Analysis, guides and explainers on India's unlisted market — from IPO pipelines to ESOP liquidity.
<p>Tata Capital has recently collaborated with UnoGreen Smart Business Card to introduce over 200 custom-designed Metal Business Cards into their corporate ecosystem. This partnership underscores Tata Capital's commitment to embracing innovative and environmentally friendly solutions, while also positioning UnoGreen Smart Business Cards as a leader in the digital networking tools sector.</p> <p>The UnoGreen Metal Smart Business Card transcends its traditional role as a mere card; it symbolizes both sustainability and technological progress. These meticulously crafted cards address the requirements of contemporary professionals by reducing paper waste and facilitating a seamless networking experience. Through a simple tap, these smart cards enable instant sharing of contact information, social profiles, and more, heralding a new era of connectivity.</p> <p>The innovation and environmental consciousness of UnoGreen Smart Business Cards have garnered recognition, including accolades at the International Achievers Award, affirming its dedication to redefining business networking while prioritizing ecological responsibility.</p> <p>"We are thrilled to welcome industry leaders such as Tata Capital on board as we strive to revolutionize business networking," stated Ms. Richa Shetty, CEO at UnoGreen. "This partnership signifies not only advanced business solutions but also a significant step towards sustainability and innovation. Our acknowledgment at the International Achievers Award serves as further motivation to continue pushing the boundaries of eco-conscious professional networking."</p> <p>UnoGreen Smart Business Card stands at the forefront of the digital networking revolution, seamlessly integrating sustainability with technology. Since its inception, UnoGreen has been committed to providing professionals with cutting-edge, sustainable, and user-friendly networking solutions. Our array of smart business cards, particularly the Metal Smart Business Card, epitomizes this vision by offering durability, convenience, and minimizing ecological impact. With notable partnerships and accolades, UnoGreen is not only developing products but also shaping a future where technology and sustainability coexist seamlessly.</p>
<p>Thyrocare, a diagnostics platform owned by PharmEasy, is set to acquire Think Health Diagnostics, based in Chennai to expand its services. The acquisition, facilitated through a share swap agreement, aims to bolster Thyrocare's offerings, particularly in providing ECG services at home and accessing the insurance segment. </p> <p>With Think Health Diagnostics operating in 10 cities nationwide, including Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kanpur, and Mumbai, Thyrocare anticipates a significant boost to its phlebotomy network. This consolidation will see over 100 trained phlebotomists joining Thyrocare's existing network of 900+ blood-collection phlebotomists.</p> <p>Karkavel, CEO and director of Think Health Diagnostics, expressed optimism about the acquisition, emphasizing the combined entity's commitment to enhancing healthcare services and reaching a broader patient base.</p> <p>Thyrocare boasts a long-standing reputation as one of India's oldest diagnostic laboratories, having secured prestigious quality accreditations such as ISO 9001:2015, NABL, and CAP. Operating across 2,000+ cities nationally and internationally, Thyrocare's test profile menu is widely utilized by numerous laboratories and hospital brands.</p> <p>Thyrocare's acquisition of Think Health Diagnostics is expected to positively influence PharmEasy unlisted share price in unlisted markets. The move signifies a strategic expansion of PharmEasy's healthcare offerings, aligning with its long-term growth objectives. By integrating Think Health Diagnostics' services, including ECG services at home, PharmEasy aims to diversify its portfolio and enhance its value proposition to customers. This strategic alignment could foster increased investor confidence in PharmEasy's growth trajectory, potentially reflecting in a higher share price.</p> <p>Furthermore, the acquisition is likely to bolster PharmEasy's market perception among investors. Seen as a forward-thinking move, the acquisition demonstrates PharmEasy's commitment to strengthening its presence in the diagnostics segment. Investors may interpret this strategic maneuver as indicative of PharmEasy's proactive approach to capturing emerging opportunities in the healthcare market. Consequently, the positive market sentiment generated by the acquisition could contribute to an upward trajectory in PharmEasy's share price in unlisted markets.</p> <p>Overall, the acquisition of Think Health Diagnostics by Thyrocare represents a strategic move by PharmEasy to expand its foothold in the healthcare market. Against the backdrop of a rapidly evolving industry landscape, characterized by growing demand for digital health solutions, PharmEasy's strategic initiatives position it well for future growth and value creation. Investors may perceive these developments favorably, resulting in a positive impact on PharmEasy's share price in unlisted markets.</p>
<p>Hexaware, a significant player in IT services, has recently revealed a robust, enduring collaboration with finova, a distinguished cloud-based mortgage and savings software entity. According to an official announcement, Hexaware is positioned as the primary independent implementation partner for finova’s loan origination and servicing platforms.</p> <p>This strategic partnership aims to leverage synergies between the two entities, combining finova’s extensive product and industry expertise with Hexaware’s proficiency in delivery and systems integration. The ultimate objective is to provide clients with an enhanced service experience, delivering superior software while offering access to a dependable systems integration and testing partner.</p> <p>The alliance is expected to bring forth various advantages, including improved quality, predictability, and an expedited time-to-market for clients implementing finova’s platforms. Additionally, it will facilitate access to accelerator-led ancillary services like user acceptance testing, data migration, and integration, reducing client efforts during the software delivery phase.</p> <p>Parameshwaran Iyer, Senior Vice-President at Hexaware, expressed enthusiasm about the partnership's potential to reshape the UK mortgage and savings landscape. He emphasized their dedication to supporting finova in innovation and accelerating speed-to-market pipelines in the UK mortgage sector. Iyer highlighted specific products like Optimo and the finova Savings platform, poised to make significant strides in the industry. The Hexaware team looks forward to sustaining this collaboration, actively contributing to realizing their clients' long-term objectives.</p> <p>The collaboration between Hexaware and finova signifies a strategic move within the IT services and financial technology sectors. By positioning itself as the primary independent implementation partner for finova’s platforms, Hexaware aims to tap into the growing demand for advanced solutions in the mortgage and savings software domain. This move reflects a proactive approach by both companies to capitalize on each other's strengths and create a holistic offering for clients.</p> <p>The amalgamation of finova’s product and industry knowledge with Hexaware’s proficiency in delivery and systems integration points towards a comprehensive service model. This synergy not only enhances the overall service experience for clients but also addresses the increasing complexity of the financial technology landscape. The collaboration’s focus on quality improvement, predictability, and accelerated time-to-market positions it as a strategic initiative to stay competitive in the rapidly evolving market.</p>
<p>The Competition Commission of India (CCI) has given its nod for the acquisition of stakes in PharmEasy by various entities, notably the Naspers group from South Africa and Singapore's sovereign wealth fund Temasek. API Holdings, the force behind the online healthcare platform PharmEasy, stands as the focal point of these strategic investments.</p> <p>Naspers Ventures BV, a wholly-owned subsidiary of Prosus and a direct subsidiary of Naspers Ltd, has secured CCI approval for acquiring additional shares of API Holdings. This acquisition is slated to take place through participation in the proposed rights issue, detailed in the executed term sheet among the involved parties.</p> <p>Beyond Naspers Ventures BV, regulatory clearance has also been granted to Temasek Holdings, CDPQ Private Equity Asia Pte, DBS Group Holdings, and Goldman Sachs India Alternative Investment Trust, authorizing them to acquire stakes in API Holdings Ltd.</p> <p>The proposed transactions encompass the subscription of compulsorily convertible preference shares (CCPS) of API Holdings, with key participants including MacRitchie Investments Pte, EvolutionX Debt Capital Master Fund 1 Pte, Goldman Sachs India AIF Scheme-1, Goldman Sachs India Alternative Investment Trust AIF Scheme-2, and CDPQ Private Equity Asia Pte.</p> <p>Entities such as MacRitchie Investments Pte, a wholly-owned subsidiary of Temasek Holdings, and EvolutionX, a growth stage debt financing platform established jointly by DBS Group Holdings and Temasek, are actively involved in this strategic move. Additionally, CDPQ Private Equity Asia, a wholly-owned subsidiary of the Canadian institutional fund CDPQ and an existing investor in PharmEasy, contributes to the significant developments.</p> <p>Goldman Sachs India AIF Scheme-1 and Goldman Sachs India Alternative Investment Trust AIF Scheme-2 represent schemes launched by Goldman Sachs India Alternative Investment Trust. The regulatory green light from CCI emphasizes the support for these substantial transactions, marking a positive stride for stakeholders in the healthcare services sector.</p> <p>This approved acquisitions signals a notable influx of strategic investments into API Holdings and, by extension, PharmEasy. The involvement of prominent entities such as Naspers, Temasek, CDPQ, DBS Group, and Goldman Sachs underscores the confidence in the growth potential of the online healthcare marketplace. As the sector continues to evolve, these partnerships are likely to contribute to the expansion and enhancement of healthcare services, leveraging the strengths of each investor. This regulatory approval not only fosters collaboration but also reflects the buoyancy in the digital health ecosystem, poised for further advancements.</p>
<p>The largest floating solar power plant in Kerala has been successfully commissioned by Power Minister M M Mani on the Banasura Sagar reservoir at Padinjarethara in Wayanad, in what can be considered as a "significant" development.</p> <p>The Kerala State Electricity Board (KSEB) reveals that the floating solar power plant, which costed approximately Rs 9.25 crore, actually consists of 1,938 solar panels that have been installed on 18 ferro cement floaters with hollow insides only. These floaters are currently floating onto 6,000 square meters of the reservoir's water surface, making the solar plant possess a capacity of 500 kWp (kilowatt peak). Moreover, the comprehensive system includes a staggering 17 inverters, a supervisory control and data acquisition (SCADA) system, as well as an anchoringbsystem.</p> <p>The Thiruvananthapuram-based Adtech Systems Limited implemented the project, providing the additional benefit of two years "free" maintenance, which could significantly impact the overall cost of the project. The plant is expected to transmit an astonishing 7.5 lakh units of power to the KSEB's Padinjarathara substation.</p> <p>During the inauguration, Minister Mani emphasized the importance of exploring renewable energy sources such as this, placing emphasis on the state's insufficient current production of only 30 percent of its power requirements while necessitating the reduction of dependence on other states for a total of 70 percent of energy. Surprisingly, despite this immense downside, the government remains shockingly optimistic about avoiding power cuts in the upcoming summer season.</p> <p>The successful commissioning of Kerala's largest floating solar power plant represents a noteworthy stride in the state's pursuit of sustainable energy solutions. With a capacity of 500 kWp and an investment of Rs 9.25 crore, this initiative underscores the commitment to harnessing renewable resources.</p> <p>The deployment of 1,938 solar panels on 18 specially designed ferro cement floaters demonstrates a pragmatic approach to utilizing water bodies for solar energy generation. The unique design not only maximizes solar exposure but also showcases innovative engineering in the form of hollow-inside floaters.</p>
<p>US efforts to support the growth of India's solar industry may inadvertently expose a loophole allowing the entry of components manufactured with forced labor in China.</p> <p>Waaree Energies Ltd., a prominent Indian solar producer, has shipped numerous panels to the US containing components from a Chinese company. These products were previously denied entry to the US due to forced labor concerns, as revealed by an investigation by Bloomberg News into Indian and US import records. The solar cells, produced by China's Longi Green Energy Technology Co. in facilities located in Malaysia and Vietnam, are integrated into Waaree panels widely used in solar farms across Texas and other states.</p> <p>This situation raises concerns about the enforcement of the ban on products associated with the repression of Uyghur people in China's Xinjiang region by US Customs and Border Protection officials. Despite detaining multiple shipments of solar panels from Chinese-owned firms since the ban's initiation in June 2022, the predominant focus on China has inadvertently created an opportunity for Indian solar producers. Data compiled by BloombergNEF indicates that India exported nearly $2 billion worth of panels to the US in the first 11 months of the preceding year, marking a substantial increase from the entire year of 2022.</p>
<p>HDFC Bank Ltd, India's largest private sector lender, is gearing up for a strategic shift as it contemplates selling a portion of its shareholding in subsidiary HDB Financial Services, according to sources familiar with the matter. The move is driven by the bank's ambition to venture into business lines that align with those of its subsidiary, a decision prompted by the anticipation of potential overlaps in the coming years.</p> <p>The person, aware of the matter, highlighted that HDB Financial Services is bound by listing requirements scheduled for the calendar year 2025. Currently held by HDFC Bank as a financial investment, the subsidiary's shares will be monetized gradually over time. However, it's crucial to note that the bank has not yet finalized its strategy regarding the timeline or specifics of the share sale.</p> <p>This strategic maneuver by HDFC Bank reflects a forward-thinking approach to navigate the evolving financial landscape and position itself for future growth. By considering the sale of its shareholding in HDB Financial Services, the bank is not only complying with regulatory obligations but also proactively addressing potential business overlaps that may arise due to its own expansion plans in similar sectors.</p> <p>The financial services industry is witnessing rapid transformations, driven by technological advancements and changing consumer preferences. HDFC Bank's move to explore new business lines aligns with the broader trend of financial institutions adapting to stay competitive and relevant in a dynamic market. The decision to divest from HDB Financial Services can be seen as a strategic realignment of resources, allowing the bank to focus on areas where it foresees significant growth potential.</p> <p>In conclusion, HDFC Bank's decision to sell a portion of its shareholding in HDB Financial Services underscores its commitment to strategic foresight and adaptability. As the financial sector continues to undergo transformative changes, this move positions HDFC Bank to not only meet regulatory requirements but also proactively shape its future in line with emerging market dynamics.</p>
<p>PharmEasy, operating under API Holdings, experienced a notable upswing in operating revenue, exceeding INR 6,000 Cr in the fiscal year concluding on March 31, 2023. The Mumbai-based unicorn disclosed an operating revenue of INR 6,643.9 Cr, denoting a 16% surge from the previous fiscal year.</p> <p>Founded in 2015 by Dharmil Sheth, Dhaval Shah, Harsh Parekh, Siddharth Shah, and Hardik Dedhia, PharmEasy specializes in online sales of medicines and diagnostic tests through its subsidiaries.</p> <p>In FY23, the startup's revenue from the sales of pharmaceutical and cosmetic products reached INR 5,925.3 Cr, while diagnostic and other services contributed INR 701.2 Cr. This signifies substantial growth compared to INR 5,229.9 Cr and INR 417.8 Cr, respectively, in FY22.</p> <p>The total revenue, encompassing other income, reached INR 6,699.7 Cr, demonstrating a 15% increase from INR 5,781 Cr in the preceding fiscal year. However, the net loss surged by over 31% to INR 5,211.7 Cr in FY23, attributed to an impairment loss of INR 2,921.9 Cr during the year. Excluding this loss, PharmEasy's net loss diminished by 16% to INR 2,289.8 Cr in FY23.</p> <p>Scrutinizing expenditures, the startup managed a modest 6% increase in total spending, reaching INR 8,974 Cr from INR 8,491.5 Cr in FY22. Notably, the procurement cost constituted approximately 63% of total expenses, escalating by 12% to INR 5,730.8 Cr in FY23. Employee benefit expenses saw a 12% reduction to INR 1,283.3 Cr, reflecting cost-cutting measures, including layoffs in 2022 and 2023.</p> <p>PharmEasy also reduced marketing costs by over 50%, down to INR 235 Cr in FY23 from INR 494 Cr in FY22. Confronting a cash crunch in the previous year, the company successfully raised INR 3,500 Cr through a rights issue, intending to settle a portion of its debt.</p> <p>Despite deferring its IPO plans in 2022, PharmEasy has effectively navigated financial challenges and secured substantial capital, totaling over $1 Bn to date. Competing with Tata 1mg, MediBuddy, and Practo in the online pharmacy sector, PharmEasy appointed Yatharth Bhargova as the new Group CFO of API Holdings Private Limited amidst strategic financial maneuvers.</p>
<p><strong>Introduction: Unraveling the Modi Family Feud</strong> <br /><br />The KK Modi Group, one of India's oldest and most established business families, is currently embroiled in a high-stakes legal battle. Central to this dispute is the division of the family's assets, worth approximately Rs 11,000 crore (USD 1.32 billion), following the demise of patriarch KK Modi in 2019. The key players in this family saga include former IPL commissioner Lalit Modi and his mother Bina Modi.</p> <p><strong>The Supreme Court’s Role and the Future of Godfrey Phillips</strong> <br /><br />After numerous adjournments, the Supreme Court of India has set a tentative date for the final hearing involving Lalit and Bina Modi. This decision is anticipated to be a landmark judgment, potentially influencing future arbitration cases. At the heart of the dispute lies the control of Godfrey Phillips, India's oldest cigarette maker and the producer of Marlboro, one of the world's largest selling cigarette brands.</p> <p><strong>Lalit Modi’s Legal Maneuvers and Family Dynamics</strong> <br /><br />Lalit Modi, currently residing in London and unable to travel to India, has been actively involved in the legal proceedings. His request for arbitration in Singapore and subsequent legal actions in India depict a complex web of family and business interests. The potential outcomes of this legal battle could necessitate significant changes in the ownership and control of Godfrey Phillips.</p> <p><strong>Potential Sale of Godfrey Phillips: A Strategic Move?</strong> <br /><br />With the KK Modi Family Trust holding a substantial stake in Godfrey Phillips, experts speculate that the company may be put up for sale to resolve the family dispute. This move could attract significant attention from major players in the tobacco industry, including Philip Morris, which already holds a 25% stake in the company.</p> <p><strong>Financial Implications for the Modi Family Members</strong> <br /><br />The proposed settlement plan outlines substantial financial disbursements among the family members, with Lalit Modi and his children, as well as other family members, set to receive considerable amounts. This financial redistribution is closely tied to the future of Godfrey Phillips and the potential sale of its stakes.</p> <p><strong>Bina Modi’s Strengthening Grip over Godfrey Phillips</strong> <br /><br />As the current executive director and chairperson, Bina Modi's influence over Godfrey Phillips is significant. Recent moves, such as the company's decision to acquire a 5% stake through its employee stock option scheme, are seen as efforts to consolidate Bina Modi’s control over the company. This maneuver could have lasting implications on the company's governance and future strategic direction.</p> <p><strong>Conclusion: An Uncertain Horizon<br /><br /></strong> The KK Modi family dispute, with its complex blend of legal, familial, and business elements, stands at a critical juncture. The impending Supreme Court judgment and the consequent decisions regarding Godfrey Phillips will not only reshape the Modi family’s dynamics but could also set a precedent in the corporate and legal landscape of India. Stakeholders, industry observers, and legal experts are keenly watching as this high-profile saga unfolds, marking a defining moment in the annals of Indian business history.</p>
<p>Sterlite Power, a key player in the energy sector, has demonstrated sustained success by securing new orders totaling approximately INR 1,400 crores for its Global Products and Services (GPS) business in the third quarter of FY’24. This accomplishment brings the cumulative order acquisition for the initial nine months of FY24 to an impressive INR 4,700 crores. The orders encompass high-performance power conductors, optical ground wire (OPGW), and power cables from both domestic and international markets. </p> <p>Functioning as a substantial contributor to the grid, Sterlite Power has leveraged its proficiency in conductors to propel clean energy solutions forward. The escalating demand for conductors, both within the country and globally, underscores the dedication of stakeholders to achieving net-zero targets and transitioning towards sustainable energy. The company is fortifying its global presence with strategic orders from Latin America and Africa to enhance transmission networks.</p> <p>The Power Cable segment remains positive, propelled by essential infrastructure projects such as renewable power generation, T&D infrastructure expansion, and metro railways. Sterlite Power’s recent orders for metro, data center, and power projects mirror the growing demand for cables in diverse infrastructure developments. The company is set to supply 110kV cables to Mumbai Metro, 220kV cables to a critical renewable project in Rajasthan, and cables for energy-intensive data centers in Pune, ensuring uninterrupted power supply for these crucial services. Furthermore, Sterlite Power has secured export orders in the subcontinent and acquired EHV cable orders in the domestic market.</p> <p>Manish Agarwal, CEO of Sterlite Power’s Global Products & Services business, expressed contentment with the increasing momentum in supply orders for conductors, OPGW, and power cables. He highlighted that these order successes underscore the rising demand for Sterlite Power’s product offerings in both Indian and export markets. With an intensified focus on decarbonization, Sterlite Power’s array of high-performance conductors, HV and EHV cables, and specialized EPC services for cable transmission continue to play a pivotal role in the energy transition journey.</p>
<p>Sojo Manufacturing Services (AP) Pvt Ltd, a subsidiary of indigenous company Lava International, announced its government-approved application for the production-linked incentive (PLI) scheme for IT hardware on a Wednesday.</p> <p>The company plans to manufacture various consumer electronic products, including smartphones, feature phones, accessories, tablets, laptops, and other IT hardware for Lava International, as well as for other Indian and global electronics brands. Dr. Rishi Bhatnagar, President of Lava International, expressed confidence that the government's support through the PLI scheme would significantly contribute to Lava's growth in the industry.</p> <p>As part of the PLI 2.0 scheme for IT hardware, Sojo joins other companies in bolstering domestic production. The company, in an official statement, highlighted its strategic position alongside industry leaders to play a pivotal role in enhancing the global competitiveness of the Indian IT hardware sector.</p> <p>The PLI 2.0 initiative for IT hardware, with a substantial budget of Rs. 17,000 crore, is designed to stimulate employment and create a competitive environment for IT hardware production within India.</p> <p>The approval of Sojo Manufacturing Services (AP) Pvt Ltd's application for the PLI scheme for IT hardware reflects a strategic move by Lava International to strengthen its position in the consumer electronics market. By expanding its manufacturing capabilities through Sojo, Lava aims to produce a wide range of electronic products, including smartphones, tablets, and laptops, not only for its own brand but also for other Indian and global electronics companies.</p>
<p>Cochin International Airport Limited (CIAL) has unveiled plans for premium flight operations to Thailand’s Suvarnabhumi Airport (BKK) by Thai Airways, scheduled to commence on March 31, 2024. This strategic addition, incorporated into CIAL’s 2024 Summer Schedule, is poised to elevate Kochi - Bangkok connectivity to 10 flights per week.</p> <p>Presently, CIAL manages daily Air Asia flights to Don Mueang International Airport (DMK), Bangkok. The forthcoming Thai Airways service will operate three weekly flights departing from Bangkok on Tuesday, Thursday, and Saturday nights, arriving in Kochi shortly after midnight. Departing at 21:40, TG347 is expected to touch down in Kochi at 00:35 the next day, with the return flight, TG348, departing Kochi at 01:40 every Wednesday, Friday, and Sunday, and reaching Bangkok (BKK) at 07:35.</p> <p>This strategic route reinforcement solidifies CIAL’s position as a pivotal hub for international travel, not only facilitating direct flights to Thailand but also enhancing the overall travel experience. Managing Director S. Suhas has underscored the significance of Thai Airways' premium service, emphasizing CIAL’s dedication to providing diverse and convenient travel options.</p> <p>In terms of expansion, CIAL has outlined plans to introduce new routes, augmenting both international and domestic air travel. In addition to global initiatives, the airport is gearing up to launch services to Kannur, Mysore, Trichy, and Tirupati by the end of January through Alliance Air. This comprehensive expansion strategy underscores CIAL’s commitment to improving regional and global air travel accessibility.</p> <p>Insights and analysis suggest that CIAL's focus on expanding international connectivity aligns with the growing demand for diverse travel options. The introduction of premium services by Thai Airways not only enhances passenger experience but also strengthens CIAL's competitiveness as a regional aviation hub, attracting travelers and bolstering economic ties between Kochi and Bangkok.</p>
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