Archives: Ipos

Unicommerce eSolutions Ltd. is India’s largest e-commerce enablement SaaS (Software as a Service) platform in the transaction processing or nerve centre layer, in term of revenue. It is also the only profitable company among the top five players in the industry in India as of FY23. The company helps in enabling end to end management of e-commerce operations for brands, logistics service provider firm and retailer. The company enables its clients to efficiently manage their journey of post-purchase e-commerce operations through a comprehensive suite of SaaS products. The product line includes: 1) Warehouse and inventory management system (WMS); 2) the Multi-channel Order Management System; 3) Omni-channel Retail Management System; 4) Seller management panel for marketplaces, Uniware; 5) Post order services related to logistics, Uniship and; 6) Payment reconciliation, Unireco. These products act as the nerve centre for e-commerce operations of its clients, ensuring that the orders received from its client’s end customers are processed correctly, efficiently and within the timelines set by the clients. The company classifies its clients into two categories, Enterprise clients and SMB (Small-Medium Business) clients. The classification is based on the revenue generated by the client from the usage of its product. Unicommerce follows a subscription based revenue model. It offers three different subscription plans for its products, i.e., standard plan, professional plan and enterprise plan with usage linked pricing. The company also helps with enabling plug and play integration, which helps in seamless connection with other critical operational components of the client. The company has extensive suite of technology and partner integration which comprises of 131 marketplace and webstore integration, 101 logistic partner integration and 11 ERP, POS and other system integration. Since inception, the company’s central goal is to provide its client with software features and functionality needed to effectively operate the e-commerce operations, while reducing risk associated with increasing complexity that comes with scaling up.

Founded in 2010, Brainbees Solutions Ltd. (BSL), operating under the brand “FirstCry,” stands as India’s largest multi-channel retail platform for mother, baby, and kids’ products. The platform features over 1.5 million SKUs from more than 7,500 brands, including popular home brands like BabyHug. FirstCry caters to the parenting journey from conception through the child’s early years, offering a blend of retail, content, community engagement, and education. The company operates through a diverse network of online platforms, company-owned and franchisee-owned modern stores, and general trade retail distribution. FirstCry’s extensive product range spans various categories including clothing, toys, books, and baby care essentials. Internationally, FirstCry has established a strong presence in the UAE and KSA, where it is recognized as a leading specialist online retailer in these markets. The company’s robust governance, combined with its strategic focus on scaling D2C brands and maintaining a substantial network of contract manufacturers and distributors, supports its substantial operational footprint. As of March 31, 2024, FirstCry operates 435 company-owned and 628 franchisee-owned stores across India and employs 5,810 people. The company’s key metrics reflect its growth, with annual unique transacting customers increasing from 6.86 million in FY22 to 9.11 million in FY24, alongside rising order volumes and average order values.

Ola Electric Mobility Limited is a pure EV player in India, with vertically integrated technology and manufacturing capabilities for EV and EV components. It manufactures EV and certain core EV components like battery packs, motors and vehicle frame at its factory called Ola Futurefactory. At its Futurefactory, it manufactures EV scooters using certain in house components and rest procured from third parties. The Ola Futurefactory is the largest integrated and automated E2W manufacturing plant in India (in terms of production capacity) by an E2W-only OEM, as at March 31, 2024. The business focuses on capturing opportunities arising out of electrification of mobility in India, while also seeking to export its EV products in select international markets. Research and development (R&D) and technology is at the core of the company’s business model. It undertakes R&D activities in India, the UK and the US, focused on designing and developing new EV products and core EV components. It has delivered seven products and additionally announced 4 new products. It commenced the delivery of its first EV model, the Ola S1 Pro in December 2021, followed by Ola S1 in September 2022, Ola S1 Air in August 2023, Ola S1 X+ in December 2023 and Ola S1 X (2kWh), Ola S1 X(3kWh) and Ola S1 X(4kWh) in May 2024. On August 15, 2023, the company had also announced a line-up of motorcycles comprising four models, Diamondhead, Adventure, Roadster and Cruiser, with plans to commence its deliveries in H1FY26. The company is also in the process of building an EV hub in Krishnagriri and Dharmapuri districts in Tamil Nadu, India, which includes its Ola Futurefactory, upcoming Ola Gigafactory and co-located suppliers in Krishnagiri district. The company operates on its own direct-to customer (D2C) omnichannel distribution network in India, comprising of 870 experience centres and 431 service centres, in addition to its website. Its network of experience centres was India’s largest company-owned network of experience centres as at March 31, 2024 according to the Redseer Report. As at March 31, 2024, the Ola Futurefactory had an installed capacity of one million units per year.

Established in 2022, Ceigall India Ltd. is one of the fastest-growing Engineering, Procurement and Construction (EPC) companies undertaking specialized structural work such as elevated roads, flyovers, bridges, railway over bridges tunnels, highways, expressways, and runways. Having over 20 years of experience in the industry, the company has gradually increased its execution capabilities in terms of the size of projects and has demonstrated expertise in the design and construction of various road and highway projects, including specialized structures across ten states in India. The company’s principal business divisions are EPC and Hybrid Annuity Model (HAM) projects. For these projects, the scope of services include design and engineering of the project, procurement of raw materials, project execution at the site with overall project management up to the commissioning of the projects. The company has completed over 34 projects in the roads and highways sector, including 16 EPC, one HAM, five O&M, and 12 Item Rate Projects. It has 18 ongoing projects, including 13 EPC projects and five HAM projects, including elevated corridors, bridges, flyovers, rail over-bridges, tunnels, expressways, runways, metro projects and multi-lane highways. In addition to undertaking Operation and Maintenance (O&M) activities by contractual obligations under the EPC/HAM concession agreements, the company has also undertaken independent O&M projects. Further, they have also undertaken in the past and continue to undertake sub-contracting projects.

Incorporated in 2004, Akums Drugs and Pharmaceuticals is a contract development and manufacturing organization (CDMO), offering a comprehensive range of pharmaceutical products and services in India and overseas. The company is also engaged in the manufacturing and sale of branded  pharmaceutical formulations and APIs. The other services include R&D, filing regulatory dossiers in the Indian and global markets, and other testing services. Akums Drugs and Pharmaceuticals is the largest India-focused CDMO in revenue terms, production capacity, and clients served during FY23. The company had a market share of 30.2% of the Indian domestic CDMO market by value in FY24, which increased from 26.7% during FY21. The company has procured five patents for various dosage forms, formulations and processes as of March 31, 2024. Additionally, the company holds 1,432 registered trademarks and has 506 pending trademark applications in several classes. The company operates 12 manufacturing units (8 in Haridwar, Uttarakhand; 1 in Kotdwar, Uttarakhand; 1 unit in Baddi, Himachal Pradesh; and 1 unit in each of Dera Bassi and Lalru, Punjab). Various global regulatory agencies have accredited some of the manufacturing units. The CDMO business client base comprises 1,524 Indian and MNC pharmaceutical and wellness companies as of March 31, 2024. The diverse client base includes pharmaceutical companies, nutraceutical companies, cosmo-derma companies, wellness companies, e-commerce companies, healthcare providers and central and state government entities. The company manufactured formulations for 26 of the leading 30 pharmaceutical companies in terms of sales in India in FY24.

Sanstar Ltd. is one of the major manufacturers of plant-based speciality products and ingredient solutions in India for food, animal nutrition and other industrial applications. The company products    include liquid glucose, dried glucose solids, maltodextrin powder, dextrose monohydrate, native maize starches, modified maize starches and co-products like germs, gluten, fiber and enriched protein. Sanstar speciality products and ingredients solutions add taste, texture, nutrients and increased functionality to (i) Foods as ingredients, thickening agents, stabilizers, sweeteners, emulsifiers and additives (in bakery products, confectionery, pasta, soups, ketchup, sauces, creams, deserts, amongst others), (ii) Animal nutrition products as nutritional ingredients and (iii) Other industrial products as disintegrants, excipients, supplements, coating agents, binders, smoothing & flattering agents, finishing agents, among others. The company exported products to 49 countries across Asia, Africa, the Middle East, the Americas, Europe, and Oceania during FY24. It also has footprints across India, with its products sold in 22 states. The company has two manufacturing facilities spread across a cumulative area of 10.68 mn square feet, located at Dhule in Maharashtra and Kutch in Gujarat with an installed capacity of 363,000 tons per annum (1,100 tons per day). Its manufacturing facilities are strategically located in terms of proximity to raw material sources, i.e. maize harvesting belts and seaports of Mundra, Kandla, Hazira and Nhava Sheva, for exports of finished products.

Bansal Wire Industries Ltd. is a steel wire manufacturer whose wires have multiple application across sectors including power and cable, automotive, fencing, infrastructure, agriculture, consumer durables and general engineering. The company manufactures high and low carbon steel wires, galvanized wires, cable armoring wires, strips, stainless steel wires, profile, shaped wires, speciality wires and so on which have multiple applications. Bansal Wires offers approximately 2,000 SKUs and its subsidiary BSPL offers 1,500 SKUs. The company operates from its four established manufacturing facilities, with three manufacturing facilities in Ghaziabad (U.P.) and one manufacturing facility in Bahadurgarh (Haryana). The company has developed its network in order to ensure pan India presence, with its presence in 22 states and six union territories. Around 86% of its production is sold in the domestic market, and the rest is exported. The company has a market share of approximately 4% as of March 31, 2023. It has an installed capacity of 259,000 MTPA of mild steel, high carbon and stainless steel wires at its existing four manufacturing facilities. The company has a customer base exceeding 5,000 customers, spread across various industrial sectors with no individual sector or segment constituting more than 25.0% of its sales in FY24, FY23 and FY22.

Emcure Pharma Ltd. is an Indian pharmaceutical company engaged in developing, manufacturing, and marketing a broad range of pharmaceutical products across several major therapeutic areas globally. The company is an R&D-driven company with a differentiated product portfolio that includes orals, injectables and biotherapeutics, enabling it to reach a range of target markets across 70 countries, with a strong presence in India, Europe and Canada. The company has experienced rapid growth in sales in India in recent years, contributing 48.2% of sales from the domestic market, and the rest came from overseas markets in FY24. The company’s competitive advantage in the domestic market stems from a differentiated product portfolio, allowing it to establish a presence in most major therapeutic areas, including gynecology, cardiovascular, VMN, HIV antivirals, bloodrelated and oncology/anti-neoplastic. The company has strong capabilities and a proven brandbuilding track record, with six brands ranked among the 300 highest-selling brands in the IPM w.r.t. domestic sales for MAT FY24. The company has also established an international presence by either developing its front-end distribution capabilities or focusing on alliances with local companies and MNCs with an established presence in the therapeutic areas of focus. The company’s core strength lies in its ability to research, develop and manufacture in-house specialty pharmaceutical products for high-growth therapeutic areas, for which there is limited competition and high barriers to entry. The company has 13 manufacturing facilities across India, which are capable of producing pharmaceutical and biopharmaceutical products across a wide range of dosage forms, including oral solids, oral liquids, injectables, including liposomal and lyophilized injectables, biotherapeutics and complex APIs, including chiral molecules, iron molecules and cytotoxic products.

Vraj Iron and Steel is engaged in the manufacturing and sales of Sponge Iron, MS Billets, and TMT Bars under the brand Vraj. It currently operates through two manufacturing plants which are located at Raipur and Bilaspur in Chhattisgarh spread across 52.9 acres. As of December 31, 2023, the aggregate installed capacity of its manufacturing plants was 231,600 TPA (comprising of intermediate and final products). Its manufacturing plant at Raipur also includes a captive power plant with an aggregate installed capacity of 5 MW as of December 31, 2023. The company’s primary products including Sponge Iron, TMT Bars, MS Billets and by-products including Dolochar, Pellet and Pig Iron cater to a mix of customers that consist of industrial customers and end-users. The company sells its products directly as well as through brokers / dealers. As of December 31, 2023, the company had a workforce of 531 employees and workers, comprising of 296 permanent employees including three Directors, nine employees at the Registered Office, 193 employees at Raipur plant and 91 employees at Bilaspur plant and 235 contract workers. The company’s EBITDA margin stood at 21.6%, 15.8%, 12.0% and 10.0% and PAT margin at 14.8%, 10.5%, 6.9% and 3.8% for 9MFY24, FY23, FY22 and FY21, respectively.

Having established a market leadership position in the alcoholic beverages market in India, Allied Blenders and Distilleries Ltd. is one of the largest Indian Owned-India Made Foreign Liquor (IMFL) company offering a broad range of alcoholic beverages such as whisky, brandy, rum, vodka, and gin. The company is one of the four spirit companies in India that has a pan-India sales and distribution footprint and is also a leading exporter of IMFL. After entering into the mass premium whisky segment in 1988, its brand “Officer’s Choice Whisky” has been one of the top-selling whisky brands all over the globe. Over the years, the company has expanded and introduced its products in various categories and segments. As a result, the company had an estimated market share of 12% in the Indian whisky market as of March 2023. The company owns and operates its distillery from the state of Telangana, having an in-house distillation capacity of Extra Neutral Alcohol (ENA) of 600 lakh liters per annum. The company also has extensive bottling facilities across India, either operated by the company or contract bottling facilities on an exclusive and non-exclusive basis. In order to maintain the legacy of the brand and company, the company ensures the quality of its products by maintaining oversight and a quality control check at its manufacturing and bottling locations. In order to facilitate quality control, the company facilitates procurement of raw materials such as ENA and packing materials to its bottlers. Such internal practices combined with experienced management has enabled the company to capitalize on the growth opportunities in the Indian alcoholic beverages industry over the years.