><strong>Key differences:</strong></h3> <ul data-spread="false"> <li> <p><strong>IEX focuses on spot markets</strong>, while <strong>NSE introduces longer-term price stability</strong>.</p> </li> <li> <p><strong>NSE’s deep institutional network and tech infrastructure</strong> could attract <strong>large-scale traders</strong> and <strong>global funds</strong>.</p> </li> <li> <p>This also complements <strong>NSE’s overall strategy</strong> of expanding into <strong>newer asset classes</strong> beyond <strong>equities</strong> and <strong>currencies</strong>.</p> </li> </ul> <div><hr /></div> <h2><strong>D) Industry Implications: Bullish for NSE, Beneficial for the Market</strong></h2> <p>The <strong>SEBI approval</strong> reflects confidence in <strong>NSE’s regulatory framework</strong>, <strong>risk management</strong>, and <strong>technology backbone</strong>.</p> <h3><strong>For investors</strong>, this move:</h3> <ul data-spread="false"> <li> <p><strong>Strengthens NSE’s positioning</strong> as a <strong>multi-asset class exchange</strong></p> </li> <li> <p>Opens opportunities to invest in <strong>energy-linked financial instruments</strong></p> </li> <li> <p>Adds a layer of <strong>maturity to India’s energy markets</strong></p> </li> </ul> <p>It also complements India’s <strong>Electricity Act, 2003</strong> reforms that aim for <strong>better competition</strong>, <strong>transparency</strong>, and <strong>market-based pricing</strong>.</p> <div><hr /></div> <h2><strong>Conclusion</strong></h2> <p>NSE’s foray into <strong>electricity futures</strong> is more than just another product launch — it marks a <strong>structural shift</strong> in India’s power market. By bridging the gap between <strong>renewable ambitions</strong> and <strong>financial infrastructure</strong>, the exchange is enabling <strong>smarter</strong>, <strong>climate-aligned investments</strong>.</p> <p>As the transition to <strong>clean energy</strong> accelerates, <strong>NSE</strong> is positioning itself at the <strong>intersection of finance and sustainability</strong> — and that’s a story both <strong>institutional and retail investors</strong> will want to watch closely.</p>
<h3 data-pm-slice="1 1 []">Introduction</h3> <p>India’s e-commerce platform <strong>Meesho</strong> is making headlines as it converts into a <strong>public limited company</strong>, signalling its intent to prepare for a domestic IPO. From changing its corporate structure to shifting its domicile back to India, Meesho’s recent strategic moves reflect the company's ambition to cement its place among India’s top consumer internet companies.</p> <p>In this article, we decode what Meesho does, why it's restructuring, who backs it, and what its numbers reveal about its IPO readiness.</p> <div><hr /></div> <h3>A) What Does Meesho Do?</h3> <p><strong>Meesho</strong> is a Bengaluru-based online marketplace that enables small businesses, individual entrepreneurs, and homepreneurs to sell products directly to consumers using social platforms like WhatsApp, Facebook, and Instagram. It operates on a <strong>zero-commission model</strong> and focuses heavily on <strong>Tier 2+ cities</strong>, making e-commerce more inclusive and affordable for India’s next billion users.</p> <p>Founded in 2015 by <strong>Vidit Aatrey</strong> and <strong>Sanjeev Barnwal</strong>, Meesho has become a go-to platform for low-cost apparel, home goods, accessories, and beauty products — largely driven by unbranded sellers and budget-conscious consumers.</p> <div><hr /></div> <h3>B) Corporate Restructuring: From Pvt Ltd to Public Ltd</h3> <p>In May 2025, Meesho converted its legal structure from <strong>Fashnear Technologies Private Limited</strong> to <strong>Meesho Private Limited</strong>, and subsequently to a <strong>public limited company</strong> — a key milestone in IPO preparation.</p> <p>Additionally, the company has filed with the <strong>National Company Law Tribunal (NCLT)</strong> to officially shift its <strong>domicile from the US back to India</strong>. This reversal from a US holding structure to an Indian base allows Meesho to:</p> <ul data-spread="false"> <li> <p>Align with Indian regulatory requirements</p> </li> <li> <p>Enable a domestic IPO listing</p> </li> <li> <p>Signal long-term commitment to Indian markets and investors</p> </li> </ul> <div><hr /></div> <h3>C) IPO Plans & Strategy</h3> <p>Although Meesho has not yet filed its Draft Red Herring Prospectus (DRHP), the company has appointed key investment banks — <strong>Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanley</strong> — for IPO advisory.</p> <p>The company has stated it is evaluating <strong>strategic alternatives</strong>, including listing on a recognized stock exchange in India. Internal compliance measures and structural changes are being undertaken to ensure a smooth IPO process when the time is right.</p> <div><hr /></div> <h3>D) Business Performance & Key Metrics</h3> <p>Meesho’s growth trajectory remains strong:</p> <ul data-spread="false"> <li> <p><strong>FY24 Revenue</strong>: ₹7614+ crores, up 32% YoY</p> </li> <li> <p><strong>Transacting Users</strong>: 187 million annually, up 26% YoY</p> </li> <li> <p><strong>Gross Merchandise Value (GMV)</strong>: ~$6.2 billion</p> </li> <li> <p><strong>Projected GMV CAGR</strong>: 26% over the next 6 years</p> </li> </ul> <p>According to a <strong>CLSA report</strong>, Meesho holds:</p> <ul data-spread="false"> <li> <p><strong>37% market share</strong> in terms of number of orders (2024)</p> </li> <li> <p><strong>8.5% market share</strong> in terms of GMV</p> </li> </ul> <p>Below is a snapshot of Meesho’s key financial indicators based on its filings:</p> <table style="width: 74.269%;"> <tbody> <tr> <th style="width: 30.3622%; text-align: center;">Metric</th> <th style="width: 16.8679%; text-align: center;">FY21</th> <th style="width: 20.5749%; text-align: center;">FY22</th> <th style="width: 17.2092%; text-align: center;">FY23</th> <th style="width: 14.8437%; text-align: center;">FY24</th> </tr> <tr> <td style="width: 30.3622%; text-align: center;">Net Revenue (₹ Cr)</td> <td style="width: 16.8679%; text-align: center;">792.82</td> <td style="width: 20.5749%; text-align: center;">3,232.30</td> <td style="width: 17.2092%; text-align: center;">5,734.52</td> <td style="width: 14.8437%; text-align: center;">7,614.95</td> </tr> <tr> <td style="width: 30.3622%; text-align: center;">Operating Cost (₹ Cr)</td> <td style="width: 16.8679%; text-align: center;">1,328.41</td> <td style="width: 20.5749%; text-align: center;">6,598.27</td> <td style="width: 17.2092%; text-align: center;">7,533.11</td> <td style="width: 14.8437%; text-align: center;">8,085.60</td> </tr> <tr> <td style="width: 30.3622%; text-align: center;">EBITDA (₹ Cr)</td> <td style="width: 16.8679%; text-align: center;">-535.59</td> <td style="width: 20.5749%; text-align: center;">-3,365.96</td> <td style="width: 17.2092%; text-align: center;">-1,798.59</td> <td style="width: 14.8437%; text-align: center;">-470.65</td> </tr> <tr> <td style="width: 30.3622%; text-align: center;">Depreciation (₹ Cr)</td> <td style="width: 16.8679%; text-align: center;">8.71</td> <td style="width: 20.5749%; text-align: center;">8.96</td> <td style="width: 17.2092%; text-align: center;">29.85</td> <td style="width: 14.8437%; text-align: center;">58.10</td> </tr> <tr> <td style="width: 30.3622%; text-align: center;">Other Income (₹ Cr)</td> <td style="width: 16.8679%; text-align: center;">45.84</td> <td style="width: 20.5749%; text-align: center;">127.10</td> <td style="width: 17.2092%; text-align: center;">154.76</td> <td style="width: 14.8437%; text-align: center;">230.17</td> </tr> <tr> <td style="width: 30.3622%; text-align: center;">Profit Before Tax (₹ Cr)</td> <td style="width: 16.8679%; text-align: center;">-498.66</td> <td style="width: 20.5749%; text-align: center;">-3,247.84</td> <td style="width: 17.2092%; text-align: center;">-1,675.01</td> <td style="width: 14.8437%; text-align: center;">-304.96</td> </tr> </tbody> </table> <p>Meesho’s financials reflect a significant improvement in <strong>operating efficiency</strong>, with losses shrinking substantially by FY24 — laying the groundwork for IPO-focused profitability.</p> <div><hr /></div> <h3>E) Financials & Valuation</h3> <p>Here is a summary of Meesho’s last three years of performance:</p> <table style="width: 68.6425%;"> <tbody> <tr> <td style="width: 21.9041%; text-align: center;"><strong>Financial Year</strong></td> <td style="width: 28.1103%; text-align: center;"><strong>Revenue (INR Cr)</strong></td> <td style="width: 20.8039%; text-align: center;"><strong>YoY Growth</strong></td> <td style="width: 29.0279%; text-align: center;"><strong>Profit/Loss (approx.)</strong></td> </tr> <tr> <td style="width: 21.9041%; text-align: center;">FY22</td> <td style="width: 28.1103%; text-align: center;">₹3,232 Cr</td> <td style="width: 20.8039%; text-align: center;">–</td> <td style="width: 29.0279%; text-align: center;">-₹3,250 Cr</td> </tr> <tr> <td style="width: 21.9041%; text-align: center;">FY23</td> <td style="width: 28.1103%; text-align: center;">₹5734 Cr</td> <td style="width: 20.8039%; text-align: center;">↑77%</td> <td style="width: 29.0279%; text-align: center;">-₹1,675 Cr</td> </tr> <tr> <td style="width: 21.9041%; text-align: center;">FY24</td> <td style="width: 28.1103%; text-align: center;">₹7614+ Cr</td> <td style="width: 20.8039%; text-align: center;">↑34%</td> <td style="width: 29.0279%; text-align: center;">-304 Cr</td> </tr> </tbody> </table> <p>Meesho has significantly narrowed its losses over the last two years and is reportedly targeting profitability ahead of IPO.</p> <p><strong>As on March 31, 2024</strong>, Meesho had <strong>7.83 crore outstanding equity shares</strong>. In April 2024, <strong>Meesho Inc. infused ₹2,250 crore</strong> at a share price of <strong>₹3,755</strong>, implying a <strong>pre-money valuation of ~$3.95 billion</strong>. This marks a key valuation benchmark ahead of its anticipated IPO.</p> <p> </p> <div><hr /></div> <h3>ESOP Bonus Plan</h3> <p>As part of its restructuring and employee alignment strategy, Meesho’s board has approved a plan to issue <strong>41 crore bonus shares</strong> to employees and existing stakeholders — a move often seen before an IPO to unlock value and improve liquidity for early contributors.</p> <div><hr /></div> <h3>Conclusion</h3> <p>Meesho’s conversion to a public limited company and its intent to shift back to India indicate <strong>serious IPO readiness</strong>. With a large user base, strong order volumes, improving financials, and a focus on Bharat-first commerce, Meesho is positioning itself as a mass-market e-commerce leader.</p> <p>As investors in unlisted shares look for the next potential listing candidate, Meesho is one of the most closely tracked names in the consumer tech space.</p> <p>Stay tuned to UnlistedZone for updates on Meesho’s IPO filing, share pricing trends in the unlisted market, and investor insights.</p> <p> </p>
<h2 data-pm-slice="1 1 []">Introduction</h2> <p>PowerUp Money Secures $7.1M Seed Funding to Transform WealthTech! PowerUp Money, a fresh entrant in India’s burgeoning WealthTech landscape, has successfully raised $7.1 million in its first institutional round led by Accel, Blume Ventures, and Kae Capital. This marks a significant milestone as the Bengaluru-based startup prepares for rapid scale-up.</p> <h2>A) Company Background & Founding</h2> <p><strong>Founded:</strong> Early 2025 ( In 2023 it founded under the Uni cards, become Independent in 2025)</p> <p><strong>Founder & CEO:</strong> Prateek Jindal, a seasoned fintech leader and ex-co‑founder of Uni Cards<br /><strong>Origin:</strong> Incubated within Uni Cards, PowerUp was spun off as an independent entity post-funding </p> <h2>B) Business Model & Revenue Strategy</h2> <p>PowerUp operates as a Registered Investment Advisor (RIA), offering:</p> <ul data-spread="false"> <li> <p><strong>Free</strong> advisory & portfolio management</p> </li> <li> <p><strong>PowerUp Elite subscription</strong> (₹999/year) featuring quarterly reviews and premium insights</p> </li> </ul> <p><strong> Revenue is projected from:</strong></p> <ul data-spread="false"> <li> <p>Subscription fees</p> </li> <li> <p>Full-service portfolio management in the future</p> </li> </ul> <p><strong>How It Stands Out:</strong><br />Competes with Dezerv, Centricity, Groww (Fisdom), and Ionic Wealth, but differentiates via tech-first, advisory‑driven offerings targeting ₹0.5–2 Cr investors</p> <h2>C) Founders & Team</h2> <p><strong>Prateek Jindal</strong> brings fintech and product expertise from Uni Cards, Ola Money, and Swvl<br />Supported by a <strong>30–35 strong team</strong> with strengths in investment research, data science, and mobile UX</p> <h2>D) Problem Being Solved</h2> <p>Only 55 million Indians currently have mutual fund exposure</p> <p><strong>Gap:</strong> Lack of trustworthy, personalized advisory and digital-first, commission-free products</p> <p><strong>PowerUp’s solution:</strong> Democratize institutional‑grade guidance with a user‑centric experience</p> <h2>E) Funding History & Valuation</h2> <p><strong>1. Seed Round (June 2025)</strong><br /><strong>Amount:</strong> $7.1 million (~₹59 Cr)</p> <p><strong>2. Lead Investors:</strong> Accel, Blume Ventures, Kae Capital<br /><strong>Others:</strong> 8i Ventures, DeVC</p> <p><strong>3. Estimated Valuation:</strong><br />Though undisclosed, early-stage startups like PowerUp typically fetch valuations between <strong>₹250–350 Cr</strong>.</p> <h2>F) Growth Plans & Competitive Edge</h2> <p><strong>Using funds to:</strong></p> <ul data-spread="false"> <li> <p>Expand research capabilities</p> </li> <li> <p>Enhance product features</p> </li> <li> <p>Scale up user acquisition</p> </li> </ul> <p><strong>Competitive advantage:</strong><br /><br />Unveiling a hybrid model: “free + premium advisory + tech-driven portfolio services”. Positioned to cater to affluent retail investors (₹5 L to ₹2 Cr segments)</p> <h2>UnlistedZone Takeaway</h2> <p>PowerUp Money emerges as one of India’s new compelling WealthTech startups in 2025. With a credible founding team, proven product-market fit, and significant backing, it’s may take a strong fight with RIA & digital investment advisory space.</p> <p>💡 <strong>Watch out for this startup—it’s one to watch in India’s next wave of fintech innovation.</strong></p>
<p>🔍 How NSE Became India’s Most Profitable Exchange | Market Infrastructure Giant | UnlistedZone In this video by UnlistedZone, we trace the phenomenal rise of the National Stock Exchange of India (NSE) — from a bold reform-driven startup in the 1990s to the most profitable stock exchange in India and one of the largest derivatives markets globally. ✅ What you’ll learn in this video: How NSE disrupted BSE’s long-standing monopoly The Harshad Mehta scam and its role in NSE’s founding The revolutionary shift to screen-based, electronic trading Key challenges like the colocation scam and regulatory scrutiny What lies ahead: GIFT City, electricity derivatives, tech exports, and SME market expansion 📈 From introducing transparency and automation to empowering investors in Tier 2 & Tier 3 cities, NSE has reshaped the Indian capital markets. Today, with over 100 million active investors, NSE is not just a trading platform — it is India’s market infrastructure backbone.</p>
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