Hyundai Motor India is set to make history with the launch of India’s largest-ever Initial Public Offering (IPO), opening for bidding from October 15 to 17, 2024. With an impressive IPO size of ₹27,870 crore, the shares will be listed on both the BSE and NSE, offering an exciting opportunity for investors. The price band has been set between ₹1,865 and ₹1,960 per equity share.
Retail investors can participate with a minimum bid of 7 shares, starting at ₹13,720, while high-net-worth individuals (HNIs) can place bids for a minimum of 105 shares, with larger bids potentially exceeding ₹1 million. The Grey Market Premium (GMP) currently stands at ₹75, indicating a potential listing price of ₹2,035 per share, promising an approximate gain of 3.83%.
The IPO is an Offer for Sale (OFS) of 142,194,700 shares, which will reduce Hyundai Motor Company’s stake from 100% to 82.50%. Hyundai Motor India, a key player in the domestic passenger vehicle market, faces competition from Tata Motors, Maruti Suzuki, Mahindra & Mahindra, and newer entrants like Kia Motors and MG.
Investors should take note of Hyundai Motor India’s strong reliance on its parent company, HMC, for essential parts and R&D, along with the 3.5% royalty it pays on revenue. While the relationship with HMC is crucial, Hyundai Motor India’s robust market presence and the promising GMP make this IPO a significant investment opportunity.
myTrident, the renowned brand specializing in luxury home décor, has officially joined forces with Bigg Boss Season 18 as its home décor partner. This partnership brings an exclusive collection of luxury bedding and home textiles, set to enhance the overall aesthetic of the Bigg Boss house.
In an exciting first, Bigg Boss collaborates with a home textile brand, allowing myTrident to showcase its stunning designs throughout the iconic reality show’s interiors. The brand’s exquisite range, including plush bedding and opulent terry towels, will not only be prominently featured but also incorporated into the daily routines of the contestants. A dedicated premium queen-sized bed and other signature installations will ensure myTrident’s presence is felt in every nook, offering viewers a glimpse into the pinnacle of home décor luxury.
This collaboration marks a significant moment for myTrident as it shines during India’s most popular reality series.
“We are thrilled to embark on this journey with Bigg Boss for the first time,” stated Neha Gupta Bector, chairperson of myTrident. “Our brand, which embodies luxury and comfort, is eager to showcase how our exquisite home décor collection can elevate any environment. The Bigg Boss house provides an ideal backdrop to demonstrate the elegance and sophistication our products offer, inspiring audiences throughout India.”
Contestants will indulge in the luxury of myTrident’s terry towels and bedding daily, while viewers at home will witness the transformative power these products can bring to a space. This integration will be further enhanced through targeted television commercials and digital promotions, ensuring the essence of comfort and sophistication resonates with the audience.
Pavitra KR, revenue head of Colors (Viacom18), remarked, “Bigg Boss is central to India’s entertainment landscape, shaping trends and creating memorable cultural moments. Its vast reach across television, digital, and social media guarantees exceptional visibility and engagement for our partner brands. Our innovative brand placements seamlessly weave partners into the show’s narrative, significantly elevating brand recognition. We are excited to welcome myTrident as our inaugural home décor partner, marking a major milestone as they bring their luxurious textile collection to the Bigg Boss house, enriching both the contestants’ living spaces and the overall viewing experience.”
UrjaMobility, an innovative startup focusing on battery leasing for commercial electric vehicles (EVs), has successfully raised ₹100 crore in its Pre-Series A funding round, utilizing both debt and equity financing. This funding round was spearheaded by Mufin Green Finance Limited and Hindon Mercantile Limited. The capital injection will be directed towards scaling UrjaMobility’s operations, emphasizing its distinct pay-per-use battery leasing model within the burgeoning e-mobility sector.
The company’s pay-per-use framework enables customers to lease batteries based on the distance traveled, transforming conventional capital expenditures into a smarter operational expenditure model. This approach provides a cost-effective and adaptable pathway for EV adoption, which is pivotal as UrjaMobility extends its reach throughout India. “This funding round represents a significant milestone for us,” stated Pankaj Chopra, Founder and CEO of UrjaMobility. “We aim to revolutionize energy consumption within the e-mobility landscape while expanding our footprint across India. Our pay-per-use model enhances the accessibility of e-mobility, and this funding will bolster our retail presence and broaden our service offerings.”
In its inaugural month of operations, UrjaMobility reached a key achievement by delivering 150 kWh of energy daily under its Energy-as-a-Service (EaaS) model. The company has since ramped up its capacity to provide 45 MWh of energy each day, showcasing its rapid growth in response to the rising demand for sustainable energy solutions.
Kapil Garg, Founder and Director of Mufin Green Finance Limited, expressed enthusiasm for UrjaMobility’s mission, stating, “We are excited to support UrjaMobility’s journey. Their innovative solutions and dedication to sustainability align perfectly with our commitment to facilitating India’s transition to clean energy.”
The funding will also empower UrjaMobility to broaden its retail presence, particularly targeting Tier II and Tier III cities, where the demand for affordable and sustainable e-mobility options is on the rise. The company has set an ambitious goal of achieving 300 MWh of energy delivery daily and plans to establish new centers to accommodate this growth. Looking forward, UrjaMobility intends to secure an additional ₹250 crore in the first quarter of 2025 to further expand its operations and enhance its retail network. This upcoming funding round will support the company’s bold expansion strategy, enabling it to continue delivering innovative energy solutions to an ever-expanding market.
Pune-based AI-driven robotics startup, Haber, has raised Rs 317.2 crore (approximately $38 million) in a fresh funding round spearheaded by private equity firm Creaegis. This round also saw participation from Accel India and BeeNext Capital. Creaegis led the funding with Rs 200.3 crore, while Accel contributed Rs 83.5 crore, and BeeNext invested Rs 33.4 crore, as per filings with the Registrar of Companies (RoC).
The funds raised will support Haber’s growth initiatives, market expansion, and corporate activities, according to the company’s filings. This latest investment brings Haber’s total funding to $65 million, building on a $20 million round led by Ascent Capital in 2021.
Founded in 2017 by Vipin Raghavan, Priya Venkat, and Arjunan PN, Haber specializes in developing AI-powered robots aimed at automating labor-intensive processes in industrial settings. Their technology automates critical functions such as sample collection, measurement, and analysis, reducing the need for manual intervention and enhancing operational efficiency.
In addition to streamlining factory operations, Haber’s solutions help industries lower their consumption of resources like chemicals, energy, and water—leading to both cost reductions and more sustainable practices.
While the company is yet to disclose its financials for FY24, it reported an 82% rise in revenue in the previous fiscal year, reaching Rs 82.8 crore. However, losses also increased by 47%, amounting to Rs 36.8 crore.
This funding boost comes at a time when AI and robotics are gaining momentum in sectors such as manufacturing, logistics, and healthcare. Haber faces competition from companies like Detect Technologies and Fero Labs, both of which are actively innovating in the industrial automation space.
Fashor, one of India’s fastest-growing ethnic and fusion-wear brands for women, has officially announced Bollywood star Sara Ali Khan as its brand ambassador. The partnership begins with the launch of the brand’s latest campaign, ‘Dil Se Indian’, which embraces the vibrant cultural heritage and traditions of India. Known for her charm, relatability, and connection to her roots, Sara embodies Fashor’s vision of the modern Indian woman—confident, proud of her heritage, and effortlessly stylish.
The ‘Dil Se Indian’ campaign not only introduces Fashor’s newest collection but also marks the start of Sara’s long-term collaboration with the brand. It reflects Fashor’s commitment to making ethnic fashion relevant and accessible, celebrating the unique identities of Indian women. By combining traditional craftsmanship with contemporary designs, Fashor speaks to today’s woman, who balances modernity with a strong sense of cultural pride.
Commenting on her new role, Sara Ali Khan said, “I’ve always admired how Fashor blends modern prints and styles with traditional Indian craftsmanship. Their designs resonate with my sense of fashion, allowing me to express my ethnicity in fresh and creative ways. I’m excited to be part of this journey that empowers women to embrace their roots through stylish ethnic wear.”
The ‘Dil Se Indian’ collection showcases a vibrant mix of bold patterns, modern cuts, and traditional Indian techniques. With sizes ranging from S to 5XL, the collection ensures inclusivity, making fashion accessible to women of all shapes and sizes. From everyday wear to festive outfits, the collection is designed for women who want to stay fashion-forward while celebrating their cultural identity.
Vikram Kankaria, Co-Founder and CEO of Fashor, expressed his excitement about the collaboration: “Sara Ali Khan is a true representation of everything Fashor stands for—authenticity, individuality, and cultural pride. Her connection with Indian traditions and her effortless style align perfectly with our brand ethos. Through ‘Dil Se Indian’, we’re not just celebrating Indian fashion but embracing the pride and beauty of being Indian in every aspect of life. Sara’s presence amplifies our message and helps us reach women who are proud of their heritage and confident in their individuality.”
Sara will continue to represent Fashor in future campaigns that merge Indian traditions with modern-day fashion trends. The ‘Dil Se Indian’ campaign will be promoted across Fashor’s digital platforms, as well as popular online marketplaces like Myntra, Nykaa Fashion, and Ajio, alongside the brand’s own website and mobile app. Fashor is also set to expand its offline presence with over 100 exclusive brand outlets across India in the coming years.
With Sara Ali Khan as the face of Fashor, the brand aims to inspire a new wave of fashion that celebrates individuality, cultural pride, and accessible ethnic wear for women all across India.
Darjeeling-based direct-to-consumer (D2C) startup Dorje Teas has successfully raised ₹1.8 crore in a Seed funding round, with Coast Fund VC (the venture arm of Blink Digital) taking the lead. The round also saw participation from prominent investors including Untitled Ventures, Ice VC, SSK Exports, and the Chandigarh Angels Network (CAN), alongside a group of Ashoka University alumni.
The funding round attracted not only institutional investors but also notable creators and entrepreneurs like Arjun Vaidya and Varun Mayya. Additionally, India’s television star Nakuul Mehta has joined the startup as both an investor and its brand ambassador.
The three-year-old company garnered widespread attention after its appearance on Shark Tank India Season 2, where it received investments from top D2C investors Anupam Mittal and Vineeta Singh. Since then, the startup claims to have witnessed a 300% increase in both operations and revenue. With these recent developments, Dorje Teas is planning to expand its product range and set up an in-house content studio to promote its focus on health and quality. The brand also aims to grow its B2B vertical and begin exporting Darjeeling’s renowned teas to international markets.
Founded by Sparsh Agarwal and Ishaan Kanoria, the startup is also launching a content creators staycation at the historic Selim Hill tea garden. The initiative invites influencers to immerse themselves in the brand’s distinctive tea offerings and share their experiences.
In the growing D2C tea space, Dorje Teas joins the ranks of other venture-backed companies like Vahdam Teas, Tea Box, and Team Monk, making a name for itself through innovation and strategic partnerships.
Millenium Babycares, a leading direct-to-consumer brand, has successfully raised Rs 122 crore (approximately $14.5 million) in a funding round led by Bharat Value Fund, managed by Pantomath Capital. The fresh funds will be used to enhance the company’s manufacturing capabilities and strengthen its presence in both domestic and international markets, according to an official statement.
Founded in 2015 by Dipendra Bhimsaria and Ramprakash Beria, Millenium Babycares offers a range of pant-style diapers, catering to newborns through to XXXL sizes. The company’s products, available on their website, Amazon, and Flipkart, span three core segments: baby care, femcare, and adult care. Their popular “Bumtum” brand focuses on baby diapers, while their “Elduro” and “Freeme” brands serve the adult incontinence and sanitary napkin markets, respectively.
Headquartered in Indore, the company boasts an impressive production capacity, manufacturing 4 million baby diapers, 500,000 sanitary napkins, and 100,000 adult diapers daily. For the fiscal year 2023-24, Millenium Babycares reported revenues of Rs 585 crore, reflecting a significant CAGR of 53% from FY20 to FY24, with Rs 150 crore generated in the fiscal year ending March 2023.
Spry Therapeutics, a Pune-based software-as-a-service (SaaS) startup, has raised $15 million in funding, with Flourish Ventures leading the investment round. The company, which builds innovative software for physical healthcare centers, is looking to establish a strong presence in the global market.
The funding round also saw participation from existing investors, including Together Fund,Eight Roads Ventures (Fidelity), and F Prime Capital. Co-founder Brijraj Bhuptani, who previously served as the Chief Technology Officer at Ola, emphasized Spry’s ambition to target the largest market in the world—U.S. healthcare. “U.S. healthcare isn’t a single $4 trillion industry, but rather a collection of smaller $4 billion opportunities,” Bhuptani said. “To make a real impact, companies need to focus on depth, not just breadth. Spry is transforming how physical therapists manage their practices.”
This latest round of funding brings Spry’s total capital raised to $25 million. Since its launch, the startup has successfully onboarded 105 clinics in the U.S. within just 18 months. With the fresh influx of funds, Spry plans to expand its presence by building a dedicated sales and support team and increasing its client base in the U.S. market.
The demand for physical therapy is on the rise, driven by the increasing need for post-surgical rehabilitation and preventive care aimed at promoting long-term health. Kabir Kumar, partner at Flourish Ventures, highlighted Spry’s role in addressing a significant gap in the market. “Spry is helping small businesses in the physical therapy space streamline their operations by providing digital tools for managing insurance claims,” he explained. “India’s vast pool of IT talent, particularly in healthcare insurance processes, is a key asset in building this software.”
Riyaz Rehman, Spry’s other co-founder and former Head of Business at Ridlr before its acquisition by Ola, is equally focused on leveraging this opportunity to further grow Spry’s influence in the physical therapy sector.
With its sights set on revolutionizing physical therapy practices, Spry Therapeutics is poised for continued success in the global healthcare software market.
Pharmaceutical packaging company Sorich has raised $1 million in a pre-IPO funding round, spearheaded by BizDateUp.
The funding will be used to scale up production, improve working capital, and support the development of patented products. Sorich also plans to invest in upgrading its machinery to manufacture high-margin items, including their recently introduced Heat Transfer Labels, the company announced in a press release.
Founded in 2011 by Chandrahas Kotian, Sorich specializes in manufacturing and supplying packaging materials for industries such as pharmaceuticals, food, and personal care. Their product portfolio includes aluminum foils, coated glassine paper, and flexible packaging, with applications spanning across the pharmaceutical, food and dairy, confectionery, and personal care sectors.
With a mission to elevate global health standards through cutting-edge packaging technology, Sorich has seen a rising demand for its innovative solutions. This includes advanced products like child-resistant foils and extrusion laminate.
The pharmaceutical packaging market is projected to grow significantly, with the World Packaging Organization (WPO) forecasting its value to reach $229.9 billion by 2027, at a compound annual growth rate (CAGR) of 14.9%.
Sorich reported a turnover of $2.4 million for the fiscal year 2023-24 and aims to hit $7.2 million this year. The company is also expanding into Sikkim, with expected revenue contributions of $1.8 to 2.4 million, further underlining its aggressive market expansion strategy.
Magicpin has secured its position as the largest food delivery platform on the Open Network for Digital Commerce (ONDC), handling approximately 150,000 daily food and logistics orders, the company announced on Tuesday.
Since its integration with ONDC in March 2023, Magicpin has significantly expanded its restaurant partnerships, growing from 22,000 in March to 70,000 by September 2024. The rapid growth was evident as the platform went from processing just 100 orders in May 2023 to scaling up to 10,000 orders within four weeks, now reaching 150,000 orders daily.
Magicpin’s impressive trajectory can be attributed to its SaaS solution that powers the front-end of various buyer applications, alongside its hyperlocal delivery service, Velocity, launched earlier this year. The company’s Delivery as a Service (DaaS) model is widely used by well-known brands like KFC, Burger King, and IGP gifting.
In a recent move to further expand its reach, Magicpin announced a Rs 100 crore investment aimed at onboarding 100,000 new restaurants and cloud kitchens to the ONDC platform. This investment also supports various incentives for newly partnered restaurants, including zero commission fees, no onboarding charges, exclusive discounts, and free delivery for customers.
Beyond food delivery, Magicpin operates as a local savings platform for over 10 million users, facilitating rewards on annual spending of more than $3 billion across 275,000 retailers. It offers a wide range of deals across multiple categories, including fashion, electronics, groceries, and more, from over 3,000 brands.
