Latest news with #AbhishekBansal
Mint
2 days ago
- Business
- Mint
Shadowfax eyes ₹2,500 crore IPO, confidential filing with SEBI expected next week: Details here
Shadowfax, a TPG-backed logistics service provider, is reportedly getting ready to file draft papers with capital market regulator Sebi for its initial public offering (IPO) through the confidential route early next week. The company aims to raise up to ₹ 2,500 crore, according to a Reuters report. The confidential pre-filing route allows a company to withhold public disclosure of details under the draft red herring prospectus (DRHP) until later stages. According to Reuters, the IPO of Shadowfax is expected to be in the range of ₹ 2,000-2,500 crore, comprising a mix of fresh issue of shares and offer for sale (OFS) by existing shareholders The company is also projected to be valued around ₹ 8,500 crore post-IPO. The company plans to use the funds from the fresh issue towards increasing capacity, driving further growth, and making additional investments in the company's network business, as per the sources. In February this year, the company had raised funds at an approximate valuation of ₹ 6,000 crore. Bengaluru-based Shadowfax was founded in 2015 by IIT Delhi alumni Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya. The company is a leading logistics service provider for e-commerce express parcels and other value-added services. Shadowfax is backed by a strong roster of investors, including Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures, and Nokia Growth Funds. The e-commerce segment is the major revenue contributor, accounting for around 75 per cent of the business, and the remaining comes from quick commerce and hyperlocal deliveries, the news agency said.
Mint
2 days ago
- Business
- Mint
Shadowfax eyes ₹2,500 crore IPO, confidential filing with SEBI expected next week: Details here
Shadowfax, a TPG-backed logistics service provider, is reportedly getting ready to file draft papers with capital market regulator Sebi for its initial public offering (IPO) through the confidential route early next week. The company aims to raise up to ₹2,500 crore, according to a Reuters report. The confidential pre-filing route allows a company to withhold public disclosure of details under the draft red herring prospectus (DRHP) until later stages. IPO details and valuation According to Reuters, the IPO of Shadowfax is expected to be in the range of ₹2,000-2,500 crore, comprising a mix of fresh issue of shares and offer for sale (OFS) by existing shareholders The company is also projected to be valued around ₹8,500 crore post-IPO. Shadowfax to boost network The company plans to use the funds from the fresh issue towards increasing capacity, driving further growth, and making additional investments in the company's network business, as per the sources. In February this year, the company had raised funds at an approximate valuation of ₹6,000 crore. Investor backing and business focus Bengaluru-based Shadowfax was founded in 2015 by IIT Delhi alumni Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya. The company is a leading logistics service provider for e-commerce express parcels and other value-added services. Shadowfax is backed by a strong roster of investors, including Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures, and Nokia Growth Funds. Also Read | 24 IPOs mobilise ₹9500 crore in June as primary market activity picks up The e-commerce segment is the major revenue contributor, accounting for around 75 per cent of the business, and the remaining comes from quick commerce and hyperlocal deliveries, the news agency said. Market presence The logistics company's robust distribution network covers over 2,200 cities and more than 14,300 PIN codes, solidifying its position as a market leader in the industry.
Economic Times
2 days ago
- Business
- Economic Times
Shadowfax likely to file confidential DRHP papers to raise Rs 2,500 crore next week
TPG-backed logistics service provider Shadowfax is likely to file draft papers with capital markets regulator Sebi through a confidential route for its IPO to raise up to Rs 2,500 crore early next week, according to sources. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads TPG-backed logistics service provider Shadowfax is likely to file draft papers with capital markets regulator Sebi through a confidential route for its IPO to raise up to Rs 2,500 crore early next week, according to confidential pre-filing route allows a company to withhold public disclosure of details under the draft red herring prospectus (DRHP) until later said that the Initial Public Offering (IPO) of Shadowfax is expected to be in the range of Rs 2,000-2,500 public issue comprises a mix of fresh issue of shares and offer for sale (OFS) by existing shareholders. The company is expected to be valued around Rs 8,500 crore, they company plans to utilise the proceeds from the fresh issue towards enhancing capacity, driving growth, and further investments in the company's network business, as per the February this year, the company had raised funds at an approximate valuation of Rs 6,000 Shadowfax is backed by marquee investors such as Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures and Nokia Growth e-commerce segment is the major revenue contributor, accounting for around 75 per cent of the business and the remaining comes from quick commerce and hyperlocal in 2015 by IIT Delhi alumni Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, the company stands as one of India's leading logistics service provider for e-commerce express parcel and value-added a robust distribution network covering over 2,200-plus cities and more than 14,300 PIN codes, Shadowfax has established itself as a market leader in the logistics industry.
Time of India
2 days ago
- Business
- Time of India
Shadowfax likely to file confidential DRHP papers to raise Rs 2,500 crore next week
TPG-backed logistics service provider Shadowfax is likely to file draft papers with capital markets regulator Sebi through a confidential route for its IPO to raise up to Rs 2,500 crore early next week, according to sources. The confidential pre-filing route allows a company to withhold public disclosure of details under the draft red herring prospectus (DRHP) until later stages. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like When the Camera Clicked at the Worst Possible Time Read More Undo Sources said that the Initial Public Offering (IPO) of Shadowfax is expected to be in the range of Rs 2,000-2,500 crore. The public issue comprises a mix of fresh issue of shares and offer for sale (OFS) by existing shareholders. The company is expected to be valued around Rs 8,500 crore, they added. The company plans to utilise the proceeds from the fresh issue towards enhancing capacity, driving growth, and further investments in the company's network business, as per the sources. Live Events In February this year, the company had raised funds at an approximate valuation of Rs 6,000 crore. Bengaluru-based Shadowfax is backed by marquee investors such as Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures and Nokia Growth Funds. The e-commerce segment is the major revenue contributor, accounting for around 75 per cent of the business and the remaining comes from quick commerce and hyperlocal deliveries. Founded in 2015 by IIT Delhi alumni Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, the company stands as one of India's leading logistics service provider for e-commerce express parcel and value-added services. With a robust distribution network covering over 2,200-plus cities and more than 14,300 PIN codes, Shadowfax has established itself as a market leader in the logistics industry.
Mint
3 days ago
- Business
- Mint
Smart metering: The next investment frontier for PE firms in India's power sector
Smart electricity metering in India may offer a promising and largely untapped opportunity for private equity investors, given its $30 billion potential and some recent investments in a sector that has traditionally been dominated by government-run utilities. Actis invested $200 million in a joint venture with EDF India in February that will deploy smart meter infrastructure in the country. Singapore's GIC invested ₹519 crore in Jaipur-based Genus Power Infrastructures in July 2023. They agreed to set up a platform to install smart meters and provide associated services, committing to an initial pipeline with a capital outlay of about $2 billion. The government will invest an estimated $30 billion to install 250 million smart meters in the country, GIC and Genus said in July 2023. I Squared Capital invested $100 million for a controlling stake in Polaris Smart Metering in February 2023. IoT-based smart metering company Probus raised $3 million in March 2023 and $5 million in February 2025 from Unicorn India Ventures. Kimbal Technologies raised $5 million in a maiden funding round led by Niveshaay in March 2024. Smart metering is rapidly emerging as a compelling gateway for private investment in India's power sector, said Abhishek Bansal, a partner at Actis, a private equity firm focused on infrastructure and energy. What's driving the interest? Smart meters are digital devices that provide accurate and live consumption data, allowing utilities and consumers to monitor and manage energy usage more effectively. They can improve operational efficiencies, reduce technical and commercial losses, and boost the finances of power distribution companies (discoms). What makes the opportunity in India compelling, Bansal noted, is the way the government has structured the rollout: long-term agreements, annual payments, and an ambitious target of installing 250 million smart meters—all of which combine to create a strong foundation for investor confidence and long-term returns. 'It's a well-structured, scalable opportunity that offers both impact and steady returns," Bansal said. According to Shivam Bajaj, founder of Avener Capital, an infrastructure-focused private equity advisory firm, meeting the goal of installing 250 million smart meters by March 2026 depends on two main groups of companies: advanced metering infrastructure service providers and original equipment manufacturers (OEMs). The infrastructure service providers such as those set up by Actis-EDF India and GIC-Genus are awarded 10-year contracts by state utilities to install and maintain smart meters and associated infrastructure. They are paid annually and can also sell consumption data insights to utilities and government agencies. OEMs, which design and manufacture the digital devices, also present significant growth opportunities over the next four to five years, Bajaj added. 'OEMs are expanding capacity, which will require fresh funding," he said, adding that IntelliSmart, HPL, Genus and Polaris are already expanding their manufacturing units. According to the power ministry's 18 January update, projects covering 197.9 million smart consumer meters have been approved and about 115 million smart consumer meters have been awarded and are being installed. 'Of the 25 crore (250 million) meters that need to be replaced, installed capacity only stands at around 3 crore so far. You'll need 3-5 well-funded OEMs capable of delivering 6-7 crore meters a year to meet targets in the next 4-5 years," added Bajaj. 'There is potential for another couple of platforms to be set up over the next couple of years and meter manufacturers are continuing to invest in capacity expansion." The case for smart meters Most homes still use analog meters, which track total usage and cannot support dynamic pricing based on time of use. Electricity costs vary with demand, but without smart infrastructure that includes smart meters, utilities cannot reflect this in customer billing prices, experts explained. To address this, the government began modernizing India's power grid about eight years ago and started a programme to replace analog meters with smart ones. Private companies are tasked with supplying, installing and maintaining meters in assigned regions, receiving payments from the government over 10 years, they said. Discoms, which deliver electricity from transmission networks to consumers, issue tenders, award contracts, and are responsible for making timely payments to service providers. Discoms initially faced several challenges implementing the smart meter project, including integrating their IT systems with meter data management systems, overcoming consumer hesitation and misinformation about smart meters, raising awareness, and addressing data security concerns. 'Now that integration challenges with discoms are easing and consumer resistance is lower, adoption is set to accelerate," said Bajaj. However, delays or defaults in payments by discoms remain a risk for investors because they can disrupt cash flows and delay project execution. State-owned discoms had accumulated losses of ₹6.5 lakh crore by FY23, according to a Reserve Bank of India report in December. 'Implementation demands significant upfront capital, but established players in partnership with infra funds are meeting this demand," said Prateek Jhawar, MD and head of infrastructure & real assets investment banking at Avendus Capital. Returns and exit potential Investors are betting that favourable smart meter policies and the execution momentum will translate into sustained growth. 'For investors, it's a low-risk, annuity-like play, with government-backed payments over 10 years and expected annual returns of 15-16%," Jhawar added. According to Vipin Singhal, director at Anand Rathi Investment Banking, smart metering companies are expected to offer a return potential aligned with the sector's robust growth, with installations projected to grow at ~25% CAGR over the next 3-4 years. He sees companies targeting both mainboard and small and medium enterprise (SME) listings in the renewable energy and smart infrastructure space. Singhal cited the NSE SME IPO of Eppeltone Engineers, a maker of smart meters, as a case in point, highlighting how even small companies are now stepping into the spotlight. Eppeltone Engineers shares listed at a 90% premium at ₹243.20 on the NSE SME on Tuesday. 'We see several engineering, procurement and construction/product players like GK Energy leveraging schemes such as PM-KUSUM and similar government schemes (installing solar pumps and smart water meters) to tap capital markets in the near future," Singhal said. PM-KUSUM refers to Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan, a scheme to promote solar energy in agriculture. The sector is still in a nascent stage. Most companies are small and not yet ready for the public markets, and M&A activity remains limited. 'But I do expect consolidation to pick up in the next two to three years as the market matures," Bansal of Actis noted. For now, companies are primarily focused on securing smart meter contracts through ongoing government bids.
