Analysis, guides and explainers on India's unlisted market — from IPO pipelines to ESOP liquidity.
<p>Thyrocare Technologies has expanded its presence in Northern India by acquiring the pathology business of Polo Labs. The acquisition aims to enhance Thyrocare's diagnostic capabilities in the region, promising faster services and greater convenience for patients.</p> <p>The deal involves integrating Polo Labs' 14 laboratories, spread across Punjab, Haryana, and Himachal Pradesh, into Thyrocare's existing network. This move is expected to increase operational efficiency and broaden the range of diagnostic tests available to patients in these areas.</p> <p>Rahul Guha, Managing Director and CEO of Thyrocare Technologies, highlighted the strategic importance of the acquisition. He said, "The integration of Polo Labs' network into Thyrocare will significantly strengthen our diagnostic services in Northern India. We are committed to a seamless integration process and look forward to leveraging this opportunity for growth and innovation."</p> <p>Thyrocare, known for its extensive and fully automated diagnostic laboratory network, operates a central processing facility in Navi Mumbai. This facility, which covers over 200,000 square feet, processes more than 75,000 samples daily and conducts over 375,000 tests with high accuracy.</p> <p>Polo Labs, based in Punjab, is a well-established pathology diagnostic company with a strong regional presence. The acquisition is expected to enhance healthcare infrastructure and expand diagnostic services in Northern India.</p> <p>Thyrocare’s acquisition of Polo Labs aligns with its broader strategy to expand its capabilities and service areas across India, reaffirming its commitment to providing high-quality and affordable diagnostic services nationwide.</p>
<p>Starting soon, Cochin International Airport (CIAL) will introduce a new self-immigration process for international travelers, aiming to complete the procedure within 20 seconds using advanced biometric e-gates. This innovation, part of the Union Ministry of Home Affairs (MHA) 'Trusted Traveller Programme,' will make CIAL the second airport in India to offer this facility, following Delhi International Airport's implementation in June. The rollout at CIAL is scheduled for August.</p> <p><strong> How to Use the Self-Immigration Service at CIAL </strong></p> <p>To utilize the self-immigration system, travelers, including eligible Indian and foreign nationals with Overseas Citizenship of India (OCI) cards, must first complete a one-time registration on the MHA's portal. The registration process involves:</p> <p>1. Online Registration: Visit the MHA portal to register.<br />2. Document Submission: Upload essential documents such as a recent passport-size photo (not older than six months), a scanned copy of a passport with at least six months' validity, address proof, and a scanned copy of the OCI card.<br />3. Biometric Enrollment: Enroll biometrics at designated international airports, help desks, or the nearest FRRO office.<br />4. Validation: Upon successful validation via a mobile OTP, travelers can use the smart gates. At these gates, they will self-scan their passports and undergo a facial recognition check.</p> <p>CIAL has dedicated eight lanes to these biometric e-gates to expedite the immigration process. An enrollment facility is also available at the FRRO office within the airport premises and at help desks in the immigration area.</p> <p><strong>Upcoming Premium Transit Lounge at CIAL </strong></p> <p>CIAL will soon open a premium transit lounge named "0484 – transit lounge," offering flexible rental options starting from four hours. Located in the arrival area of the old domestic terminal, the lounge features 42 rooms, five conference halls, and four suite rooms, making it an ideal space for business meetings and conferences. Additional amenities include a gym, bar, spa, and restaurant. Professional agencies have been engaged to manage the lounge, which is expected to open by mid-next month. </p> <p><strong> Future Developments and Economic Impact </strong></p> <p>CIAL is also preparing to enhance its non-aeronautical revenue streams with the upcoming launch of the Taj CIAL hotel in November, featuring 112 rooms. Currently, 60% of CIAL's income is derived from aeronautical activities such as aircraft operations and parking fees. The airport anticipates a significant increase in non-aeronautical income by up to 50% with the addition of the transit lounge, hotel, golf resort, and commercial spaces. These developments could potentially lead to lower service charges, such as reduced user fees or landing fees, possibly making air travel more affordable in the future.</p> <p>Last year, over 10 million passengers passed through Cochin International Airport, utilizing both domestic and international transit facilities. The introduction of these new services aims to enhance the overall travel experience and economic viability of the airport.</p>
<p>In a significant ruling, the Insurance Regulatory and Development Authority of India (IRDAI) has imposed a ₹1 crore penalty on Care Health Insurance for non-compliance with regulations. This decision marks a stern response from the regulatory body, emphasizing the importance of adherence to established guidelines.</p> <p>Rashim Saluja has been directed to buy back the stock options granted to him. Furthermore, IRDAI has removed Saluja from his position as Non-Executive Chairman of Religare Enterprises, highlighting the seriousness of the violations.</p> <p>A notable aspect of the ruling includes the requirement for Saluja to buy back 75.69 lakh shares that were initially granted to him. The shares must be repurchased at the same price they were issued. Care Health Insurance has been given a 30-day deadline to complete this process, ensuring a swift resolution.</p> <p>Additionally, IRDAI has ordered the cancellation of any unexercised stock options. In a further move to tighten controls, Rashim Saluja has been barred from receiving any new stock options. This measure is part of a broader effort to reinforce governance standards within the company.</p> <p>Future benefits for board members of Care Health Insurance will now require prior approval from IRDAI. This decision underscores the authority's commitment to overseeing corporate governance practices.</p> <p>Lastly, the IRDAI has mandated that any applications for Employee Stock Option Plans (ESOPs) must receive their prior approval. This ruling follows Care Health Insurance's recent request to issue 2.27 crore stock options, which was under scrutiny.</p> <p>This comprehensive set of directives from IRDAI aims to ensure transparency and accountability within Care Health Insurance, setting a precedent for strict regulatory compliance in the industry.</p>
<p>Waaree Energies Limited has been recognized in the prestigious 2024 RETC PV Module Index Report, which evaluates solar PV module manufacturers globally on crucial performance, quality, and reliability metrics. This inclusion highlights Waaree's strong presence in the solar technology sector and underscores its dedication to superior quality and dependability.</p> <p>The company's recognition spans several critical areas such as Light and Elevated Temperature-Induced Degradation (LETID), Light-Induced Degradation (LID), and Bill of Materials (BOM) Verification. These achievements reflect Waaree's unwavering commitment to excellence in product development and manufacturing processes.</p> <p>According to the most recent Approved List of Models and Manufacturers (ALMM), Waaree Energies Limited boasts the highest enlisted solar module manufacturing capacity. Additionally, the company recently announced the establishment of a new solar module manufacturing facility in the United States, expected to commence operations by September this year. In an interview with Saur Energy, Chairman Hitesh Doshi discussed plans to expand production capacities and enhance backward integration. Waaree also stands out as one of the few Indian solar module manufacturers offering direct online sales to consumers.</p> <p>This recognition by the RETC PV Module Index Report not only reaffirms Waaree's position in the industry but also serves as a valuable resource for stakeholders seeking reliable and high-performing solar PV modules.</p> <p><br />Waaree Energies Limited is one of India's leading solar PV module manufacturers. With a strong focus on innovation and quality, the company provides a comprehensive range of solar energy solutions, including modules, inverters, energy storage systems, and project development services. Waaree is committed to advancing the adoption of clean energy through sustainable and high-performance solar products.</p>
<p>India's leading private bank, HDFC Bank Ltd., has given preliminary approval to initiate the listing process for its subsidiary, HDB Financial Services Ltd., through an initial public offering (IPO). The company's board has authorized a committee of directors to oversee the necessary steps for this endeavor, according to an announcement made in an exchange filing on Saturday.</p> <p>The requirement for the listing arises from the Reserve Bank of India's October 2022 circular, which mandates that entities classified as Upper Layer NBFCs must go public by September 2025. HDFC Bank's Chief Financial Officer, Srinivasan Vaidyanathan, mentioned in a January analyst call that the bank aims to start preparatory activities within the coming months to ensure flexibility in timing the market entry.</p> <p>HDB Financial Services, which expanded its footprint with 16 new branches in the quarter ending December, now operates 1,618 branches across 1,125 cities, serving 14.6 million customers.</p> <p>In financial results, HDFC Bank reported a 2% decrease in net profit quarter-on-quarter for the three months ending June, totaling Rs 16,174.75 crore, compared to Rs 16,510 crore in the previous quarter. The bank's net interest income, or core income, saw a 2% sequential increase to Rs 29,837 crore, while other income rose by 16% to Rs 10,668 crore. This decline in net profit was attributed to slower core income growth and higher tax expenses.</p>
<p>HDFC Bank Ltd is in preliminary discussions with private credit funds to sell a stake in its lending arm, HDB Financial Services, which is preparing for an IPO. The bank is evaluating HDB Financial's value, with five domestic credit funds each considering acquiring a 4-7 percent stake in the non-bank lender. These talks are at an early stage, and valuations are crucial for the deal to proceed.</p> <p>Previously, HDFC Bank's negotiations with large investors stalled due to valuation disagreements. Some potential investors sought board seats, particularly those aiming for a significant stake of around 20 percent. Clarity on this matter remains limited.</p> <p>HDFC Bank holds a 94.64 percent stake in HDB Financial, whose loan book was over Rs 90,000 crore as of March 31. The lender is seeking a valuation of 4-5 times its book value, which stood at Rs 144.52 per share for FY23, with shareholders' funds at Rs 11,437 crore. However, given the financial sector's recent valuation declines, including for leaders like Bajaj Finance, HDB Financial's desired valuation seems high in the current market.</p> <p>A secondary share sale by HDFC Bank is seen as essential for price discovery before HDB Financial's IPO. RBI regulations require significant NBFCs like HDB Financial to list by October 2025. HDB Financial's IPO has been in the pipeline for several years, heavily backed by former HDFC Bank CEO Aditya Puri, who aimed for a listing before his tenure ended in October 2020.</p> <p>Following new NBFC regulations from October 2022, major unlisted NBFCs must go public within three years. While Bajaj Housing has made progress towards its IPO, other companies, including HDB Financial, are moving slower, with limited discussions about the IPO, according to investment bankers.</p>
<p>B9 Beverages Ltd, the company behind the craft beer brand Bira 91, is preparing for an initial public offering (IPO) slated for 2026. The company, which claims a 5% market share in key regions, is recognized as the fourth-largest beer producer in India.</p> <p>According to sources familiar with the matter, B9 Beverages has engaged Morgan Stanley to assist with its pre-IPO activities. CEO Ankur Jain confirmed the planned IPO, highlighting that it depends on the company achieving specific operational milestones.</p> <p>In the previous month, Bira 91 secured $25 million (approximately INR 208 crore) through external commercial borrowing (ECB) from its current investor, Kirin Holdings. Established in 2015 by Ankur Jain, B9 Beverages has built a reputation for its range of beers, ciders, and seltzers. The company’s investors include Peak XV Partners, Sofina, and DS Group, contributing to its total funding of $449 million to date.</p> <p>Bira 91 boasts a presence in 550 towns and cities across 18 countries. In December 2022, the company transitioned to a public entity and rebranded as B9 Beverages Ltd, as reflected in its regulatory documents.</p> <p>Despite its growth, B9 Beverages reported a net loss of INR 445.4 crore for the financial year 2022-23 (FY23), a 12% increase from the previous year's loss of INR 396 crore, driven by rising expenses and excise duties.</p>
<p>Oyo, the Indian startup known for its budget hotel aggregation services, is in advanced discussions to raise INR 1,000 crore (USD 120 million) in new funding. This initiative follows Oyo’s decision to withdraw its IPO application earlier this year.</p> <p>Oyo is now focusing on securing investments from prominent family offices, which manage the wealth of affluent families. Among the potential investors are the family offices of Anand Jain, a former executive at Reliance, and the Juneja brothers, founders of Mankind Pharma. This move underscores the increasing role of family offices in funding Indian startups, particularly those exploring alternatives after facing public market challenges.</p> <p>The new funding round values Oyo at USD 2.5 billion, significantly down from its peak valuation of USD 9 billion in 2021. This 72% reduction mirrors a broader correction in the startup valuation landscape, with many companies experiencing similar declines recently. Additionally, Oyo is nearing the final stages of negotiations with Malaysia’s sovereign wealth fund, Khazanah Nasional, for further investment, which could increase the total raised in this round.</p> <p><br />Oyo has streamlined its operations to concentrate on core markets such as India, Europe, Malaysia, and Indonesia, while exiting less profitable regions like the US and China. The company has also implemented significant cost-cutting measures, including an 82% reduction in employee benefits and a 60% cut in marketing expenses. These efforts have improved Oyo’s financial health.</p>
<p>Tata Sons, the principal investment holding entity and promoter of Tata companies, is contemplating a strategic reduction of its ownership in Tata Capital. Currently, Tata Sons holds approximately 97% of Tata Capital's shares but is considering a gradual divestment to lower its stake below 50%, according to sources from ET NOW.</p> <p>This move is in anticipation of a potential initial public offering (IPO) for Tata Capital, where Tata Sons plans to sell shares incrementally. The objective is to solidify Tata Sons' position as it seeks an exemption from the Reserve Bank of India (RBI)'s mandate, which requires both Tata Sons and Tata Capital to be publicly listed by September 2025 unless an exemption is granted.</p> <p>Under RBI regulations, both Tata Sons and Tata Capital are classified as upper-layer non-banking financial companies (NBFCs), necessitating their listing unless they obtain a waiver.</p> <p>Following the successful public offering of Tata Technologies, which garnered substantial investor interest, Tata Capital is also generating significant demand in the unlisted market. Reports suggest that Tata Capital's shares are trading around Rs 1,100 each in this market.</p> <p>Tata Capital Limited, a subsidiary of Tata Sons, was established in 2007 with the vision of becoming a trusted, customer-centric, and one of the leading financial services providers in India. As part of the prestigious Tata Group, Tata Capital aimed to leverage the group's reputation and values to offer a wide range of financial products and services including commercial finance, consumer loans, infrastructure finance, wealth management, and investment banking.</p>
<p>HDB Financial Services Limited has announced its financial results for the first quarter of FY2025, showcasing notable growth. As per the consolidated financial statements, the total revenue of the Company increased 6% to Rs. 3884 crore as against Rs. 3667 crore in the previous quarter, March 31, 2024 and increased 14% compared to Rs. 3387 crore the same quarter previous year. The Net Interest Income (NII) surged by 26.9%, reaching ₹3,264 crore. </p> <p>The total expenses of the Company increased 11% to Rs. 3100 crore as against Rs. 2786 crore in the previous quarter and increased 18% as against Rs. 2626 crore in the same quarter previous year. Notably, the firm successfully reduced its Employee Benefit Expenses by 11.9%, bringing them down to ₹906 crore.</p> <p>During this period, the Company reported an 11% drop in its profit before tax to Rs. 784 crore as against Rs. 882 crore and 3% increase compared to Rs. 761 crore in the same quarter previous year. </p> <p>The net profit in this quarter dropped 11% to Rs. 582 crore as against Rs. 656 crore in the previous quarter and increased 2.6% as against Rs. 567 crore in the same quarter previous year. </p> <p>The company also reported a significant improvement in asset quality, with the Gross Non-Performing Assets (GNPA) ratio declining to 1.93% from 2.48% the previous year. These results highlight HDB Financial Services' solid financial health and improved asset management, positioning the company for continued growth.</p> <p>While the overall financial performance was robust, there were increases in certain costs. The finance cost escalated by 39.5%, totaling ₹1,496 crore, and provisioning expenses rose by 54.3% to ₹412 crore. Tax expenses increased slightly by 4.7%, reaching ₹202 crore. </p> <p>The earning per share of the Company during this period was Rs. 7.33 as against Rs. 8.28 in the previous quarter while it was Rs. 7.16 in the same quarter previous year. </p> <p>HDB Financial Services Limited (HDBFS) is a leading non-banking financial company (NBFC). It is a subsidiary of HDFC Bank, one of India's premier private sector banks. Established in 2007, HDBFS was founded to offer a wide range of financial services and products to individuals and businesses.</p>
<p>Oyo's parent company, Oravel Stays Ltd, is preparing to appoint Sumer Juneja, Managing Partner and Head of EMEA & India Investing at SoftBank Vision Fund, as a non-executive director on its board. This appointment is pending shareholder approval, which will be sought at an upcoming Extraordinary General Meeting (EGM). </p> <p>Juneja's addition to the board will be as SoftBank's nominee director, indicating the investment giant's renewed confidence in Oyo, particularly following the company's recent profitability milestone.</p> <p>For the financial year 2023-24, Oyo achieved a significant milestone by becoming profitable, recording net earnings of approximately Rs 100 crore. This achievement was announced by Oyo's founder, Ritesh Agarwal, on the social media platform X (formerly known as Twitter).</p> <p>"SoftBank is demonstrating strong support for Oyo and is keen to bolster the company's international market growth," said an insider who requested anonymity.</p> <p>Juneja's appointment follows the departure of Munish Varma, SoftBank's former nominee on Oyo's board, who stepped down in September 2021. Since then, SoftBank has not had a representative on Oyo's board.</p> <p>Currently, Oyo's board comprises founder Ritesh Agarwal, Bejul Somaia from Lightspeed Venture Partners, former Indigo Executive and Akasa Air Co-Founder Aditya Ghosh, Paralympian Dr. Deepa Malik, former Starbucks COO Troy Alstead, and former president of the American Accounting Association W Steve Albrecht.</p> <p>Sumer Juneja, who joined SoftBank in 2018, has played a pivotal role in establishing its investment presence in India before expanding his responsibilities to oversee activities in EMEA. Prior to his tenure at SoftBank, Juneja was a Partner at Norwest Venture Partners, focusing on growth equity and venture investments in Indian companies across various sectors. He also co-founded Goldman Sachs' Asian Special Situations Group in India. Juneja holds a Bachelor of Science degree in politics and economics from the London School of Economics.</p>
<p>Indosolar Limited, part of Waaree Energies Limited, has announced the opening of its latest solar module manufacturing plant in Noida. This new facility, with a production capacity of 1.30 GW, marks a major milestone in boosting local manufacturing capabilities. The plant is expected to create numerous job opportunities and contribute significantly to India's goal of achieving net-zero carbon emissions.</p> <p>Hitesh Doshi, the Chairman and Managing Director of Indosolar, highlighted the company’s focus on innovation and environmental stewardship. "This facility underscores our dedication to pushing the boundaries of solar technology and fostering sustainability. By leveraging our cutting-edge manufacturing processes and the expertise of our skilled team, we aim to accelerate India's renewable energy initiatives while generating jobs for the community. This plant is designed to address the increasing demand for top-quality solar panels nationwide. We are committed to collaborating with our partners to promote the widespread adoption of solar energy, paving the way for a sustainable future," Doshi commented.</p> <p>Waaree Energies Limited (WEL), founded in 1990, stands as India’s leading solar PV module manufacturer, boasting a total installed capacity of 12 GW as of June 30, 2023, according to a CRISIL Report. Since its start in 2007, WEL has concentrated on producing high-quality, cost-effective solar PV modules to provide sustainable energy solutions worldwide. The company's initiatives are aimed at reducing the carbon footprint and enhancing the quality of life. WEL operates four manufacturing facilities in India and has an international presence.</p>
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