Published By: Sayan Paul

Spotlight: Startup Buzz This Week (Nov 15)

Check out this week's important updates from the Indian startup ecosystem.

BoAt Finalizes Three Bankers for $300-500 Mn IPO

Wearable and audio products brand BoAt has finalized three bankers - ICICI Securities, Goldman Sachs, and Nomura - for a $300-500 Mn initial public offering (IPO) next year. According to reports, the New Delhi-based company may target a valuation of over $1.5 Bn, however, the numbers may change closer to the IPO filing.

(Credit: Paryan Sharma: Special 26)

Notably, back in 2022, BoAt filed its draft red herring prospectus (DRHP) with SEBI (the Securities and Exchange Board of India) for an INR 2,000 Cr public issue. However, it shelved the plan due to various reasons and instead opted to raise $60 Mn in private capital by issuing convertible preferred stock, existing investor Warburg Pincus and new investor Malabar Investments, at a valuation cap of approximately $1.2 Bn.

Shiprocket, CSC Selected to Develop E-commerce Export Hubs Pilot Around Delhi

The central government has selected logistics aggregator Shiprocket (based in Gurugram) and air cargo handling company Cargo Service Centre (based in Mumbai), to set up pilot e-commerce export hubs (EEHs) around New Delhi. According to a report, the E-commerce Export Hubs (EEEHs) will begin operations in Delhi next year. Quality and certifying agencies will be there to expedite customs and security clearance.

Santosh Kumar Sarangi, Director General of Foreign Trade, said in his interaction with the media, "Our expectation is that the successful rollout of the pilot and subsequent scaling up will have a large number of these hubs operating in different parts of the country." He added that upon the results of the pilot program, the government will launch detailed guidelines to set up EEHs in other parts of India.

SPH Aviation Partners with GDX Security to Redefine Aviation Security

SPH Aviation, the subsidiary of AVPL International, announced a strategic partnership with GDX Security Solutions India, with an aim to advance aviation security through state-of-the-art drone technology. Also, this partnership is expected to enhance safety protocols, address the demand for advanced drone applications and skilled operators in the industry, and establish a talent pipeline through drone training programs.

According to reports, the major initiatives will be to launch Drone-as-a-Service (DaaS) models, set up Remote Pilot Training Organizations (RPTOs), and launch research and development projects to create tailored drone solutions. Both companies have also agreed on a revenue-sharing and intellectual property framework.

Yuvraj Singh Partners with Alfinity Studios, Launches 'Twiddles'

Yuvraj Singh, one of India's most celebrated cricketers, recently partnered with Alfinity Studios to launch his new venture, Twiddles. According to reports, Twiddles is a guilt-free indulgence brand that "aims to deliver a balanced snacking experience through a range of wholesome, flavourful products crafted for conscious consumers, addressing the long-standing gap in the market for nutritionally dense, satisfying snacks that do not compromise on taste".

(Credit: Young Turks)

As Singh said in a statement, "I believe indulgence and health can go hand in hand. As an athlete, I understand the value of balanced nutrition, and with Twiddles, we’re filling a gap by offering snacks that blend rich taste with nutritional benefits, supporting a mindful approach to eating. With Alfinity Studios, I found an ideal partner who share my vision of creating a global guilt-free snacking brand."

Physics Wallah Appoints Blinkit’s Amit Sachdeva as CFO

Alakh Pandey-led edtech giant Physics Wallah (PW) has named Amit Sachdeva (former Blinkit CFO) as its new Chief Financial Officer. This comes as the company prepares to go public soon. According to reports, Sachdeva will lead the strategic and financial initiatives here.

Alakh Pandey, CEO of PhysicsWallah, said in a statement, "Amit’s experience in financial leadership and his focus on robust corporate governance will be invaluable as we continue our efforts to grow and broaden our educational impact."

(Credit: Icons of India)

Notably, throughout his career, Sachdeva has managed leadership roles across various consumer technology, IT, and e-commerce sectors, including Wipro, IGT Solutions, and Blinkit. He is an alumnus of Shri Ram College of Commerce (SRCC), University of Delhi.

Delhivery Reports Rs 2,188 Cr Revenue, Rs 10 Cr PAT in Q2 FY25

Gurugram-based logistics major Delhivery has reported a revenue increase of 12.8% to Rs 2,189 crore in Q2 FY25 from Rs 1941.71 crore in Q2 FY24. The consolidated net profit was Rs 10 crore for the quarter that ended September 30, 2024, against a loss of Rs 103 crore in the year-ago period.

(Credit: IPO DELIVER)

The company's growth primarily comes from its operations within India, which increased enormously in recent times. Also, the collection from overseas operations grew 3.2X to Rs 8.4 crore in the same period. Its Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) grew to Rs 57 crore in Q2FY25 - an increase of Rs 73 crore year on year versus an EBITDA loss of Rs 16 crore in Q2 FY24.

Honasa Consumer's Growth Slips, Reports Rs 19 Cr Loss

Mamaearth's parent company Honasa Consumer reported a major loss in its operating revenue for the September quarter. For the July-September period, the company saw a 7% year-on-year (YoY) decline in operating revenue at Rs 462 crore and reported a net loss of Rs 19 crore in the quarter - against Rs 30 crore net profit in the same period last year.

Varun Alagh, the company's founder and CEO, said in a statement, "The impact (of the restructuring) was actually higher than what we had planned and expected…we initially had certain assumptions in place, which were based on a certain level of inventory but when we got into the actual execution, it turned out to be relatively higher.

(Credit: Benzinga India)

We had expected it to be a Rs 50-crore inventory impact but it turned out to be around Rs 70 crore…that led to scale reduction, provisions in expiry, and damages of the return stock, which led to the impact on Ebitda as well, which was higher than what we had expected."