IndiaMART InterMESH to consider bonus issue

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April 26, 2023

IndiaMART InterMESH has announced that its Board will consider a proposal for a bonus issue of equity shares to investors on April 28.

“The Board of Directors of the company will also consider the proposal for issue of Bonus Shares, subject to the approval of shareholders of the company, in the aforesaid Board Meeting,” the company said in a filing.

A company issues bonus shares to shareholders to increase the stock’s liquidity and reduce the price to make it more affordable to investors.

Bonus shares are additional shares that are fully paid that the company issues to its existing shareholders. The shareholders of a company do not have to pay any additional fees to get bonus shares when the company issues them. Your existing stock holdings in the company determine how many bonus shares you will receive.

Every shareholder who owned company shares before the ex-date, determined by the company, is eligible for the additional shares.

On April 28, the company will also announce its fourth quarter results and, if the board so recommends, consider paying a dividend. This is in addition to the bonus issue.

The company’s shares increased 1.93% on Tuesday to close at Rs 5,305 per share on the NSE. The shares have increased by around 22% so far this year.

The company recorded third-quarter revenue of Rs 251 crore, higher by 33%, and consolidated net profit of Rs 113 crore, increased about 61% during the same period.

IndiaMART InterMESH has an average target price of Rs 5475.67, an upside of 2.96% from the current levels, according to Trendlyne data.

IndiaMart is one of India’s significant online B2B marketplaces, connecting buyers with suppliers. The channel focuses on giving a platform to small and medium-sized organizations (SMEs), big enterprises, and individuals. It has a 60% market share of the online B2B classified space in India.

Niraamaya Wellness Retreats signs management contract to operate Vaidekam Ayurveda Healing Village

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April 21, 2023

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Niraamaya Wellness Retreats has signed a management contract to operate and manage Vaidekam Ayurveda Healing Village. As the leading wellness provider in Southern India, they will reach a significant milestone by adding their fifth wellness retreat in Kerala.

The new partnership, their second managed property in Kerala, is set to open in June 2023 and promises an authentic Ayurvedic healing experience.

Niraamaya Vaidekam is a green, eco-friendly retreat nestled within acres of scenic and peaceful surroundings in the stunning Malabar region of Kerala. The property has tranquility and harmony that perfectly complements its natural surroundings, blending traditional beauty with contemporary design.

This resort is situated 40 kilometres from the Kannur International Airport and is surrounded by the breathtaking nature of Kannur. It offers guests a quiet retreat along the Kuttikol River. Guests are invited to immerse themselves in the beauty of nature, relax in authentic Ayurvedic treatments, and participate in various wellness activities, given the property’s thoughtful design and attention to detail. Those looking for an environmentally sustainable retreat and a rejuvenating vacation will find it a great choice owing to its eco-friendly strategy.

“We are thrilled to welcome Vaidekam Ayurveda Healing Village to our Niraamaya Wellness Retreats portfolio and introduce a wellness conscious Ayurvedic retreat to the market,” said Allen Machado, CEO of Niraamaya Retreats. “Our aim is to showcase the beauty of the land and bring our signature hospitality and experiences to our 5th destination in Kerala – at Kannur.”

The picturesque city in Kerala’s northern part has breathtaking beaches, significant landmarks, and iconic cultural attractions. Travelers worldwide are attracted to North Kerala because it is the ideal combination of natural beauty, traditional culture, and modern amenities.

Visitors can experience the region’s unique art forms, such as Theyyam, Poorakkali, and Kalaripayattu, vital to the region’s identity, in Kannur, also known for its rich cultural heritage.

The Niraamaya Vaidekam’s guest journey promotes exploration and mind and spiritual development. From thrilling outdoor adventures to professionally crafted wellness offerings, guests will be immersed in evergreen and seasonal activities catering to their individual wellness needs.

The wellness facilities provide traditional Ayurvedic therapies and treatments for guests, and they are equipped with modern amenities to make their stay convenient and comfortable. They aim to establish an Ayurvedic healing village that combines traditional healing methods with modern medical advances to provide authentic traditional treatments.

The partnership between Niraamaya Wellness Retreats and Vaidekam Ayurveda Healing Village is expected to deliver an incredible and profoundly transforming Ayurvedic healing experience.

Certus Capital invests Rs 80 crore in residential project in Mumbai’s Worli

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April 21, 2023

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Certus Capital, an institutional real estate investment and advisory firm, has invested Rs 80 crore in a premium residential project developed by Techno Group, Fortune Realty, and Gala in Mumbai’s Worli locality.

Based on present property rates in the locality and its proximity to the upcoming Ritz Carlton Hotel, the project Aakasa is estimated to have a revenue potential of approximately Rs 350 crore.

The planned development already has the proper approvals, including those from the Maharashtra Real Estate Regulatory Authority (MahaRERA).

The investment from Certus Capital will go towards financing the project’s construction. With this transaction, the real estate investment company has spent more than Rs 100 crore in this micro-market over the previous six months.

“Real estate credit is our highest conviction theme now driven by the robust rebound in the residential sector and lack of capital availability. In general, there is a desperate need to deepen our bond markets, given today 98% of bond market participation is only in AAA and AA bonds,” said Ashish Khandelia, founder of Certus Capital and Earnnest.me.

According to Khandelia, it would be essential to democratize credit availability across the board as India’s GDP grows to $5 trillion.g

Sushant Vaishnav, a partner at the real estate-focused investment banking firm Siya Capital, advised on the transaction.

Certus and its team typically hold 5–10% of the total. The remaining co-investing comes from individuals, HNIs, family offices, and financial institutions through Earnnest.me, its secured fixed-income investment platform.

Through Earnnest.me, more than 300 investors have invested in various secured credit opportunities, with a 50% repeat rate. The cash-on-cash return on investments offered through the company’s platform was above 15% in 2022–2023.

Neo-banking startup Open lays off 47, founders take 50% salary cut

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April 21, 2023

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Neo-banking platform Open said on Thursday that it cut 47 jobs to optimize its operations, in the latest layoffs in the Indian startups sector.

A statement from Open said the founders of the fintech platform had also taken a 50% pay cut as the company realigned itself to profitability goals.

“Our recent staffing changes were driven solely by performance evaluations. We also ensured deserving high performers get 20-30% average hikes and Esops (employee stock options). We are actively hiring across critical functions such as growth marketing, product and sales and are one of the very few startups with visibility on profitability and runway above 30 months to well face the market conditions,” said cofounder and chief executive Anish Achutha.

“I would like to reiterate that these changes have not impacted the salaries of our current employees in any manner,” Achuthan added.

Before the layoffs, Open had close to 600 employees.

Several Indian fintech companies, including the buy-now-pay-later firms Simpl and ZestMoney, have announced layoff plans in recent weeks due to the global recession and domestic regulations making it hard for them to operate.

With participation from existing investors Temasek, Tiger Global, and 3one4 Capital, Open received $50 million in a deal managed by IIFL Finance in May last year. The funding doubled its valuation to over a billion dollars, taking it to unicorn status.

Since its inception in 2017, Open has offered small businesses payroll and accounting tools that integrate with their current accounts. It competes with companies like Razorpay X and Niyo.

Open reported a loss for the fiscal year 2022 of Rs 167.7 crore, more than double the Rs 65.6 crore loss for the previous fiscal year. Operating revenue increased from Rs 5.7 crore in FY21 to Rs 40.9 crore.

Wipro Consumer Care & Lighting buys Kerala-based ready-to-cook brand Brahmins

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April 20, 2023

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Wipro Consumer Care and Lighting on Thursday announced its acquisition of Brahmins, a Kerala-based traditional vegetarian, spice mix, and ready-to-cook brand, to increase its presence in the rapidly growing food market. Six months before, a unit of Azim Premji-led Wipro Enterprises entered the food industry by purchasing the Nirapara brand, famous for its spices and ready-to-cook food.

In a joint statement, Wipro Consumer Care and Lighting stated that with these two acquisitions, it “is looking at becoming a sizable player in the packaged foods segment” and integrating its spices, breakfast, and ready-to-cook categories. The company, however, did not disclose the financial details of the acquisition.

Brahmins will be the 14th acquisition for Wipro Consumer Care and Lighting. With significant growth across its markets, brands, and categories, it achieved the Rs 10,000 crore total sales milestone in FY23.

With ethnic breakfast premix powders, spice mixes, straight powders (spices), and wheat products, including pickles, dessert mixes, and others, Brahmins, founded in 1987, is among the most popular brands in its home market in Kerala. Its premium flagship products are Sambar Powder and Puttu Podi, which enjoy a market leadership position.

“We entered the food category with our first acquisition of Nirapara and within six months, we are happy to share our latest acquisition of Brahmins. In Kerala, Brahmins is a strong heritage brand leading the spice and ready- to-cook category with a significant consumer recall,” Vineet Agrawal, CEO of Wipro Consumer Care and Lighting and Managing Director, Wipro Enterprises, said.

The company has plans to launch its own packaged foods brand in the future.

“In fact, we are setting up our R&D lab in Bangalore, and are working to launch our own brand in the next nine months. Our initial plans were to grow our foods business organically. Since these two deals with Nirapara and Brahmins came our way, we decided to take these up as these are great brands,” said Agrawal.

Brahmins’ products are available across Kerala, metro cities, and international markets, including the GCC countries, the US, the UK, and Australia. Kochi-based Investment banking firm Kafco Backwater advised Brahmins on the transaction.

The packaged food business in India is estimated to be about ₹5,00,000 crore, and as middle-class households switch more often from unbranded to branded foods, the industry is expanding.

According to Anil Chugh, President of Foods Business, Wipro Consumer Care, the company’s food business is expanding at an unprecedented pace. Two important areas that are expected to see significant growth are spices and ready-to-cook (RTC). According to Chugh, the deal would strengthen the company’s position in Kerala and other markets, including the GCC countries, the UK, the US, and Australia, in blended spices and ethnic breakfast (puttu-podi, appams, and other rice products).

Mesa School of Business bags Rs 34-Cr from Elevation Capital, others

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April 20, 2023

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Mesa School of Business has raised Rs 34 crore in a funding round from Elevation Capital and angel investors, like Kunal Shah, Vidit Aatrey, and Abhiraj Bahl.

With the help of this funding, the company plans to build a cutting-edge, practical, and application-based curriculum for a founding cohort of just 60 handpicked students. This curriculum will be developed and delivered with startup leaders and potential future employers.

“We believe startups will be responsible for creating the bulk of the new aspirational jobs in India, and yet there isn’t a B-school focused on preparing candidates to be successful in these leadership roles. This gap inspired us to start Mesa School,” said the founding team of Mesa School of Business.

The startup leadership PG programme will be offered full-time for 12 months and be based out of Bengaluru. The company said that after completing the training, students would have access to opportunities for leadership positions at some of the country’s leading startups and technology companies.

“We believe there is a clear opportunity to build new age, outcome-focused higher-ed institutes in India. Therefore we could immediately relate to Ankit and Varun’s vision of building a business school of the future, focussed on entrepreneurship and the start-up ecosystem,” Mukul Arora, Managing Partner, Elevation Capital, said.

Varun Limaye and Ankit Agarwal, former executives at Amazon and the Urban Company, co-founded the Mesa School of Business.

Speciality Restaurants raises INR 127 crore via preferential issue

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April 20, 2023

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Speciality Restaurants operates fine-dining restaurant chains such as Mainland China, Oh! Calcutta, Sigree Global Grill, Episode One, and Haka has raised INR 127 crore in a preferential issue.

The funds will be used to upgrade and build new restaurants.

The company issued 60 lakh warrants, convertible into equity shares. The conversion of warrants into equity shares will result in a 12.78 percent increase in its paid-up equity share capital.

“With the completion of this issue, we have raised significant capital to pursue new business opportunities and continue to deliver value to all our shareholders,” said Anjan Chatterjee, chairman of Speciality Restaurants Limited.

PL Investment Banking, the investment banking and corporate advisory arm of the Prabhudas Lilladher Group, arranged the fundraising.

Around 87 restaurants and 40 confectionery stores are operated by Speciality Restaurants in 14 Indian cities. Additionally, it runs restaurants as a joint venture: two in the UAE, one in Qatar, and one in London.

“We are pleased to announce the successful execution of our preferential issue, with PL Investment Banking as our exclusive financial advisor. The depth of experience and expertise which the team at PL brings in is truly commendable.”

Pride Hotels Group announces the launch of Pride Hotel Bhopal

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April 19, 2023

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Pride Hotels Group has added another landmark in Central India with the launch of “Pride Hotel Bhopal“. Ideally located in the centre of the city, the hotel is near popular tourist and leisure destinations, marketplaces, and commercial establishments. The hotel provides you with the best of the city of Bhopal and is well connected by rail, road, and air to all major cities.

Announcing the launch, S.P Jain, chairman, and managing director, Pride Hotels Group, said, “Over the years we have focused on an asset-light model for expansion with a major slice of the portfolio managed directly by the company. We have embarked on an ambitious national expansion plan to open 100 hotels pan India by 2030.”

“Madhya Pradesh has witnessed a steady inflow of leisure and business travelers from across the globe. Recognized as a Smart City, Bhopal has witnessed lots of urbanisation and has become an attractive investment hub. We are pleased to open our third property in the State, with the other two located in Indore and Jabalpur. With this launch, we now move a step further to establish our presence across popular destinations across the country”, said Satyen Jain, CEO, Pride Hotels Group.

Atul Upadhyay, senior vice-president, Pride Hotels Group, added, “We are thrilled to launch our new property in Bhopal which offers the signature Pride hospitality experience to our esteemed guests in the city. Pride Hotels Group resonates with true Indian Hospitality and its warmth can be felt right from the moment a guest steps in. This full-service upscale hotel with all the contemporary amenities, banqueting, wedding lawns, and F&B facilities will complement the needs of leisure and corporate travellers in the region.”

The Pride Hotel Bhopal has 75 well-appointed rooms ideal for the discerning traveller.

PE-VC investments in India dip by 12% in 2022: Report

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April 19, 2023

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In India, private equity and venture capital (PE-VC) investments dropped by 12% in 2022 compared to 2021 due to the challenging macroeconomic conditions, but the future remains promising, according to a report.

The India Private Equity report 2023 by Bain & Company and IVCA said, “2022 was a year of recalibration for PE-VC investments in India, declining from the record highs of $70 billion in 2021 to $62 billion in 2022 amid global headwinds.”

However, it’s important to note that since 2020, PE-VC investments in India have reached $60 billion.

India’s share of the Asia-Pacific grew from 15% to 20% in a single year as China + 1 tailwinds and India’s macro-robustness made the country a bright spot for investment amid a slowdown in capital flow in the region, according to the report.

As compared to other major economies, Indian PE-VC activity witnessed a tale of two halves through the year, moving from record deal-making of $40 billion in the first half to a decline in deal value to $21 billion in the second half, which was primarily caused by a decrease in VC cheque sizes and a change in the deal mix, the report found.

Due to strong domestic demand, traditional sectors, including manufacturing, BFSI, energy, and healthcare, experienced growth of almost 50% in 2022. The investment value in the consumer tech and IT services industries declined by 60% to 70%.

“2022 was a blockbuster year for healthcare exits, and it shows in the fact that the sector saw a 16% share in India’s total PE exits at $3.5B, against only 8% share of investments. The sector is seeing continued potential upside with a low beta, with headroom for growth with large players driving scale through greenfield expansion to Tier 2 cities, brownfield expansion, and consolidation initiatives,” said Sriwatsan Krishnan, Partner, PE Practice, Bain & Company.

The macro-environment may be uncertain, but the Indian economy’s long-term outlook remains favorable. According to the report, leading global and Indian investors boosted their investments in India in 2022 due to larger fund-raises, increased India allocations, and faster closings riding on the momentum of 2021.

According to the report, private equity has increased in India, particularly during the past ten years. More than 800 active investors joined the investor base, which increased from 200 to more than 800 overall. Pools of available capital have also grown and diversified, and investments in India have accelerated.

The research observed that, despite having an abundance of dry powder, investment approaches had changed due to the year’s changing mindset. Investors are concentrating on fewer, higher-quality assets and driving value creation within their portfolios while trying to achieve profitability.

RattanIndia forays into fashion brands business with Neobrands

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April 19, 2023

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RattanIndia Enterprises launched a wholly-owned subsidiary, Neobrands, marking its entry into the fast-growing apparel fashion business. According to a statement by RattanIndia Enterprises, Neobrands will be a house of brands in the athleisure, performance wear, denim, and everyday fashion categories.

These brands will all be offered directly to consumers through e-commerce platforms in the initial phase as digitally native brands.

Anjali Rattan, the chairperson of RattanIndia Enterprises Business, stated that the company had collaborated closely over the past year to introduce its direct-to-consumer fashion brands in various categories.

“The fashion industry in India is witnessing a remarkable growth trajectory, with a huge demand for trendy and premium quality brands. Our brands across multiple categories are poised to capture this market opportunity by offering fashionable, yet affordable clothing options for men and women,” she said.

According to RattanIndia, the size of the fashion e-commerce business is now projected to be Rs 80,000 crore, expanding at a healthy rate of 30% annually.

“The fashion e-commerce market is expected to grow to Rs 2,50,000 crore per annum over the next five years. This growth is being led by a smartphone-enabled digital native young population,” Anjali Rattan said.

RattanIndia Enterprises’ businesses include electric mobility (Revolt Motors), e-commerce (Cocoblu Retail), fashion brands (Neobrands), fintech (Wefin), and drones (Neosky).

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