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Time of India
12 hours ago
- Business
- Time of India
Pine Labs IPO; Raphe mPhibr, ShopOS raise funds
Pine Labs IPO; Raphe mPhibr, ShopOS raise funds Also in the letter: Pine Labs files for IPO with Rs 2,600 crore fresh issue; Peak XV, PayPal to pare stakes Who is selling? According to the DHRP, investors, including Peak XV Partners, Temasek, PayPal, Mastercard, Invesco, Actis, and Madison India, plan to partially exit via the OFS. Cofounder Lokvir Kapoor will also offload a portion of his stake. Pine Labs is additionally eyeing a Rs 520 crore pre-IPO fundraise. If completed, Pine Labs will adjust the final IPO size accordingly. A brief on Pine Labs: Founded in 1998, Pine Labs is among India's top five merchant payment processors, with a strong presence in offline payments. The company was primarily backed by Peak XV Partners (then Sequoia Capital), though the venture fund has diluted its stake to around 20%. After founder Lokvir Kapoor stepped back, Amrish Rau took charge. A seasoned fintech operator, Rau previously founded Citrus Payments and later led PayU India. The firm's cap table includes global investors such as Mastercard, PayPal, Temasek and Actis. The big plan: Bolster cloud infrastructure, enhance tech innovation, and launch new products. Expand into Southeast Asia and the Gulf countries. Pursue acquisitions to accelerate inorganic growth. Also Read: ETtech Done Deals: Drone maker Raphe mPhibr raises $100 million in round led by General Catalyst Round details: The fundraise values the Indian military drone manufacturer at nearly $900 million. With this round, the company's total funding now stands at $145 million. Existing investors, including stock market investor Amal Parikh, Think Investments, and several family offices, also participated in the round. FY24 financials: About the startup: Binny Bansal backs ShopOS to build AI-native ecommerce stack Why it matters: Founders: Zoom out: Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: AI and copyrights: The fight for fair use Driving the news: Double whammy: US District Judge William Alsup found that Anthropic's use of books for training was legal under copyright law, calling it 'exceedingly transformative.' He also held that Anthropic had infringed copyrights by storing pirated copies in a digital library. This marked the first US court ruling on the legality of training AI with copyrighted works. Also Read: What's next: Also Read: Bessemer sees $1 trillion digital economy opportunity in India Key growth areas: India footprint: Intel begins mass layoffs; chip and auto units hit Driving the news: Catch up quick: More pink slips: Also Read: Pine Labs has filed its draft red herring prospectus with Sebi for a Rs 2,600-crore IPO. This and more in today's ETtech Top 5.■ AI firms' early copyright wins■ Bessemer's India outlook■ Intel layoffsAmrish Rau, CEO, Pine LabsMerchant payment processor Pine Labs has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi), aiming to raise Rs 2,600 crore through a fresh issue and an offer for sale (OFS) of up to 147.8 million IPO proceeds, Pine Labs has the following set of targets:Vivek Mishra and Vikash Mishra, founders, Raphe mPhibrRaphe mPhibr, a drone manufacturing startup, has raised $100 million in an equity funding round led by Silicon Valley investor General company posted revenue of Rs 86 crore in FY24, more than doubling the Rs 42 crore it reported the previous year. It also turned profitable, recording a net profit of Rs 9 crore during the same in 2016 by Vivek Mishra and Vikash Mishra, Raphe mPhibr builds a range of unmanned aerial vehicles (UAVs). Its portfolio includes a drone swarm platform, a high-altitude logistics drone, a surveillance drone and a compact maritime patrol system.(L-R) Sai Krishna V K, cofounder; ShopOS, Binny Bansal, cofounder, Flipkart; and Ajay P V, cofounder, ShopOSFlipkart cofounder Binny Bansal has invested $20 million in ShopOS , a startup building an AI-native operating system for global e-commerce brands. Bansal made this investment through his venture fund, Three State aims to automate the creation, management, and marketing of products across different markets. Its platform integrates AI agents throughout the entire process, from catalogue creation and personalised storefronts to targeted advertising was founded by Sai Krishna V K and Ajay P V, who earlier cofounded Scapic, acquired by Flipkart in 2020. The duo played a key role in setting up Flipkart Labs, where they led deep tech pilots. They are joined by Karan Sonawala, also a Flipkart alumnus, who built immersive, AI-led shopping company is betting on what it calls 'ambient agents' — AI systems that not only assist but autonomously run commerce workflows. It is already working with early customers in India, the UAE, and Europe, and plans to step up hiring and product integrations over the next Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and Reach out to us at spotlightpartner@ to explore sponsorship Zuckerberg's Meta scored a partial win in a lawsuit filed by a group of authors who claimed the company trained its AI on their copyrighted books without District Judge Vince Chhabria ruled in Meta's favour, saying the plaintiffs had made 'the wrong arguments' and failed to present enough evidence to support their however, noted that using copyrighted material to train AI could be unlawful in 'many circumstances,' leaving the door open for future ruling follows a similar outcome in a separate lawsuit involving AI company a fresh lawsuit filed in New York, authors including Kai Bird, Jia Tolentino and Daniel Okrent allege Microsoft used a trove of nearly 200,000 pirated digital books to train its Megatron Valley VC firm Bessemer Venture Partners believes India's digital economy could surpass $1 trillion in value over the next decade, according to its latest firm identifies quick commerce, direct-to-consumer (D2C) brands, and mobile-first content platforms as key engines of value creation. Startups like Zepto, Blinkit, Swiggy Instamart, and D2C players such as Blissclub, Mokobara, and Minimalist are seen as early report also points to rising investor appetite in emerging sectors, including micro-transactions, pet care, mobile gaming, and AI-driven consumer entering India in 2006, Bessemer has backed over 80 startups, including BigBasket, PharmEasy, and Urban Company. In March, it closed a $350 million India-focused fund, aimed at deepening its presence in AI, SaaS, fintech, and has begun laying off staff in the US , starting with 107 roles in California as part of a broader workforce reduction of up to 20% under new CEO Lip-Bu job cuts span engineering, chip design, and automotive units. Intel is also shutting down its Munich-based auto chip business and outsourcing marketing to layoffs are part of a plan to reduce costs by $500 million in 2025 and $1 billion in 2026. The company is promoting a leaner culture that rewards efficiency and reduces bloated teams, amid rising competition from Nvidia, AMD, and app Bumble will slash 30% of its global workforce , affecting over 240 roles. The company expects to save $40 million annually, with most of the savings allocated towards product and technology upgrades.
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Business Standard
13 hours ago
- Business
- Business Standard
Pine Labs files DRHP with Sebi for IPO; to raise ₹2,600 cr via fresh issue
Temasek and Peak XV Partners-backed Pine Labs has filed preliminary pape₹ with capital markets regulator Sebi to mobilise funds through an initial public offering (IPO). The IPO is a combination of fresh issuance of equity shares worth ₹2,600 crore and an offer for sale (OFS) of more than 14.78 crore shares by investor selling shareholders, according to the draft red herring prospectus (DRHP) filed on Wednesday. Under the OFS, Peak XV Partners, London-based Actis, PayPal, Mastercard Asia/Pacific, Temasek through Macritchie Investments, Invesco, Madison India Capital, MW XO Digital Finance Fund Holdco, Lone Cascade LP, and Pine Labs co-founder Lokvir Kapoor will be divesting their shares in the fintech firm. The company plans a pre-IPO placement of shares aggregating to ₹520 crore. If the pre-IPO placement is completed, the fresh issue size will be reduced. Proceeds from the fresh issue to the tune of ₹870 crore will be used by the company to repay debt and ₹760 crore will be used for investment in IT assets, expenditure towards cloud infrastructure, technology development initiatives and procurement of digital checkout points. The company will use funds worth ₹60 crore for investment in its subsidiaries such as Qwikcilver Singapore, Pine Payment Solutions, Malaysia, and Pine Labs UAE for expanding the presence outside the country, and the balance for general corporate purposes, and unidentified inorganic acquisitions. Noida-based Pine Labs is a technology company focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions. For the fiscal ended December 31, 2024, it has processed paytments worth ₹7,53,105 crore in gross transaction value and 3.97 billion transactions through its platforms. The company had more than 9.15 lakh merchants, 666 consumer brands and enterprises, and 164 financial institutions, who used its platforms to enable transactions quickly, securely and easily manage their business. According to the Redseer report, Pine Labs is one of the top five in-store digital platforms, and a prominent Bharat Bill Payment System transactions processing solutions provider in FY24. The company competes with the likes of Paytm, Razorpay, Infibeam, PayU Payments, PhonePe in the domestic market and Adyen, Shopify and Block in the overseas markets. For the fiscal ended December 31, 2024, the company reported a revenue from operations at ₹1,208.2 crore and profit after tax at ₹26.14 crore. The shares of the company are proposed to be listed on the BSE and NSE. Axis Capital, Morgan Stanley India Company, Citigroup Global Markets India, JP Morgan India, Jefferies India are the book running lead managers while KFin Technologies is the registrar for the IPO.
Economic Times
15 hours ago
- Business
- Economic Times
Pine Labs files for Rs 2,600 crore IPO; Peak XV, PayPal to pare holdings
Agencies Pine Labs has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi), marking its intent to go public with a Rs 2,600 crore fresh issue and an offer for sale (OFS) of up to 147.8 million shares. The Noida-based merchant commerce firm is backed by some of the biggest names in global fintech investing. Peak XV Partners (formerly Sequoia India), Temasek's Macritchie Investments, PayPal, Mastercard, Invesco, Actis, and Madison India are among the investors looking to partially exit through the OFS. Cofounder Lokvir Kapoor is also offloading a portion of his stake. ET had reported on June 11 that Pine Labs was preparing to file its DRHP by the end of the month. Peak XV will sell the largest chunk at nearly 39 million shares. PayPal is selling over 11.5 million shares, while Mastercard and Temasek are trimming about 10 million shares and 14.8 million shares, Labs has also enabled a pre-IPO placement of up to Rs 520 crore, which, if executed, will reduce the fresh issue company recently merged its Singapore entity into the Indian arm ahead of the IPO. It plans to list on the BSE and NSE. Axis, Morgan Stanley, Citi, JP Morgan, and Jefferies are the lead managers to the offer. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Punit Goenka reloads Zee with Bullet and OTT focus. Can he beat mighty rivals? 3 critical hurdles in India's quest for rare earth independence HDB Financial may be cheaper than Bajaj Fin, but what about returns? INR1,300 crore loans for INR100? Stamp duty notice to ArcelorMittal, banks. Stock Radar: Titan Company breaks out from 3-month consolidation; check target & stop loss for long positions For risk-takers: More than bullish, be selective; 5 mid-cap stocks from different sectors with an upside potential of up to 38% Multibagger or IBC - Part 12: If transition is successful then there is no limit. But there is a big 'IF' These mid-cap stocks with 'Strong Buy' & 'Buy' recos can rally over 25%, according to analysts
