Archives: Ipos

WakeFit Innovations Ltd. is the largest D2C home and furnishings brand in India by revenue in FY24. Within just nine years of operations, it has emerged as the fastest homegrown player among organized peers to surpass total income of Rs. 1000 crores in the home and furnishings market, with Rs. 986 crores generated from operations as of March 31, 2024. Revenue from operations has grown at a robust CAGR of 24.9% between FY22 and FY24, approximately 1.6x the average growth rate of organized competitors, highlighting strong brand momentum, customer adoption, and market share gains. The company operates an extensive omnichannel model, offering a comprehensive portfolio spanning mattresses, furniture, and furnishings, ensuring consistent consumer engagement across digital and offline formats. Its full-stack, vertically integrated operating structure covering product conceptualization, design, engineering, manufacturing, distribution, and customer experience, provides end-to-end control, enabling superior product quality, operational efficiencies, and faster innovation cycles. Wakefit’s business model is anchored in full-stack control from design to manufacturing and last-mile delivery. Its infrastructure backbone comprises 1 Mother Warehouse, 7 Inventory Holding Points (INHPs) and 18 Points of Delivery (PODs), supported by an owned fleet and trained installers. This deep operational moat, difficult for competitors to replicate, enables scalable production, predictable installation, and efficient inventory management. Wakefit further strengthens its reach through 125+ COCO stores and an omnichannel presence, while its mattress-led flywheel lowers customer acquisition cost. The company operates across three segments, mattresses 60%, furniture 30% and furnishings 10%.

Based out of Gujarat, Vidya Wires Ltd. (VWL) is involved in the manufacturing of insulated copper and aluminum wires that are used across wide range of industries like energy generation & transmission, electrical systems, electric motors, clean energy systems, electric mobility, and railways. Their product portfolio includes precision-engineered Enameled Wires, Enameled Copper Rectangular Strips, Paper Insulated Copper Conductors, Copper Busbar and Bare Copper Conductors, Specialized Winding Wires, PV Ribbon and Aluminum Paper Covered Strips, among others. With an annual capacity of 19,680 MT, the company ranks as the fourth largest manufacturer in the industry, with a market share of 5.7% of installed capacity in FY25. Their manufacturing facilities are strategically located near the ports of Hazira and Mundra, providing a logistical advantage for exports. VWL is a pre-approved supplier to Power Grid Corporation of India Ltd. and also holds UL approval, enabling it to export enameled copper and aluminum wire to the US. In Q1FY26, revenue comprised 88% domestic sales, 11% exports, with the remainder coming from other operations, hinting towards more focus on the domestic market as also outlined by the management. The company offers a diverse portfolio of winding and conductivity products across 12 product categories with over 8,000 SKUs, with sizes ranging from as thin as 0.07 mm to as thick as 25 mm. With its wide product range, the company is able to serve customers across 19 Indian states and union territories, with Gujarat and Maharashtra contributing 69% of revenue in Q1FY26. With focus on the environment, the company has fulfilled 25% of power requirements from renewable sources like solar and windmills in Q1FY26.

Aequs Limited is a precision manufacturing company with differentiated engineering capabilities and is the only precision component manufacturer in India to offer fully vertically integrated aerospace manufacturing within a single SEZ. The company is among the few in the country with niche metallurgy expertise, including precision machining of titanium and other high-end alloys for global aerospace clients. Aequs operates three vertically integrated ecosystems in India, comprising the company, its suppliers, and joint ventures, enabling end-to-end manufacturing aligned with customer specifications. It has also expanded globally through strategic acquisitions in North America (2015) and France (2016), strengthening its capabilities and broadening its aerospace product portfolio. As of FY25, Aequs had one of the largest aerospace component portfolios in India, spanning engine systems, landing systems, cargo and interiors, structures, assemblies, and turning operations, and by H1FY26, it had delivered over 5,000 products across major commercial aircraft programs such as the A220, A320, B737, A330, A350, B777, and B787. The company maintains long-standing relationships with marquee aerospace OEMs, including Airbus, Boeing, Bombardier, Collins Aerospace, Spirit AeroSystems, Safran, GKN Aerospace, Mubea Aerostructures, Honeywell, Eaton, and Sabca, while also serving leading consumer brands such as Hasbro, Spinmaster, Wonderchef, and Tramontina through its growing consumer segment, which includes cookware, small appliances, outdoor toys, figurines, and components for portable electronics. In FY25, Aequs derived 89.2% of its revenue from Aerospace and 10.8% from the consumer segment, with EBITDA margins of 19.4% and -28.7% respectively; in H1FY26, Aerospace contributed 88.2% and consumer segment has 11.8% share, with margins improving to 24.7% and -23.9%, underscoring strong operating leverage in aerospace and ongoing scale-up investments in the consumer business.

Meesho Ltd., incorporated in 2015, operates a multi-sided technology platform that drives e-commerce in India by bringing together four key stakeholders – consumers, sellers, logistics partners, and content creators. Its e-commerce marketplace, branded as Meesho, has become the largest in India in terms of placed orders and annual transacting users during the twelve months ended June 30, 2025. The platform aims to serve consumers across all segments by focusing on affordability, accessibility, and engagement, with an emphasis on offering “Everyday Low Prices.” Meesho’s technology-first operations, platform scale, and operational efficiency enable low-cost order fulfillment for sellers. Coupled with its zero-commission model, this helps reduce overall seller costs and supports a wide assortment of products ranging from low-cost unbranded goods to regional and national brands, at affordable prices. Meesho uses advanced AI/ML algorithms to provide a personalized, discovery-led shopping experience that resembles offline window shopping, making online shopping easier and more engaging. Technology forms the backbone of the platform, ensuring reliable, scalable, and efficient e-commerce transactions at a population scale. The company operates across two segments: Marketplace, which connects consumers, sellers, logistics partners, and content creators; and New Initiatives, which include a low-cost local logistics network for daily essentials and a digital financial services platform. Meesho primarily monetizes through seller services such as order fulfillment, advertising, and data insights, while charging no commission to sellers and no platform fee to consumers. Meesho’s consumer base spans various income segments, typically value-focused and seeking a wide assortment of affordable products, including unbranded goods, regional brands, and national brands. Its logistics ecosystem includes first- and last-mile delivery providers, sorting centers, truck operators, and integrated logistics partners. Orders are fulfilled either through its proprietary and unique technology platform, Valmo, which manages a multi-stage logistics network across multiple logistics partners, or through end-to-end logistics providers. Content creators enhance the shopping experience by posting short-form videos and live streams on Meesho and other social media platforms. The company supports them with tools and data insights to improve the effectiveness of their content. Through these initiatives, Meesho continues to experiment with new opportunities and assesses product-market fit, scalability, and unit economics before scaling them further.

Sudeep Pharma is a technology-led manufacturer of excipients and specialty ingredients serving the pharmaceutical, food, and nutrition industries, with a strong focus on advancing the global healthcare ecosystem. Leveraging proprietary technologies across encapsulation, spray drying, granulation, trituration, liposomal preparations, and blending, the company drives innovation in ingredient performance and manufacturing efficiency. It has built a diversified global presence across the US, South America, Europe, the Middle East, Africa, and Asia-Pacific. As per the F&S Report, the company is among the largest producers of food-grade iron phosphate globally and, in 2024, one of India’s largest exporters of mineral ingredients by volume. It is also the only Indian player and one of nine globally with CEP and written confirmation for calcium carbonate API in the EU. The company is recognized as a pioneer in developing liposomal ingredients to enhance nutrient absorption. Since its inception in 1989, the company has scaled its portfolio to over 100 products. It operates through two primary verticals such: (1) Pharmaceutical, Food & Nutrition Ingredients, comprising refined mineral salts such as calcium, zinc, iron, potassium, magnesium, sodium, and copper used as excipients, APIs, and nutritional fortification agents; and (2) Specialty Ingredients, housed under Subsidiary SNPL, offering micronutrient premixes, encapsulated ingredients, liposomal and spray-dried ingredients, granulated minerals, and triturated blends for applications in dietary supplements, infant and clinical nutrition, functional foods, and FMCG. As of Q1FY26, the company has served over 1,100 customers, including Pfizer, Intas, Mankind, Merck, Alembic, Aurobindo, Cadila, Micro Labs, IMCD, and Danone, with strong, long-term relationships. Repeat business contributed ~78–83% of revenue in recent years, underscoring a sticky customer base. Manufacturing infrastructure comprises three facilities in Vadodara (combined capacity: 65,579 MT) and an additional facility in Ireland, acquired in May 2025 as part of the NSS acquisition. A strong emphasis on R&D underpins its competitive positioning, supported by two dedicated R&D centres and a 41-member technical team.

Excelsoft Technologies Limited (Excelsoft) is a Mysuru-based vertical SaaS and technology solutions provider focused primarily on the global education and assessment industry. Founded in 2000, the company offers a comprehensive suite of proprietary learning, assessment, proctoring, and content authoring platforms, alongside high-value technology and content development services for EdTech companies, publishers, universities, certification bodies, and corporate learning & development teams. The company’s core product stack is built around its Saras™ Learning Experience Platform, cloud-based Assessment and Proctoring Systems, and advanced content authoring and learning management tools. These platforms enable clients to deliver personalised learning, manage courseware at scale, conduct secure online assessments, and create interactive digital content. In addition to licensing revenues, Excelsoft generates recurring income from platform implementation, customisation, hosting, support, and managed services. Complementing its product suite, Excelsoft provides a broad portfolio of EdTech services, including product engineering, content digitisation, cloud migration, platform modernisation, testing, and data engineering. These services support clients’ ongoing product development needs and contribute a significant share of the company’s revenue. Excelsoft’s operations are primarily based in Mysuru, with a workforce of over 1,100 employees involved in product development, implementation, and managed services. The company’s customer base is geographically diversified, with a notable concentration in the United States (60.1% of total revenue as of FY25). The business operates on a mix of licensing fees, implementation charges, recurring support and hosting income, and time-and-material billing for service projects.

Capillary Technologies Indian Ltd. (CTI) is an AI-based, Software-as-a-Service (SaaS) products company that provides a full-spectrum loyalty management platform to more than 410 brands across 47 countries. The company offers four main products: (1) Loyalty+ enables businesses to create and manage customized loyalty programs that drive engagement and repeat purchases, (2) Insights+ gathers and analyses customer data from multiple channels to provide meaningful insights for better decision-making, (3) Engage+ uses AI to deliver personalized marketing campaigns and customer interactions, and (4) Rewards+ offers a marketplace where customers can redeem points for gift cards, cashbacks, travel options, and exclusive partner deals. It enables companies to build relationships with their consumers, understand them and reward them with incentives to drive repeat sales and attract new customers. Notably, the company serves a wide range of industries, including retail, consumer packaged goods, healthcare, apparel, department stores, luxury and lifestyle, travel, auto and hospitality, and energy retail, with retail and healthcare contributing 28% and 20% of its FY25 revenue, respectively. Some of CTI’s marquee customers include Aditya Birla Fashion and Retail Ltd, Abbott Laboratories (Singapore) Pvt. Ltd, Tata Digital Pvt. Ltd and Frontier Communications among others. They have expanded globally into North America, Asia-Pacific, and EMEA, leveraging 16 global offices across the US, UK, UAE, and other Asian countries. The company’s revenue model is primarily based on a subscription model as a retainership, charging clients based on usage metrics such as loyalty transactions, active members, or the number of stores using its platform, which helps them grow with the clients. Additional income is generated from professional services such as system maintenance, campaigns, and one-time setup charges. The company has positioned itself to capitalize on a dynamic, fast-growing industry, led by a strong management team.

Fujiyama Power Systems Ltd. operates as an integrated manufacturer and solutions provider in India’s rooftop solar industry, offering a comprehensive range of on-grid, off-grid, and hybrid solar systems. It has established strong capabilities across the solar value chain, spanning solar panel and inverter manufacturing to both lead acid and lithium-ion battery production, positioning itself as one of the most diversified players in the domestic solar equipment space. With over 29 years of brand legacy under ‘UTL Solar’ and the complementary ‘Fujiyama Solar’ brand, the company enjoys strong industry recall and credibility. It operates four domestic manufacturing facilities supported by in-house R&D focused on continuous innovation in inverter technology. Notably, the company has demonstrated technological leadership by being among the first in India to develop an SMT-based single-card inverter (2000), an Online UPS with a single card, and high-frequency online UPS. The company’s extensive product portfolio of more than 522 SKUs, encompassing solar inverters, panels, and batteries, allows it to serve as a one-stop solution provider, reducing customer dependence on external OEMs. As of June 30, 2025, its expansive distribution network comprises 725 distributors, 5,546 dealers, and 1,100 exclusive “Shoppe” franchisees, supported by a strong after-sales team of over 600 service engineers. Overall, the company’s deep manufacturing integration, robust distribution reach, and sustained focus on R&D-driven innovation position it well to capitalize on India’s accelerating rooftop solar adoption and broader renewable energy transition.

Tenneco Clean Air India Limited (TCAIL) is a part of the Tenneco Group, a US-headquartered global Tier 1 automotive component supplier. The company manufactures and supplies critical, highly engineered, technology-intensive clean air, powertrain, and suspension solutions tailored for Indian OEMs and export markets.  The company’s customer base spans PV and CV OEMs, as well as industrial and other applications. The company is also present in the aftermarket segment primarily through Motocare India Private Limited (Motocare), a subsidiary of Tenneco LLC and the Group Company. As of June 30, 2025, the company has 12 manufacturing facilities, comprising seven Clean Air & Powertrain Solutions facilities and five Advanced Ride Technology facilities, across seven states and one union territory in India. The company also operates two R&D centres in India, equipped to address both global and local needs. In Q1FY26 and FY25, TCAIL served 101 and 119 customers, respectively, including all top seven PV OEMs in India and all top five CT OEMs in India (OEM rankings determined by sales volume in Fiscal 2025). TCAIL also boasts an average relationship of 19.2 years with its top 10 customers. The company has two business divisions: 1) Clean Air Solutions & Powertrain Solutions; and 2) Advance Ride Technologies. Under Clean Air Solutions, the company designs, manufactures and sells exhaust aftertreatment systems, such as catalytic converters, mufflers and exhaust pipes to OEMs; Under Powertrain Solutions, TCAIL designs, manufactures and sells engine bearings, sealing systems and ignition products (such as spark plugs and ignition coils) to OEMs and the aftermarket under the Champion brand. The advanced ride technologies division designs, manufactures and sells shock absorbers, struts and advanced suspension systems under the Monroe brand to OEMs and the aftermarket, while being engine agnostic. As of Q1FY26, the company reported capacity utilization of 46.4% for cold end products (mufflers and exhaust pipes) and 79.8% for hot end products (catalytic converters) under its Clean Air Solutions division, while utilization in the Advanced Ride Technologies division stood at 86.2%. For FY25, the annual capacity utilization was 54.8% for cold end products, 80.6% for hot end products, and 83.0% for the Advanced Ride Technologies division. The company’s sales mix remains relatively balanced, with 57.5% being derived from Clean Air & Powertrain Solutions and 47.5 from Advanced Ride Technologies (as of FY25).

Emmvee Photovoltaic Power Ltd. is primarily engaged in solar module manufacturing and ranks as the second-largest pure-play integrated solar photovoltaic (PV) module and cell manufacturer in India, and one of the largest solar PV module producers in the country by production capacity as of March 31, 2025. The company’s product portfolio includes bifacial and mono-facial formats of TOPCon modules and cells, as well as mono passivated emitter and rear contact (Mono PERC) modules in both bifacial and mono-facial formats. Emmvee is among the first companies in India to adopt advanced tunnel oxide passivated contact (TOPCon) technology for solar cell manufacturing and is one of the few domestic solar cell manufacturers. Leveraging this technology enhances the efficiency, performance, and reliability of its PV modules. As of June 30, 2025, the company had a solar PV module production capacity of 7.80 GW and a solar cell capacity of 2.94 GW. It is in the process of adding an additional 2.50 GW solar PV module line and plans to establish a 6.00 GW integrated solar cell and module manufacturing facility. Emmvee’s modules have undergone a technology review and bankability assessment by a reputed third-party agency in 2023, with its Mono PERC modules being certified as having “leading durability” under thermal cycle and damp heat tests and being “PID resistant” under potential-induced degradation tests. The company operates four manufacturing units across two locations in Karnataka, spread over 22.44 acres. Their proximity enables significant advantages, including streamlined logistics, lower transportation costs, and improved operational efficiency. The solar cell manufacturing unit at Dobbaspet, Bengaluru, is among the largest TOPCon cell manufacturing facilities in India by installed capacity. Over the years, Emmvee has built strong relationships with a diverse customer base, including independent power producers (IPPs), commercial and industrial (C&I) entities, and engineering, procurement, and construction (EPC) service providers across public and private sectors. These enduring relationships have supported a substantial order book of 5.36 GW of solar PV modules as of June 30, 2025.