Analysis, guides and explainers on India's unlisted market — from IPO pipelines to ESOP liquidity.
<p>Lendingkart, a leading player in the fintech industry, is making significant strides in the Indian financial landscape by forging strategic alliances aimed at enhancing credit accessibility for micro, small, and medium enterprises (MSMEs). In its latest move, the company has partnered with Tata Capital, the financial services arm of the Tata Group, to offer unsecured business loans to MSMEs across the country. This collaboration is set to address the critical financing needs of underserved businesses, further solidifying Lendingkart’s commitment to empowering entrepreneurs through innovative financial solutions.<br /><br /></p> <ul> <li> <p><strong>Strategic Partnership Announcement:</strong></p> <ul> <li>Lendingkart, a prominent fintech company, has joined forces with Tata Capital, the financial services subsidiary of Tata Group, to provide unsecured business loans to micro, small, and medium enterprises (MSMEs) across India.<br /><br /></li> </ul> </li> <li> <p><strong>Lendingkart’s SaaS Platform and Loan Disbursement:</strong></p> <ul> <li>In a recent announcement, Lendingkart highlighted that this strategic partnership aims to expand credit accessibility for MSMEs through its software-as-a-service (SaaS) platform, 2gthr. The platform, which oversees the entire financial journey of customers—from application to underwriting, disbursal, and collections management—has already facilitated the disbursement of over 300,000 loans.<br /><br /></li> </ul> </li> <li> <p><strong>Partnership’s Impact on MSME Financing:</strong></p> <ul> <li>Lendingkart’s 2gthr has established collaborations with approximately 30 financial institutions, including Tata Capital, as part of its co-lending initiative. The partnership with Tata Capital is seen as a significant step towards addressing the financial needs of underserved businesses and enhancing operational efficiency in the lending process.<br /><br /></li> </ul> </li> <li> <p><strong>Lendingkart’s Recent Funding and Expansion Plans:</strong></p> <ul> <li>Earlier this year, Lendingkart secured $10 million (INR 83.5 Cr) through external commercial borrowing from a fund managed by Swiss impact investor BlueOrchard. The company plans to channel this capital into furthering its mission of providing financing solutions to MSMEs.</li> </ul> </li> </ul>
<p>In a strategic move, HDFC Bank, India’s leading private sector lender, has decided to reject a $2 billion offer from Mitsubishi UFJ Financial Group (MUFG) of Japan, which sought to acquire a 20% stake in HDB Financial Services, HDFC Bank's non-banking financial company (NBFC) subsidiary. This proposal would have placed HDB Financial Services at a valuation of $10 billion.</p> <p>Instead of going forward with the offer from MUFG, HDFC Bank’s board has chosen a different path by opting to list HDB Financial Services on the stock market. This decision aligns with the Reserve Bank of India’s regulatory requirements, and the bank is keen to fulfill these through the public listing.</p> <p>This development is expected to come as a disappointment to Japanese officials, as the potential deal was anticipated to enhance economic and strategic relations between India and Japan. MUFG’s interest in the NBFC arm of HDFC Bank was seen as part of its broader strategy to bolster its footprint in the Indian market.</p> <p>Currently, HDFC Bank holds a commanding 95% share in HDB Financial Services, and the upcoming listing is poised to be a critical milestone for the company’s growth trajectory.</p>
<p>Cochin International Airport Limited (CIAL) is setting an ambitious goal to achieve a Rs 1,000 crore turnover this fiscal year, primarily driven by its strategic focus on non-aviation projects. This move underscores CIAL's intent to diversify its revenue sources beyond traditional aviation activities, ensuring financial stability and growth.</p> <p><strong>Expanding Revenue Streams:</strong></p> <p>CIAL is increasingly concentrating on non-aeronautical revenue streams to broaden its financial base. This includes initiatives in real estate, commercial enterprises, and other related sectors that are expected to contribute significantly to the airport's revenue, reducing its reliance on passenger traffic.</p> <p><strong>Key Strategic Initiatives: </strong></p> <p><br />CIAL has strategically invested in several high-impact projects, including solar power plants, a world-class golf course, and extensive commercial real estate developments. These initiatives are anticipated to play a crucial role in reaching the Rs 1,000 crore turnover goal, marking a significant leap from previous financial years.</p> <p><strong>Leading in Renewable Energy: </strong></p> <p><br />A standout among CIAL's non-aeronautical ventures is its solar power program. The airport’s solar energy facilities have garnered international attention, positioning CIAL as a leader in sustainable airport management. This initiative not only boosts revenue but also aligns with the global shift towards renewable energy.</p> <p><strong>Diversification Strategy: </strong></p> <p><br />CIAL's diversification into non-aeronautical projects is a strategic response to the aviation industry's cyclical nature. By expanding into new areas, CIAL ensures a more stable and predictable income, less vulnerable to fluctuations in passenger numbers and travel demand.</p> <p><strong>Real Estate Development: </strong></p> <p><br />In addition to its focus on renewable energy, CIAL is actively developing commercial real estate around the airport. These developments include office buildings, hotels, and retail spaces, which are set to contribute significantly to the airport’s non-aeronautical revenue, further reinforcing its financial growth.</p> <p><strong>Financial Outlook: </strong></p> <p><br />The Rs 1,000 crore revenue target represents a substantial increase from CIAL's previous earnings, highlighting the airport's confidence in its diversified business model. This bold financial projection demonstrates CIAL's ability to generate robust returns from its wide-ranging portfolio of non-aeronautical ventures.</p> <p><strong>Commitment to Sustainability:</strong></p> <p><br />CIAL’s non-aeronautical projects are deeply integrated with its commitment to environmental sustainability. The airport’s focus on green initiatives, especially in renewable energy, reflects its long-term vision for sustainable growth and resilience in an evolving industry.</p> <p><strong>Positive Impact on Stakeholders: </strong></p> <p><br />The success of CIAL's non-aero projects is expected to have a favorable impact on various stakeholders, including investors, local communities, and the workforce. The expansion of these projects is likely to create new job opportunities and stimulate the regional economy, benefiting a broad range of stakeholders.</p> <p><strong>Future Growth Plans: </strong></p> <p><br />Looking ahead, CIAL intends to further expand its portfolio of non-aeronautical ventures. The airport is exploring potential investments in new sectors that align with its growth strategy, ensuring it remains competitive and continues to lead by example in the industry.</p> <p><strong>Regional Leadership: </strong></p> <p><br />As a pioneering force in India’s aviation sector, CIAL's success in non-aviation projects could serve as a blueprint for other airports in the region. This strategy emphasizes the importance of diversification for sustained growth and stability in the aviation industry.</p>
<p>OYO has entered a strategic partnership with India Khelo Football (IKF), an organization focused on promoting grassroots football across India. Through this collaboration, OYO will provide accommodation for players, coaches, and officials involved in IKF's football programs, ensuring they have comfortable and reliable lodging during training camps, tournaments, and events.</p> <p>The partnership will begin with the trials for India Khelo Football Season 4, which will be conducted in over 100 cities and villages nationwide. As part of this agreement, OYO will offer its hotel network to accommodate participants, helping to ease logistical challenges.</p> <p>India Khelo Football's initiatives include talent scouting, professional coaching sessions, and tournaments that give young footballers the exposure they need to advance their careers. By partnering with OYO, IKF ensures that participants have access to safe and comfortable accommodations, allowing them to focus entirely on their development.</p> <p>This collaboration aligns with OYO's broader initiative to expand its sports hospitality services, supporting grassroots sports across India. OYO has already facilitated the accommodation needs of over 40,000 sports officials and athletes through partnerships with major events like the Khelo India Youth Games, National Games, and various state-level sports events.</p>
<p>In a pivotal move for Odisha’s renewable energy landscape, Waaree Energies Limited, a leading solar energy solutions provider in India, engaged in a significant dialogue with Odisha’s Chief Minister Shri Mohan Charan Majhi at Lok Seva Bhavan. Under the leadership of Chairman & Managing Director Dr. Hitesh Doshi, the discussions focused on harnessing Odisha’s rich natural resources to amplify the state’s renewable energy production.</p> <p>The meeting aimed to identify strategies for stimulating industrial growth and generating substantial employment opportunities across the state through the expansion of clean energy initiatives. This initiative underscores Waaree Energies' commitment to partnering with state governments to propel India's broader clean energy goals.</p> <p>As India progresses towards a sustainable future, such collaborations are essential for fostering responsible development that balances economic growth with environmental stewardship.</p> <p><br />Founded in 1989, Waaree Energies has grown to become one of India’s largest vertically integrated solar power companies, offering a wide range of solar products, including photovoltaic modules, inverters, and solar water pumps. With a robust presence across more than 350 locations in India and 68 countries worldwide, Waaree Energies is dedicated to advancing the global clean energy transition.</p>
<p>MobiKwik, a leading player in the digital financial services landscape, has reached a significant milestone by achieving its first full-year profitability in FY24. After enduring 15 years of operating losses, the company has made a remarkable financial turnaround, reporting a Profit After Tax (PAT) of ₹14.08 crore. This is a stark contrast to the ₹83.81 crore loss recorded in FY23. This financial breakthrough not only underscores MobiKwik’s resilience but also sets the stage for its impending Initial Public Offering (IPO), a move that signals the company’s readiness to scale new heights in the public market.</p> <p>In an interview with CNBC-TV18, Upasana Taku, Co-Founder and CFO of MobiKwik, expressed optimism about the company's future, highlighting that the groundwork for this success has been laid over many years. Having filed for an IPO with the Securities and Exchange Board of India (SEBI) in January 2024, MobiKwik is now waiting for final approval. Taku confidently stated, "We are prepared for our next chapter as a publicly listed company, and we will continue to innovate and expand our offerings in the fintech space while maintaining the profitability we’ve worked so hard to achieve."</p> <p>The journey to profitability was not an easy one. Taku emphasized that this success is the culmination of years of strategic efforts and perseverance. "Our profitability in FY24 is the result of a long-term vision and a commitment to taking bold, sometimes unconventional, steps in an industry where others may have followed more traditional paths," she said.</p> <p>One of the key factors driving MobiKwik’s success has been its ability to scale both its user base and its network of merchants. With over 150 million users and 4 million merchants now on board, the company has grown from a simple payments platform to a diversified financial services provider. MobiKwik’s expansion into credit, savings, and insurance products—tailored specifically to meet the needs of those underserved by traditional financial institutions—has become a significant revenue generator. In FY24, 60% of the company’s revenue was derived from these financial products, while payments accounted for the remaining 40%.</p> <p>Another critical element in MobiKwik’s turnaround has been its prudent approach to cost management. Despite a 59% surge in revenue, the company managed to reduce its fixed costs from 50% to 39% of total revenue. This disciplined financial management has not only contributed to profitability but has also positioned MobiKwik for sustainable growth moving forward.</p> <p>Looking ahead, Taku anticipates that the company’s revenue mix will remain balanced between payments and financial products, with each contributing approximately 50-55%. She noted that while the payments business has lower margins, the distribution of financial products offers higher profitability, which will be crucial as the company continues to scale. "Our vision is to become the one-stop financial app for both consumers and small merchants," Taku added.</p> <p>Beyond these achievements, MobiKwik has also been recognized for its customer-centric approach, offering a seamless digital experience that has resonated particularly well with India’s growing internet-savvy population. The company’s commitment to financial inclusion, providing accessible financial services to millions who previously had limited access, has not only driven its growth but also positioned it as a key player in the broader fintech ecosystem.</p> <p>As MobiKwik prepares for its IPO, the company is expected to leverage its strong market position to further expand its product offerings and reach new customer segments. The successful transition to profitability, coupled with a well-rounded and diversified business model, places MobiKwik in a favorable position to capitalize on the growing demand for digital financial services in India and beyond.</p>
<p>Bira 91, recognized as one of the most rapidly expanding beer brands globally, celebrated an impressive victory at the World Beer Awards 2024, held in London on August 8th. The brand secured a total of nine medals, including 4 Golds, 3 Silvers, and 2 Bronzes, cementing its status as a dominant player in the international beer industry.</p> <p>The highlight of Bira 91's achievements was the Bira 91 Boom, which clinched the prestigious title of World’s Best Strong Lager from India, along with a GOLD medal. Additional GOLD accolades were awarded to their Gold Wheat Strong, Superfresh White with Citrus, and Superfresh White with Mango. These beers earned top honors in their respective categories of World’s Best Strong Wheat Beer, World’s Best Belgian Style Witbier, and World’s Best Flavoured Fruit & Vegetable Beer.</p> <p>Further showcasing their versatility, Bira 91 Light, Superfresh White With Berry, and Malabar Stout each won SILVER medals. They excelled in the categories of World’s Best Light Lager, World’s Best Sweet Stout, and World’s Best Session IPA. The brand's consistent performance continued with BRONZE medals for Bira 91 RISE and Indian Pale Ale with Pomelo in their respective categories.</p> <p>These accolades highlight Bira 91's dedication to innovative brewing techniques and exceptional flavors, qualities that have been recognized on the global stage. The World Beer Awards, often regarded as the "Oscars" of the beer industry, celebrates the finest in brewing by awarding gold, silver, and bronze medals across a wide range of styles.</p> <p>Ankur Jain, the Founder & CEO of Bira 91, expressed his pride in the brand's accomplishments, stating, “These awards are a testament to our relentless drive for excellence and creativity in brewing. The recognition we’ve received at the World Beer Awards 2024 is not just about winning medals; it's about establishing Indian beers on the global stage. Our brewers’ dedication and craftsmanship are at the heart of every beer we create.”</p> <p>With a commitment to delivering a diverse portfolio of beers that cater to a wide range of palates, Bira 91 continues to expand both within India and internationally. The brand's success at the World Beer Awards underscores its growing influence and ambition to lead in the global beer industry.</p> <p>Founded in 2015 by Ankur Jain, Bira 91 has quickly become one of India’s most popular beer brands, known for its flavorful and innovative craft beers. The company prides itself on blending traditional brewing techniques with contemporary flavor profiles, appealing to a broad spectrum of beer enthusiasts. Bira 91 offers a wide range of products, from light and crisp lagers to rich stouts and fruity ales, all with a signature Indian twist. The brand is not only a favorite in India but is also making significant inroads in international markets, solidifying its presence as a global craft beer leader.</p>
<p>Vikram Solar Limited, a prominent name in the Indian solar industry, has introduced its latest breakthrough in solar technology—the SURYAVA high-performance bifacial module. This innovative module is designed with advanced Heterojunction Technology (HJT), marking a significant leap in solar energy efficiency.</p> <p>SURYAVA, named after the Sanskrit term for 'sun,' symbolizes the core attributes of solar energy—vitality, brilliance, and warmth. The product was unveiled during the company's Advisory Board Meeting, which saw the presence of key figures such as Dr. Alok Srivastava (Retd. IAS), Chairman of the Advisory Board, Independent Director Mr. K. Subramanya, and esteemed Advisory Board members Dr. S.P. Gon Chaudhuri, Mr. J.P. Dua, Mr. Pankaj Agarwal, and Mr. Suresh Menon.</p> <p>The SURYAVA module is set to revolutionize the solar industry with its state-of-the-art bifacial design paired with Heterojunction Technology. Unlike conventional solar cells, HJT leverages both crystalline and amorphous silicon layers, significantly boosting energy output. The module features G12 cells and 20 Busbar technology, enabling it to achieve an impressive efficiency of over 23%. This design not only enhances performance but also ensures greater durability compared to standard solar modules.</p> <p><br />The SURYAVA module is packed with benefits, including an extended lifespan, higher power output, enhanced safety features, superior performance in low-light conditions, zero negative power tolerance, and bifaciality for optimized energy yield and longevity.</p>
<p>India's leading solar photovoltaic (PV) module manufacturer, Waaree Energies Limited, has been awarded a significant 90 MW order to supply advanced dual glass bifacial modules with a power rating of 540/545Wp. The modules will be used in a solar project developed by Juniper Green Cosmic Private Limited in Bikaner, Rajasthan.</p> <p>This order reinforces Waaree Energies' pivotal role in bolstering India's renewable energy initiatives, with the company's production capacity hitting an impressive 12 GW as of June 2023.</p> <p>Commenting on the achievement, Sunil Rathi, Director of Sales at Waaree Energies, expressed his satisfaction with the partnership, stating, "Securing this order from Juniper Green Energy is a major milestone in our ongoing effort to speed up India's shift toward renewable energy. Our state-of-the-art bifacial modules will not only boost the solar output in the Bikaner region but also drive economic growth and generate new jobs. This project is a clear reflection of our commitment to supporting local manufacturing and contributing to a greener, sustainable future for the nation."</p> <p>Naresh Mansukhani, CEO of Juniper Green Energy, also shared his enthusiasm for the collaboration, noting, "We are thrilled to join forces with Waaree Energies on this project. Their bifacial modules align perfectly with our goal of pioneering sustainable energy solutions. This collaboration not only broadens our renewable energy portfolio but also strengthens our dedication to India's clean energy ambitions. Through the use of cutting-edge technology, we are not just generating electricity but also spurring economic development and fostering environmental sustainability in the Bikaner region."</p> <p>The installation of these high-efficiency modules is expected to significantly boost Bikaner's renewable energy capacity, contributing positively to both the local power grid and the broader sustainability goals of the region.</p>
<p>Tata Capital, a significant subsidiary of Tata Sons, has transitioned from an NBFC – Core Investment Company (CIC) to an NBFC – Investment Credit Company (ICC) following the Reserve Bank of India's (RBI) approval. This change is part of a larger restructuring effort, which included the merger of Tata Cleantech Capital and Tata Capital Financial Services.</p> <p>In a recent stock exchange filing, Tata Capital confirmed the successful transition, stating that it had received the RBI's Certificate of Registration as an NBFC-ICC. This follows the surrender and cancellation of the registration certificates of the merged entities, TCFSL and TCCL. The restructuring consolidates Tata Capital's financial services under one umbrella.</p> <p>Another significant milestone for Tata Capital is the merger with Tata Motor Finance Ltd (TMFL), a subsidiary of Tata Motors Finance Holdings, announced in June 2024. The merger is expected to take 9-12 months to complete, with Tata Motors set to hold a 4.7% stake in Tata Capital through TMF Holdings.</p> <p>The RBI's tighter regulations, introduced after the IL&FS crisis in 2018, classify NBFCs into four tiers, with Tata Sons and Tata Capital both falling under the Upper Layer (NBFC-UL). This classification mandates that they list their shares by September 2025. However, Tata Capital may seek an extension due to the ongoing merger with TMFL.</p> <p>Despite potential delays, Tata Capital's market capitalization has surged from $33 billion to $48 billion in the past six months, reflecting strong investor confidence as the company prepares for a potential IPO. This transformation marks a pivotal step for Tata Capital as it strengthens its position in the financial sector.</p>
<p>Hexaware Technologies, a prominent IT services and solutions provider, has entered into a strategic partnership with upGrad Enterprise, the corporate training division of upGrad. The collaboration is aimed at advancing the generative AI (Gen AI) skills of over 100 employees, furthering Hexaware’s goal of becoming an AI-first organization. This initiative comes on the heels of Hexaware’s launch of a dedicated Gen AI practice and consulting unit last year.</p> <p>This new training program is designed to prepare Hexaware employees to become skilled Gen AI architects. These professionals will be equipped to develop innovative solutions, tackle complex business challenges, and guide clients towards achieving their objectives using cutting-edge AI technologies. The training will be delivered through a mix of instructor-led sessions and online learning modules, requiring participants to commit 7-8 hours per week over a six-month period.</p> <p>To ensure the right candidates are selected, a panel will assess employees based on their technical and programming expertise. Priority will be given to those who have demonstrated outstanding performance over the past two years and have completed foundational and advanced Gen AI courses. Additional consideration will be given to individuals with a strong background in deep learning and natural language processing (NLP).</p> <p>Satyendu Mohanty, Executive Vice President & Global Head of Talent Supply Chain and Learning & Development at Hexaware, highlighted the importance of this partnership, stating, "Our collaboration with upGrad is a key part of Hexaware’s strategy to rapidly build our workforce’s Gen AI capabilities. By investing in our employees, we are not only preparing them to excel in a rapidly changing technological landscape but also ensuring we continue to deliver exceptional value to our clients. This initiative underscores our commitment to fostering a culture of continuous learning and innovation."</p> <p>Echoing this sentiment, Satyajith Mundakkal, Chief Technology Officer for Digital ITO and Gen AI Services at Hexaware, remarked, "This partnership with upGrad is a significant milestone for us. By equipping our team with advanced Gen AI skills, we are enhancing our internal capabilities and developing a cadre of Gen AI architects. These professionals will be instrumental in designing solutions that deliver real value to our clients."</p> <p>Srikanth Iyengar, Chief Executive Officer at upGrad Enterprise, also expressed enthusiasm about the collaboration, saying, "We are excited to work with Hexaware to provide advanced training in Generative AI to their talented IT professionals. As the global workforce undergoes a profound transformation, our mission is to empower professionals with the skills they need to succeed in an increasingly digital and AI-centric world."</p> <p>He added, "This initiative goes beyond simple upskilling. It’s about aligning Hexaware’s talent with the demands of the evolving business environment. upGrad Enterprise is committed to making learning accessible, engaging, and practical."</p> <p>This partnership between Hexaware Technologies and upGrad Enterprise reflects a forward-thinking approach to workforce development in the realm of generative AI. By investing in specialized training, Hexaware is positioning its employees to thrive in a rapidly changing technological landscape, ensuring they remain at the forefront of innovation in the industry.</p>
<p>Ritesh Agarwal, the founder of OYO, has invested ₹830 crore in the company through his Singapore-based entity, Patient Capital, as part of the latest funding round. This investment is part of OYO's recent capital raise of ₹1,457 crore from a group of investors, as confirmed by insiders.</p> <p>Following this Series G funding round, Agarwal's ownership in OYO will increase from 29.97% to 32.57%. Sources indicate that Agarwal's move is both a strategic effort to maintain his stake in the company and a demonstration of his confidence in OYO's future. The funds supporting this investment are said to come from Singapore-based family offices.</p> <p>Oravel Stays Ltd, OYO's parent company, secured the additional ₹1,457 crore from a consortium of investors, with the fundraising initiative receiving near-unanimous approval—99.99%—from shareholders during an Extraordinary General Meeting (EGM) held on August 8.</p> <p>This latest capital infusion values OYO at $2.4 billion, aligning with the valuation set during the first tranche of the Series G round issued to InCred in July. The funds are being raised through the issuance of Compulsory Convertible Cumulative Preference Shares, each priced at ₹29, consistent with the recent valuation.</p> <p>The newly acquired capital will be directed towards supporting OYO's growth and fueling its global expansion strategy, according to sources familiar with the company's plans.</p>
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