Smartworks receives SEBI approval for IPO

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December 3, 2024

Smartworks, a leading flexible workspace provider, has gained approval from the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).

By March 31, 2024, the company had expanded to 13 cities with 41 centers covering 8 million square feet.

It recently ventured into the international market by leasing a 35,000-square-foot space in Singapore.

Since 2019, Keppel Ltd., a Singapore-based firm, has supported Smartworks with investments totaling $29 million.

Smartworks recently raised Rs 168 crore (about $20.24 million) from investors such as Keppel Ltd, Ananta Capital Ventures Fund I, Plutus Capital, and several family trusts. The company plans to spend Rs 238 crore over the next three years on fitting out new centers.

The IPO will include a fresh equity issue worth Rs 550 crore and an offer for sale (OFS) of 67.59 lakh shares, as mentioned in the Draft Red Herring Prospectus (DRHP).

Additionally, Smartworks may raise Rs 110 crore through a pre-IPO placement. It will allocate Rs 140 crore to repay loans, while the rest will go toward general corporate expenses.

The company, with 8 million sq ft and 180,000 seats, recorded Rs 1,039 crore in revenue for FY24, reflecting a 46% growth compared to the previous year.

Prosus invests $100M in Vastu Housing Finance, acquires minority stake

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December 2, 2024

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Vastu Housing Finance Corporation Limited (Vastu), supported by Multiples PE, secured $100 million from Dutch tech investor Prosus. This update appeared in Prosus’ half-yearly disclosure on December 2. Earlier in September, Naspers Ventures B.V., a subsidiary of Prosus, gained approval from the Competition Commission of India (CCI) for the acquisition.

“In October 2024, the group acquired an 8.4 percent effective (7.8 percent fully diluted) interest for approximately $100 million in Vastu Housing Financing Corporate Limited. Vastu is a housing finance company in India. The group will account for this investment as an equity-accounted associate on account of its significant influence on the board of directors,” the company said in a statement.

Vastu closed a growth investment deal with TA Associates Management LP, a private equity firm, a few months ago. Reports suggest the deal was worth around $400 million, valuing Vastu over $1.4 billion. Additionally, in September, Vastu received a $50 million loan from the United States International Development Finance Corporation (USDFC) through external commercial borrowings.

Market research firm Tracxn estimated Vastu’s valuation at $1.2 billion in February 2024. On December 2, Prosus announced another investment of $80 million (about ₹680 crore) in Mintifi, a supply-chain financing startup in India, acquiring more than a 10% stake.

Founded in 2015 by Sandeep Menon and Sujay Patil, Vastu is a diversified nationwide lending institution. Multiples Alternate Asset Management and other prominent investors, including Norwest Venture Partners, back it,

Creation Investments, 360 ONE Asset Management, and Faering Capital. Vastu Group includes Vastu Housing Finance Corporation Limited (VHFCL) and its wholly-owned subsidiary, Vastu Finserve India Private Limited (VFIPL).

As of March 31, 2024, VHFCL managed an AUM of ₹7,420 crore, up from ₹5,293 crore the previous year. It focuses on affordable housing loans, with average ticket sizes between ₹12–15 lakh.

VFIPL, on the other hand, specializes in vehicle loans and loans against property, with ticket sizes averaging ₹4–8 lakh. Most of its vehicle loans cater to used commercial and personal vehicles and a small share of three-wheelers. VFIPL’s standalone AUM grew to ₹1,717 crore, doubling from ₹803 crore in the prior year.

Together, the group’s total AUM reached ₹9,137 crore in March 2024, a significant jump from ₹6,097 crore a year earlier. With 206 branches across 14 states, Vastu reported a 26.6% rise in consolidated profit after tax (PAT) at ₹361 crore. Meanwhile, its revenue surged by 63%, reaching ₹1,255 crore in FY24.

Employee engagement platform AdvantageClub AI bags $4M in funding

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December 2, 2024

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Employee engagement platform AdvantageClub AI bags $4M in funding — Sourabh Deorah and Smiti Bhatt Deorah, cofounders, AdvantageClub AI

AdvantageClub.ai, an employee engagement and rewards platform, secured $4 million in funding led by Axilor Ventures. With this, the company’s total funding has reached $11 million.

According to cofounder Sourabh Deorah, the funds will speed up US and Asian expansion. They will also enhance wellness programs like OPD plans, fitness initiatives, health checkups, and social behavior-driven habits. Additionally, the company plans to strengthen its HRtech technology capabilities.

AFG Ventures, Bytez Ventures, and Prasanna Sarkar, cofounder of Rippling, also joined the funding round.

Based in San Francisco, AdvantageClub.ai operates out of Gurgaon as well.

“Everyone is looking for more flexibility in the employee experience space and everyone wants a single app for multiple use cases,” said Deorah. “There is also a general willingness (from companies) now to adapt to technologies and change obsolete technologies, which historically used to be a challenge.”

Launched in 2016 by Sourabh and Smiti Bhatt Deorah, the platform offers a unified suite of solutions, including rewards, wellness, sales incentives, flexible benefits, and surveys. It serves over 5.5 million users across 100 countries and has nearly 1,000 clients, including Concentrix, BCG, Tech Mahindra, HCL, L&T, Biocon, Tata Steel, and Air India.

The company uses AI to deliver personalized rewards and recognition solutions. Its data-driven insights provide tailored recommendations, real-time feedback, and AI-powered assistants to answer employee queries. By analyzing workforce trends, it helps businesses boost employee satisfaction and retention.

In 2021, AdvantageClub .ai raised $5 million from Y Combinator, Cred founder Kunal Shah, and others.

Deorah revealed that the company targets $8 million in revenue by the end of this financial year. India contributes 50% of its business, with the rest coming from markets like the US.

“Covid-19 put HR on the centre map of an organization and made employees experience something people talk about. This was a big enabler in which people started employee experience seriously and reward recognition, wellness initiatives, became relevant in the last four years. We have been a beneficiary of that,” he said.

AdvantageClub.ai competes with platforms like Workhuman globally, while its Indian rivals include OC Tanner and BI Worldwide.

“Companies are in search of good options to improve employee engagement and strengthen their employer brand. AdvantageClub.ai’s personalized, scalable, and global platform offers a best-in-class solution to employers who put their employees first,” said Ganapathy Venugopal, founder and CEO of Axilor Ventures.

This funding arrives as India’s employee engagement market diversifies. French firm Pluxee, previously Sodexo Benefits & Rewards, has expanded into wellness programs, childcare services, and ESG-focused vouchers.

Nasscom unveils ‘The Developer’s Playbook’ for responsible AI in India

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November 29, 2024

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Nasscom has introduced The Developer’s Playbook for Responsible AI in India to address the challenges developers face in managing AI risks. This playbook provides a voluntary framework to help developers identify and reduce risks in creating, deploying, and using AI in India.

“Recognising the challenges faced by developers in navigating the complex and rapidly evolving AI risk management landscape, the Nasscom Responsible AI Hub… unveiled The Developer’s Playbook for Responsible AI in India,” Nasscom said in a release.

The launch took place at the first-ever Confluence for Responsible Intelligence (RICON) event in New Delhi.

“The playbook has undergone rigorous review and validation by a diverse group of Indian and international subject matter experts and stakeholders across industry, government, academia, and civil society, ensuring that it reflects a balanced and well-supported approach to responsible AI practices that firmly align with the nation’s broader interests and societal well-being,” the release said.

Abhishek Singh, Additional Secretary at the IT Ministry and CEO of the IndiaAI Mission emphasized that the playbook clearly guides innovators in managing risks, following best practices, and adopting responsible AI strategies. It also encourages adaptability as AI technologies evolve.

Sangeeta Gupta, Senior Vice President and Chief Strategy Officer of Nasscom highlighted that the playbook serves as a practical tool for developers to align their work with the principles of responsible AI.

Zomato secures $1B from domestic mutual funds through QIP

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November 29, 2024

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Zomato successfully raised $1 billion through a qualified institutional placement (QIP), marking its first significant fundraising effort since its 2021 IPO.

On Friday, Deepinder Goyal’s Zomato allocated about 21% of the QIP to Motilal Oswal’s mutual funds. This move followed Motilal Oswal’s private wealth unit leading a fundraising round for Zepto, a quick-commerce competitor.

Zomato issued and allocated 33.64 crore equity shares at Rs 252.62 each, raising Rs 8,500 crore (nearly $1 billion).

ICICI Mutual Fund received 4.25 crore shares, accounting for 12.78% of the issue. Meanwhile, domestic mutual funds like HDFC acquired 1.97 crore shares (5.95%), and Kotak’s funds secured approximately 6% of the issue.

The QIP issue opened on November 25 and closed on November 28.

Zomato, based in Gurugram, aims to shift its cap table by increasing domestic investor ownership through this fundraise. Many of its competitors, including Zepto, are also working toward this goal.

This development comes as Zomato faces rising competition in the quick commerce sector, with major players like Amazon and Flipkart entering the space.

Notably, Zepto has raised $1.35 billion over the past six months, with its most recent $350 million round led by Motilal Oswal’s Private Wealth division, alongside investments from Indian HNIs and family offices.

Incuspaze in talks to raise $25 million

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November 29, 2024

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Incuspaze is actively planning to raise $25 million through a pre-IPO funding round as it prepares for a public listing next year.

The company recently secured $8 million (₹67 crore) in funding.

“Incuspaze plans to acquire another 2 million sq ft by investing ‘100 crore by the end of December 2025. On the back of the growing demand for flex spaces, Incuspaze is focusing on the development of new centres across Delhi-NCR, Pune, Bengaluru, and Hyderabad,” said a person who was aware of the development.

This move aligns with the rising demand for flexible workspaces in India, which is driving a surge in public listings. Major players in the industry are focusing on rapid expansion to meet market needs.

Awfis recently went public, becoming the second company in the flexible workspace sector to list after EFC (I). Similarly, Smartworks has filed initial documents with SEBI to raise funds through an IPO. Other prominent companies, such as Tablespace, Bhive, and WeWork India, are also gearing up for public listings in the near future.

Currently, Incuspaze operates a portfolio of 4 million sq. ft. across 18 cities in India. As of 2023, the country’s total flexible workspace stock stands at 62–64 million sq. ft. Experts predict this will grow to 116–118 million sq. ft. in tier-1 cities by 2027, with an impressive annual growth rate of 17%.

Althion raises Rs 3.6-Cr in pre-Series A funding

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November 28, 2024

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Althion, a water-tech startup, has raised ₹3.6 crore in a pre-Series A funding round. This funding was led by BioAngels, powered by IAN Group, with participation from investors like Arun Seth, Om Manchanda, KNK Venkatraman, and Shubham Rastogi.

Earlier, the Hyderabad-based company secured $180,000 from C-CAMP and other investors.

With the new funding, Althion plans to manufacture 40 units of its innovative tabletop laboratory water purification system. It will also boost its R&D efforts to improve kidney dialysis efficiency and sustainability. Additionally, the company intends to set up a larger facility to scale its operations.

Founded in 2017 by Surya Rao, Althion creates advanced ultra-pure water systems for the healthcare, research, and semiconductor industries. Supported by BIRAC and aligned with the “Make in India” initiative, the company empowers dialysis centres, biotech labs, and leading hospitals nationwide.

Althion aims to fill the gap in high-cost solutions with its affordable and high-quality products. Its proprietary Althion Remote Monitoring System (ARMS) enhances its offerings by enabling predictive and preventive maintenance. Top institutions like Sir Ganga Ram Hospital, Homi Bhabha Memorial Cancer Centre, Narayana Hrudayalaya, and Nephroplus centres already trust its products.

The company has received grants from BIRAC for developing tabletop and kidney dialysis products. Seed funding from C-CAMP Bangalore and AIC CCMB Hyderabad has also supported its growth. Furthermore, Althion has secured funding approval for CE marking and USFDA certifications, paving the way to expand into Latin America, Africa, and Asia.

Himalayan Hotels expands portfolio with VILEEN Rishikesh

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November 28, 2024

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Himalayan Hotels has launched VILEEN Rishikesh, a luxury wellness retreat located on a Shivalik mountain ledge, 170 meters above the River Ganges in Singtali. This stunning resort builds on the success of ONENESS Rishikesh, offering a perfect mix of modern luxury and traditional healing practices. Its prime location near the sacred Ganges enhances the overall experience. At VILEEN, guests can explore personalized Ayurvedic therapies and consultations to manage their unique dosha imbalances better.

With a focus on holistic well-being, VILEEN features the Samagra Spa, which provides transformative therapies alongside yoga and meditation sessions. Guests can enjoy dosha-specific meals at Avaana on the Cliff, where dishes are prepared using fresh, nutrient-rich ingredients like turmeric and millets. The meals are served in kansaware, which adds additional health benefits. For activities, the resort offers morning yoga, Aqua Fitness, meditative riverside hikes, and evening Ganga Aarti sessions to rejuvenate the body and mind.

The resort boasts 14 luxurious suites and duplexes designed to reflect the charm of the Garhwal Himalayas. Guests can also access a two-tiered swimming pool, a fully equipped gym, a children’s playroom, and various wellness activities. The day ends with the calming Ganga Aarti, creating a spiritually enriching experience for visitors.

“Rishikesh holds immense spiritual importance globally. Growing up here, I witnessed the effects of urbanisation on the city’s charm. Our goal is to offer experiences that recapture Rishikesh’s essence and inspire visitors to reconnect with its natural and spiritual splendour,” said Tarun Gulati, director of Himalayan Hotels.

Both VILEEN and ONENESS share a unique connection, overlooking each other with the serene River Ganges flowing gracefully between them. This proximity beautifully represents the harmony between wilderness and wellness, a theme that defines the essence of Ganga Kinare Hotels & Resorts Rishikesh.

Proptech startup Reloy witnesses 40% revenue growth to Rs 25-Cr this fiscal on strong housing demand

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November 28, 2024

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Proptech startup Reloy witnesses 40% revenue growth to Rs 25-Cr this fiscal on strong housing demand — Akhil Saraf, Founder & CEO, Reloy

Reloy, a PropTech startup supported by HDFC Capital, is set to grow its revenue by nearly 40% this fiscal year, reaching Rs 25 crore. This growth comes from strong housing demand and successful referral sales strategies.

“We have now cracked the code on referral sales and are replicating this across all our clients. This is also backed by new client wins,” Reloy founder and CEO Akhil Saraf told PTI.

Last year, Reloy enabled builders to generate Rs 1,450 crore in referral sales. This figure is expected to rise significantly in the current fiscal year (2024-25).

Saraf highlighted that the revival of the housing demand after COVID-19 has significantly boosted the company’s performance.

“The demand continues to be strong, especially for reputed builders who have a good track record of delivering projects on time,” Saraf said.

Founded in 2015, Reloy focuses on real estate loyalty and referrals. It operates as a B2B2C platform, helping builders efficiently manage brokers and homeowners.

So far, Reloy has raised Rs 13 crore in funding, with HDFC Capital owning a 10% stake. The startup’s tech solutions simplify the homeowner’s post-purchase journey.

Reloy rewards homeowners with benefits for home interiors and home financing needs.

Its prestigious client list includes Godrej Properties, DLF, M3M, Shapoorji Pallonji, Mahindra Lifespaces, K Raheja Corp, Brigade, L&T Realty, and many more.

The company also supports homeowners in tasks like document management, construction tracking, and payments. It creates a marketplace for services like home interiors and financing.

A recent CREDAI and EY report projects that the PropTech market will grow from $10.5 billion to $600 billion by 2047, driven by increasing tech adoption in real estate.

The Malabar Coast announces expansion plans: Five new locations by 2025

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November 27, 2024

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The Malabar Coast by The Appumm House plans to expand to five new locations, including Delhi NCR and Kolkata, by the end of 2025. Satish Bhatia and Priyanka Tiwari founded the brand in 2020. Since then, it has attracted a loyal customer base with its authentic flavors and efficient quick-service dining concept. Currently, the brand operates three lively outlets in Gurgaon, Noida, and Indore. The Malabar Coast offers a culinary experience inspired by the coastal regions of Kerala, Andhra Pradesh, Chettinad, Mangalore, Goa, and even Sri Lanka, according to the company’s recent announcement.

“Our mission has always been to bring the rich and diverse flavors of coastal India closer to our patrons. With this expansion, we aim to introduce even more communities to our authentic offerings while continuing to uphold the quality and tradition that define our brand,” said Satish Bhatia.

The Malabar Coast stands out with its diverse menu featuring regional specialties. Popular dishes include Kerala Parotta, Fish Moilee, Vegetable Stew with Appumm, Andhra Chilli Chicken, Tawa Pomfret Fish, and Chettinad Mutton. The chefs prepare each dish with traditional recipes and fresh ingredients, ensuring an authentic and flavorful dining experience. This approach caters to both food lovers and busy professionals looking for quick yet satisfying meals.

Since its launch, The Malabar Coast has gained recognition for delivering memorable dining experiences. The vibrant interiors combined with prompt service make it a preferred choice for diners.

The upcoming expansion reflects the brand’s dedication to preserving India’s coastal food heritage while meeting the evolving expectations of modern customers. By bringing the authentic tastes of Kerala, Andhra, Chettinad, Mangaluru, Goa, and Sri Lanka to life, The Malabar Coast continues to solidify its reputation as a pioneer in South Indian coastal cuisine.

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