Morgan Stanley, Citigroup, 6 others buy 1.6% stake in Delhivery for Rs 461 cr
The entities picked up over 1.19 crore equity shares or 1.6 per cent stake in the company at an average price of Rs 387, taking the combined value to Rs 461 crore.
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Time of India
18 minutes ago
- Time of India
Startups chase profits, their ticket to Dalal Street
MUMBAI: Startups gearing up to go public are setting their financials in order - cutting losses and chasing profitability. IPO-bound Urban Company reported its first full year of profitability in FY25, the firm said in its annual report last week. Although much of the profits - Rs 240 crore on a consolidated basis - came on the back of a Rs 211-crore deferred tax credit, the startup managed to turn in profits even on a pre-tax basis. Hit by the tech downturn post pandemic that saw valuations of loss-making startups getting eroded in private market and investor narrative shifting from growth at any cost to profits - companies had already begun fixing their financials; those eyeing an IPO had been more focused given the affinity of public markets for profitable firms and the added scrutiny they bring forth. The trend is not new but in the current times, companies may have to do more than just paring losses. In a volatile market situation, the bar for IPOs is much higher and it is imperative for companies to be profitable, analysts said. "The revenue metrics are no longer benchmarks from a (IPO) valuation perspective. For even the anchor book to come in, profitability is important. Ebitda level profitability is also fine but investors will not favour companies that burn cash," Mehekka Oberoi, fund manager at IIFL Fintech Fund told TOI. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Eat 1 Teaspoon Every Night, See What Happens A Week Later [Video] Health Benefits Undo Given that there are some listed startups today, the benchmarks for companies now going IPO are higher and profitability has become more important, said Gopal Jain, managing partner at Gaja Capital. "There is less space for vanity metrics in public markets. Because they cater to all kind of investors, they focus on simple metrics like profitability." "Also, public markets show leniency when new sectors are born, as the sectors become deeper, the bar for subsequent companies go up," Jain said. Urban Company now joins the league of players like Groww which are profitable; Oyo which is making its third attempt in going public is also in the black. Meesho and Lenskart heavily cut down on their losses in FY24, their latest filings show; analysts do not rule out more companies reporting profitability for FY25. Meesho's consolidated losses narrowed to Rs 304 crore in FY24 from Rs 1,675 crore in FY23. The company had earlier this year said that excluding Esop costs, its losses stood at Rs 53 crore in FY24 and it managed to turn profitable in Q2FY24. Lenskart's consolidated losses narrowed to Rs 10 crore in FY24 from Rs 64 crore in FY23. Shiprocket had said that it expects to record profits in FY25. Yet, there is much work ahead - companies such as Physicswallah saw their losses balloon in FY24. "As IPO-bound companies gear up for public spotlight, key lessons from recent listings are clear: markets value consistency, discipline, and predictability over aggressive short-term growth," said Nishit Garg, partner, Asia investment team at RTP Global. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
19 minutes ago
- Time of India
Court grants anticipatory bail to Krishnakumar, Diya; rejects pleas of accused in QR code fraud
Thiruvananthapuram: District sessions court on Thursday granted anticipatory bail to actor-turned-politician Krishnakumar and his daughter Diya Krishnan. The case pertains to the alleged kidnapping and assault case filed against the duo by the staff members of 'Oh by Ozy', a shop owned by Diya near Christ Nagar School, Kowdiar. The court also rejected the pleas for pre-arrest bail of the staff members Vineetha, Divya and Radhakumar, who are accused in a QR code swapping case filed by Krishnakumar. According to the complaint, the staff members are accused of replacing the QR code scanner at the shop with their personal QR codes and embezzling Rs 69 lakh. The fraud came to light during the audit. Vineetha's husband Adarsh was also added as the fourth accused in the case for threatening Diya to withdraw the complaint. However, the staff alleged that Krishnakumar and Diya abducted them, extorted money and physically assaulted them. Following this, Museum police registered a case on the complaint of the staff against Krishnakumar and Diya as well. Both parties approached the court seeking anticipatory bails a few days ago. The court then sought the report from the police. Police informed the court that they examined the CCTV visuals and no evidence was found to prove the allegations raised by the staff. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trending in in 2025: Local network access control [Click Here] Esseps Learn More Undo However, in some visuals, the accused were seen even admitting that they committed the crime, police said. Police also produced evidence before the court to prove the role of the accused in the QR code fraud. Police also informed the court that the accused were not willing to cooperate with the probe and granting them bail would affect the case negatively. Accepting the police report, the court granted bail to Krishnakumar and Diya and denied bail to the three staff members. Adarsh was granted bail a few days ago by the same court.
Time of India
19 minutes ago
- Time of India
Renovation works of Somwarpet govt hosp nearing completion
Madikeri: The renovation works of Somwarpet Government Hospital, which started at a cost of Rs 1.6 crore, are nearing completion, according to the members of the Arogya Raksha Samithi. Speaking to reporters, Raksha Samithi member Manjula Harish said currently, Rs 17 lakh worth of medicines, tablets, and chemicals required for high-tech blood testing unit have been purchased. "All types of tests are conducted for patients in the hospital itself. All medicines and tablets are available," he said. The govt hospital in the town is ready to provide various types of treatment to the patients. He informed that 8 to 9 doctors are available in the hospital every Monday, and medicines and tablets are being distributed to the patients in the hospital itself. MLA Manthar Gowda, who is the chairman of the Raksha Samithi, is continuing all efforts to equip the hospital. A total of eight doctors are on duty in the hospital, and the services of a paediatrician will be available within a week. Surgeons, rheumatologists, obstetricians, ENT specialists, physicians, and dentists are available. He said joint and bone specialists are available on Monday, Thursday, Saturday, and Sunday. An ophthalmologist, pulmonologist, and paediatrician are available on Mondays at the Kodagu Institute of Medical Sciences. Anaesthesiologists are available two days a week, and all types of surgical treatments are being done, he informed. Member KP Ravish said 200 to 300 patients are receiving treatment on Mondays. "Six machines are working in the dialysis unit. Four hundred dialysis cycles are done per month. Forty-one patients are receiving treatment," he said. Covid wards, ventilators, and oxygen concentrators are available for needy patients. CB NAT new equipment is available, and TB disease can be detected very quickly. The anaesthesia workstation is working. Currently, three ambulance vehicles are available in the hospital. He said the selection counselling for officers and staff will be held at the DHO office on Friday, and the vacant posts in Somwarpet hospital will be filled. The conference was attended by Raksha Samithi members NN Ramesh, HK Lokesh, and Jacob Simon.
