Latest news with #WestBridgeCapital
News18
7 days ago
- Business
- News18
WestBridge Capital sells 12.4 pc stake in Aptus Housing Fin for Rs 1,906 cr
New Delhi, Jun 3 (PTI) WestBridge Capital on Tuesday divested a 12.4 per cent stake in Aptus Value Housing Finance for Rs 1,906 crore through an open market transaction. WestBridge Capital is one of the promoters of Aptus Value Housing Finance. According to the bulk deal data available on the NSE, private equity firm WestBridge Capital, through its arm WestBridge Crossover Fund LLC, offloaded more than 6.19 crore shares or 12.4 per cent stake in Aptus Value Housing Finance. The shares were sold at an average price of Rs 307.54 apiece, taking the transaction value to Rs 1,905.91 crore. After the latest transaction, WestBridge Capital's holding in Aptus Value Housing Finance declined to 16.19 per cent from 28.59 per cent. Meanwhile, SBI Mutual Fund, Axis Mutual Fund, Morgan Stanley Asia Singapore and Luxembourg-based Eastbridge Group cumulatively picked up over 1.67 crore shares or 3.35 per cent stake in Aptus Value Housing Finance for Rs 514 crore. The shares were purchased at an average price of Rs 307 per piece, taking the combined deal value to Rs 514.64 crore. Details of the other buyers of Aptus Value Housing Finance's shares could not be identified on the exchange. Shares of Aptus Value Housing Finance India plunged 9.06 per cent to close at Rs 306 apiece on the NSE. PTI HG HG BAL BAL
India.com
26-05-2025
- Business
- India.com
Another startup shuts down due to quick commerce, 300 employees lose jobs, the startup was..., business was...
(Representational image/ New Delhi: The grocery startup Otipy in Delhi-NCR has suddenly shut down its operations. This information has emerged from media reports. However, the company has not yet issued any official statement regarding this. Neither has the company commented on the reports of its business closure. According to media reports, Otipy's founder and CEO Varun Khurana himself informed the employees about this during a town hall meeting. The company employs around 300 workers, whose livelihoods may be in jeopardy. Additionally, the company's delivery partners may also face difficulties. The company's app has also stopped functioning. It shows a message stating that there is no service in this area, no matter which location is entered. Quick commerce the reason? Quick commerce companies have completely transformed the market by offering delivery within 10 minutes. This has not only impacted scheduled delivery models like Otipy's but has also affected the sales of traditional grocery stores. This is considered the biggest reason behind Otipy's closure. B2B2C model Otipy operated on a B2B2C model, where it sourced fresh fruits and vegetables directly from farmers and delivered them to customers through community resellers. The company started in June 2020 as a subsidiary of Crofarm Agriproducts. Otipy's business was running in Delhi-NCR and Mumbai. It is worth noting that the company had raised nearly $44 million in funding so far, with $32 million coming from WestBridge Capital and other investors in 2022. Recently, the company also took a loan of $2 million from Nuvama Asset Management. Despite increasing revenue, the company reported losses. Otipy's revenue in FY24 was Rs 164 crores, up from Rs 115 crores the previous year. However, the company was still delaying payments to employees and vendors. Otipy's closure indicates that significant changes are occurring in the online grocery segment. On the other hand, the quick commerce sector has seen tremendous growth. According to a report by Blume Ventures, this market grew from $300 million in FY22 to $7.1 billion in FY25.
Time of India
29-04-2025
- Business
- Time of India
Ultrahuman in talks with WestBridge to raise $100-120 million after SoftBank deal falls through
After discussions with Japanese investor SoftBank fell through, Bengaluru-based smart wearables maker Ultrahuman is now in advanced talks with WestBridge Capital to raise $100-120 million in fresh funding, people aware of the matter told ET. The potential deal with WestBridge could value Ultrahuman at around $500-550 million, they said. Earlier, Ultrahuman had been in talks with SoftBank for a $35-40 million round, but the deal collapsed due to differences over round size and valuation. 'At the time of the SoftBank discussions, which was more than 7-8 months ago, the company's scale was different. SoftBank wanted to do a smaller round at a lower valuation, which the company was not aligned with,' a person briefed on the negotiations said. Ultrahuman's financial performance has improved since then, these people added. The startup closed calendar year 2024 with around $80 million in revenue, and is currently tracking an annualised run-rate of $150-160 million, according to sources. In March 2024, the company closed a $35 million round led by Blume Ventures and Nexus Venture Partners, with participation from existing investors Alpha Wave Global and Eternal founder and CEO Deepinder Goyal. That round valued the startup at $125 million. International expansion "Talks with WestBridge are at an advanced stage... Ultrahuman plans to use the funds to push its expansion outside India," another person aware of the plans said. The company had announced plans last year to open a new factory in Indiana, US, adding to its existing manufacturing facilities in Bengaluru and Texas. In its annual report released in January, Ultrahuman said it recorded a 6X growth in revenue year-on-year in 2024, with an average profit before tax (PBT) of 11%. The company expects PBT margins to rise to around 20% over time, as it invests in expanding its product line up—including new wearable form factors, fertility and cardiovascular health clinical trials, experience centres, and its Texas UltraFactory. Started by Mohit Kumar and and Vatsal Singhal, cofounders of Roadrunnr, a hyperlocal logistics startup sold to Zomato, Ultrahuman sells smart rings and metabolic health-tracking services. Currently, the founders jointly hold around 29% of the company. Nexus Venture Partners owns over 17%, while Alpha Wave Global and Blume Ventures own 15.2% and 10.1%, respectively. According to startup data platform Tracxn, Ultrahuman has raised a total of $55 million in equity and debt so far. SoftBank, WestBridge Capital and Ultrahuman's Mohit Kumar did not respond to ET's queries. The development was first reported by Moneycontrol
Time of India
29-04-2025
- Business
- Time of India
Ultrahuman in talks with WestBridge to raise $100-120 million after SoftBank deal falls through
After discussions with Japanese investor SoftBank fell through, Bengaluru-based smart wearables maker Ultrahuman is now in advanced talks with WestBridge Capital to raise USD 100-120 million in fresh funding, people aware of the matter told ET. The potential deal with WestBridge could value Ultrahuman at around USD 500-550 million, they said. Earlier, Ultrahuman had been in talks with SoftBank for a USD 35-40 million round, but the deal collapsed due to differences over round size and valuation. 'At the time of the SoftBank discussions, which was more than 7-8 months ago, the company's scale was different. SoftBank wanted to do a smaller round at a lower valuation, which the company was not aligned with,' a person briefed on the negotiations said. Ultrahuman's financial performance has improved since then, these people added. The startup closed calendar year 2024 with around USD 80 million in revenue, and is currently tracking an annualised run-rate of USD 150-160 million, according to sources. In March 2024, the company closed a USD 35 million round led by Blume Ventures and Nexus Venture Partners, with participation from existing investors Alpha Wave Global and Eternal founder and CEO Deepinder Goyal. That round valued the startup at USD 125 million. International expansion "Talks with WestBridge are at an advanced stage... Ultrahuman plans to use the funds to push its expansion outside India," another person aware of the plans said. The company had announced plans last year to open a new factory in Indiana, US, adding to its existing manufacturing facilities in Bengaluru and Texas. In its annual report released in January, Ultrahuman said it recorded a 6X growth in revenue year-on-year in 2024, with an average profit before tax (PBT) of 11 per cent . The company expects PBT margins to rise to around 20 per cent over time, as it invests in expanding its product line up—including new wearable form factors, fertility and cardiovascular health clinical trials, experience centres, and its Texas UltraFactory. Started by Mohit Kumar and and Vatsal Singhal, cofounders of Roadrunnr, a hyperlocal logistics startup sold to Zomato, Ultrahuman sells smart rings and metabolic health-tracking services. Currently, the founders jointly hold around 29 per cent of the company. Nexus Venture Partners owns over 17 per cent , while Alpha Wave Global and Blume Ventures own 15.2 per cent and 10.1 per cent , respectively. According to startup data platform Tracxn, Ultrahuman has raised a total of USD 55 million in equity and debt so far. SoftBank, WestBridge Capital and Ultrahuman's Mohit Kumar did not respond to ET's queries. The development was first reported by Moneycontrol
Time of India
28-04-2025
- Business
- Time of India
Rapido set to take on Zomato and Swiggy, here's how
Bike taxi platform Rapido is set to enter the food delivery market with a pilot program in Bengaluru, expected to roll out in the coming weeks. Backed by WestBridge Capital, the company aims to tap into the growing demand for quick-service restaurant deliveries while leveraging its existing logistics expertise. Rapido food delivery service: Focus on larger restaurant chains As reported by Economic Times, Rapido plans to collaborate with major restaurant chains, including McDonald's, KFC, and Pizza Hut, as well as high-frequency cloud kitchens. The initial focus will be on short-distance deliveries—up to 5 kilometers—from densely located outlets in top cities. This strategy targets a substantial share of orders from larger chains while offering consumers a broader choice through smaller outlets. Subscription-based model Unlike competitors Zomato and Swiggy, Rapido will adopt a subscription-based model for restaurants. This approach involves charging a fixed periodic subscription fee and a per-order delivery fee, rather than a percentage commission. The model aims to reduce costs for restaurants, potentially passing savings on to consumers. Rapido's move into food delivery comes as the company seeks new growth avenues, having already achieved $1 billion in gross merchandise value last fiscal. While the food delivery market faces slowing growth, Rapido aims to carve out a niche by targeting consumers with lower average order values (AOVs), estimated at Rs 250 or less. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Co-Founder of Google Brain, Andrew Ng, Recommends: 5 Books For Turning Your Life Around Blinkist: Andrew Ng's Reading List Undo This expansion aligns with Rapido's broader strategy to diversify its offerings, which also includes plans for insurance distribution. The company's entry into food delivery could disrupt the market, providing an alternative to established players while addressing evolving consumer needs.
