CHANAKYA HRIDAYA
Lightspeed's Ravi Mhatre & Bejul Somaia on AI bubble, new India fund & more
Happy Wednesday! Silicon Valley-based Lightspeed's partners spoke to us exclusively on all things AI. This and more in today's ETtech Morning Dispatch.
Trucking aggregator Blackbuck founders sell 36 lakh shares worth Rs 243 crore in block deal
This is almost 2% of the company’s total number of shares. The block deal to Citigroup, Goldman Sachs, Motilal Oswal, Morgan Stanley, and others was done at Rs 676.40 apiece.
Buy Zinka Logistics Solutions, target price Rs 590: JM Financial
JM Financial has issued a Buy call for Zinka Logistics Solutions, setting a target price of Rs 590, indicating a 28% upside from the current market price of Rs 453.4. The company's revenue has grown significantly, achieving profitability and projecting strong future growth with a 33%+ revenue CAGR and expanding EBITDA margins.
Invest Karnataka: Govt to set up sector-specific industrial parks, says Industries Minister MB Patil
Karnataka will establish sector-specific industrial parks to boost development, announced Industries Minister MB Patil. Key projects include an Advanced Pharma Park, Solar Cell Manufacturing Plant, and Drone Park. The global investors meet will also unveil the state's Industrial Policy 2025-30. Prominent leaders and industry experts will participate to discuss innovations, economic growth, and investment opportunities.
Zinka Logistics IPO subscribed 1.86 times on final day
The IPO of the parent of Flipkart-backed trucking aggregator BlackBuck consists of a fresh issue of shares worth Rs 550 crore and an offer-for-sale of up to Rs 565 crore. The price band of Rs 259 to Rs 273 per share values the company at Rs 4,818 crore, down 36% from its private valuation of Rs 7,500 crore in July 2021, following a funding round led by Tribe Capital.
Blackbuck IPO sees 24% subscription on day 1
According to data from the BSE, bids were placed for 5.4 million shares out of a total of 22.5 million on offer. The IPO consists of a fresh issue of Rs 550 crore and an offer for sale (OFS) of up to 20.6 million equity shares, according to the red herring prospectus.
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IPO Calendar: 3 new IPOs, Swiggy listing to keep primary market buzzing next week
Zinka Logistics Solutions, a leading Bengaluru-based platform for truck operators, has set its IPO price band at Rs 259-273 per share, with subscriptions opening on November 13. The IPO includes a fresh share issue totaling Rs 550 crore and an offer for sale (OFS) of up to 2,06,85,800 shares by selling shareholders, valued at Rs 564.72 crore at the top price band.
BlackBuck sets IPO price band at Rs 259-273; valuation lowered
The IPO consists of a fresh issue worth Rs 550 crore and an offer for sale (OFS) of up to 20.6 million equity shares. Investors can place bids for a minimum of 54 equity shares, with additional bids in multiples of 54 shares.
Zinka Logistics fixes price band of Rs 259-273 Rs 1,100 crore IPO. Check details
Zinka Logistics Solutions, an Indian platform for truck operators, has announced the price band for its upcoming IPO, set at Rs 259-273 per share. The IPO aims to raise Rs 1,114.72 crore, with funds allocated for expansion, technology enhancement, and debt reduction.
IT campus hiring revival; Bluestone’s financials
After a lean phase last year, IT campus hiring is expected to take off in FY25 driven by demand for talent in AI, cybersecurity and data analytics.
BlackBuck gets Sebi clearance for proposed IPO
BlackBuck’s cofounders and promoters Rajesh Yabaji, Chanakya Hridaya and Rama Subramaniam will sell 2.2 million shares, 1.1 million shares and 1.1 million shares, respectively. Accel, the largest shareholder in the firm with a 14% stake, will sell 4.3 million shares and 923,282 shares through its two units.
Isha, Akash Ambani, Alakh Pandey in Hurun's under-35 list of entrepreneurs shaping India's economic future
Reliance Retail's Isha Ambani and Parita Parekh from Toddle are the youngest women in the inaugural 2024 Hurun India Under35s list. The list features seven notable women entrepreneurs, including Saloni Anand of Traya Health and Ghazal Alagh of Mama Earth. Hurun India has highlighted 150 exceptional entrepreneurs under 35 years old.
ET 40 Under Forty 2024: Celebrating India's top young business leaders
The Economic Times 40 Under Forty list features a diverse group of young business leaders, including entrepreneurs, professionals, and innovators from various industries. These individuals have made significant contributions and are shaping the future of business in India. Learn more about their inspiring journeys and accomplishments.
Accel and Flipkart-backed BlackBuck files DRHP with Sebi for IPO
Bengaluru-based Zinka Logistics Solutions, India’s leading platform for truck operators, has filed its draft red herring prospectus with market regulator Sebi to launch an IPO. The IPO comprises a fresh issuance of Rs 550 crore and an OFS of up to 2.16 crore equity shares by promoters and investor selling shareholders.
Truck aggregator BlackBuck files for IPO, to raise Rs 550 crore
Truck aggregator BlackBuck, which is backed by Accel and Flipkart, has filed its draft IPO papers with market regulator Sebi for a Rs 550-crore IPO. The firm will use the capital raised from the listing to boost sales and marketing and invest in its NBFC subsidiary.
Startup founders adopt more hands-on approach for better customer connect
Startup founders across Zepto, Mr. Milkman, Classplus, Blackbuck, Wakefit.co, and Fi are ramping up efforts to connect with customers through in-person interactions, phone conversations, and social media, in many cases anonymously.
Amara Raja invests in EV battery startup Log 9 Materials
The investment gives Amara Raja Batteries an 11.36% stake in Log 9 materials, making it the startup’s primary partner for developing EV batteries and fuel cell technologies.
Logistics tech startup Blackbuck gets $150m, nears unicorn status
The latest fund raise values the Bengaluru-based Zinka Logistics Solutions, which runs Blackbuck at around $800-850 million.
BlackBuck’s out to raise $150 m in new round
Latest financing round may value trucking company at around $800-850 million.
BlackBuck gets Rs 476 crore to navigate the road
The Indian startup story is still up and running, with investors backing ventures from trucking to education companies.
Digital offers a way out for online logistics companies
Post-demonetisation, startups are latching on to the digital to solve truckers' cash woes
How startups like ThePorter, LetsTransport, Blackbuck are driving unorganized trucking business towards efficiency
A fleet of startups is following an Uber-like model to organize truckers, track consignments and take the unreliability out of the logistics sector.
16 startup founders to watch out for in 2016
Some of them are operating in rapidly growing segments, and others are building tech that could transform entire industries along with their own fortunes.
Online freight-booking service BlackBuck raiseS Rs 155 crore
BlackBuck has raised Rs 155 crore, or $25 million, in funding led by Tiger Global Management and the partner’s fund of DST Global.
Tiger Global, Yuri Milner invest $25 million in Flipkart-backed online freight booking startup
The round also saw participation from existing investors, venture capital firm Accel Partners and India's largest e-tailer Flipkart.
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