Archives: Ipos

International Gemmological Institute (IGI) Ltd., founded in 1975, is the world’s second-largest independent provider of certification and accreditation services based on revenue for CY23. It is a part of the IGI group and is responsible for the business operations under the IGI brand, which is exclusively in India and Turkey. IGI ranks highly among global competitors for its certifications of diamonds, studded jewelry, and colored stones, holding an international market share of approximately 33%. It is a global leader in the certification of laboratory-grown diamonds, with a 65% market share, and it also holds a 42% share of the global market for certifications of studded jewelry. The company operates a network of 31 branches across ten countries, including 18 gemology schools in six countries, where it conducts its certification services. IGI’s laboratories are equipped with advanced gemological instruments and technologies, many of which are developed in-house. As of September 30, 2024, IGI boasted the largest number of laboratories and gemology schools among its global peers. The company serves over 7,500 customers across ten countries, including laboratory-grown diamond producers, natural diamond and colored stone wholesalers, jewelry manufacturers, and retailers. To support its laboratory services, IGI offers digital solutions through online platforms, like its website and application programming interface (API), which allow customers and end-consumers to access grading reports via QR codes and track submission statuses. Additionally, IGI’s global education platform provides a variety of courses in polished and rough diamond grading, colored stone grading, jewelry design, and retail support, along with a graduate gemologist diploma. Through its IGI Schools of Gemology, the company aims to create partnerships with customers by offering employee training and serving as a recruitment platform.

Inventurus Knowledge Solutions Ltd. (IKSL) is a technology-enabled healthcare solutions provider offering a care enablement platform to assist physician enterprises in the US, Canada, and Australia, focusing on the US markets. The company aims to streamline and expedite patient access to necessary care while alleviating the administrative load on healthcare professionals. The company uses a combination of pragmatic technology and global human capital to enhance healthcare delivery. Its healthcare provider enablement platform helps healthcare providers focus more singularly on their core role of patient care while empowering healthcare organizations to thrive. The company takes on the chores of healthcare, with services spanning administrative, clinical, and operational activities. The company creates value in its client’s business by contributing to the following spaces: 1) Its physician-oriented platform provides clinical documentation solutions, patient scheduling assistance, automated prescription re-fill solutions, clinical document management & data abstraction solutions, clinical data migration solutions, pre-visit summary, and discharge summary. 2) By leveraging technology, the company is able to autonomously complete patient financial clearance, improve clean claim submission to prevent denials, automate payment posting and reconciliation, and reduce inefficiencies in accounts receivables follow-up. 3) Their value-based care solutions help healthcare organizations monitor patient health, identify care gaps, and provide preventive care. They accurately determine patient conditions with HCC coding, enabling appropriate clinical protocols. Their Care Management and Utilization Management solutions aid in executing the right interventions. Additionally, they handle routine administrative tasks, freeing up nurses and medical assistants to focus on patient care, using AssuRx and Stacks solutions. 4) To address the inefficient industry scenario, the company offers a digital health platform that helps its clients build, enhance, maintain, support, and manage their technology systems better. The company generates 97.8% of its revenue from its US-based clients (as of FY24), with 1.5% contributed by Canada and 0.6% by Australia. India and the UK make negligible contributions to their revenue currently. Its top customer contributes 6.7% of the revenue, while the top 5 and top 10 contribute 27.6% and 43.7%, respectively.

Incorporated in 2001, Vishal Mega Mart Limited (VMML) is a leading hypermarket chain in India, offering a diverse range of products such as apparel, groceries, electronics, and home essentials. The company caters to middle and lower-middle-income consumers by providing both its own brands and third-party brands across apparel, general merchandise, and fast-moving consumer goods (FMCG). The product portfolio includes clothing, home furnishings, travel accessories, kitchen appliances, food, non-food items, and staples. VMML operates a pan-India network of 645 stores as of September 30, 2024, spread across 414 cities in 28 states and two union territories. In addition to its physical stores, the company also offers an omni channel shopping experience through its mobile app and website. The company follows an asset-light business model, leasing all its stores and distribution centres. The products are manufactured by third-party vendors or sourced from third-party brands. By September 2024, its local delivery service, available in 600 stores across 391 cities, had 6.77 million registered users. Vishal Mega Mart ranks among India’s top two offline-first diversified retailers and employs over 16,500 people. Its portfolio of own brands includes Classics, Fashion, Denim, Ethnic (apparel); Tandem, Home Select, Home Finery (general merchandise); and savory products, staples, home care (FMCG).

MobiKwik was founded by Bipin Preet Singh and Upasana Taku, who have an experience in building scalable technology and financial products. The company aims to leverage technology as the primary factor in facilitating financial inclusion for the underserved population in India. At its core, One MobiKwik Systems Ltd. (MobiKwik) is a two-sided payments network with 16.1 crores registered users and 0.4 crore merchants as of June 24. The company operates in two distinct business segments: i) Payment business, where it empowers consumers and merchants across the country to make daily life payments conveniently via the MobiKwik app, and ii) Financial service business, where it provides accessible and affordable small-ticket credit for all manners of spending through MobiKwik ZIP and ZIP EMI. As of June 24, MobiKwik had 7.1 crores of KYC-completed users on its MobiKwik Wallet platform and 3.4 crores of pre-approved users on its MobiKwik ZIP platform. The company’s product portfolio includes services such as online checkout for e-commerce merchants, “Scan and Pay” with Kwik QR, MobiKwik Vibe (a sound box solution), the MobiKwik EDC machine, and Merchant Cash Advance. MobiKwik has also developed offerings like MobiKwik ZIP and ZIP EMI for consumers following collaborations with lending partners and Merchant Cash Advance solutions specifically for merchants. The company partners with lending partners and financial institutions such as scheduled banks and non-banking financial companies to distribute credit products to consumers. All such products provided by the company’s lending partners are on their books. The company has partnered with SBM Bank India to offer fixed-deposit-backed credit cards catering to individuals with limited or no credit history.

Sai Life Sciences is a rapidly growing, innovation-focused contract research, development, and manufacturing organization (CRDMO) offering comprehensive end-to-end services across the drug discovery, development, and manufacturing value chain. It supports global pharmaceutical innovators and biotechnology firms with small molecule new chemical entities (NCEs). It is the first India-headquartered company to join the Pharmaceutical Supply Chain Initiative (PSCI). The company provides both discovery/contract research (CRO) and chemistry, manufacturing, and control (CMC)/contract development and manufacturing organization (CDMO) services. Its CMO offerings include integrated discovery capabilities spanning biology, chemistry, and drug metabolism and pharmacokinetics (DMPK). Meanwhile, its CDMO services encompass a full range of capabilities to assist customers in developing and scaling up the production of active pharmaceutical ingredients (APIs) and intermediates for clinical and commercial phase supplies. Sai Life Sciences stands out as one of the few CRDMOs with a unique delivery model. It operates research laboratories for discovery and development close to international innovation hubs in Watertown, United States, and Manchester, United Kingdom. These are complemented by large-scale research laboratories and manufacturing facilities in cost-efficient locations in India. The company has supported over 280 pharmaceutical innovators and 230 biotechnology firms, including 18 of the top 25 global pharmaceutical companies in regulated markets such as the United States, the United Kingdom, Europe, and Japan. Its services are delivered through globally accredited manufacturing and R&D facilities, supported by a highly skilled workforce of scientists, engineers, and other professionals. The manufacturing facilities have received regulatory approvals from prominent agencies, including the United States Food and Drug Administration (USFDA), Japan’s Pharmaceuticals and Medical Devices Agency (PMDA), and India’s Central Drugs Standard Control Organization (CDSCO). Sai Life Sciences prioritizes high standards of health, safety, and environmental practices (HSE) across all its facilities. This includes robust fire protection systems, effective effluent and waste management practices, and containment systems that ensure the safe handling of chemicals in closed ecosystems. These measures minimize exposure to employees and the environment while ensuring the safety and sustainability of operations.

Suraksha Diagnostic offers a comprehensive pathology and radiology testing solution, coupled with medical consultation services, operating through an extensive network with a central reference laboratory and eight satellite laboratories. As of June 30, 2024, the company boasted 215 customer touchpoints, including 49 diagnostic centres and 166 sample collection centres across West Bengal, Bihar, Assam, and Meghalaya. Their central reference laboratory has received accreditation from the College of American Pathologists, while three other laboratories have earned NABL accreditations, and three advanced diagnostic centres hold NABH accreditations. Additionally, 44 diagnostic centres feature 126 polyclinic chambers, facilitating consultations with over 750 specialized doctors. During FY24, the company conducted ~5.98 million tests serving ~1.14 million patients and derived 95.5% of revenue from operations from core geography, Kolkata and the rest of West Bengal. The company’s radiology equipment consists of 24 CT and 13 MRI machines. Their operational network comprises 13 hub centres equipped to handle all pathology sample collections and basic and advanced radiology tests, alongside 11 medium centres, 23 small centres, and two centres operated under public-private partnerships, which focus on pathology sample collection and specific basic radiology tests. This network is further supported by 166 sample collection centres and a central reference laboratory. The company also offered a comprehensive range of 2,300+ tests covering various specialties and disciplines. Its diagnostic test menu included 788 routine pathology tests ranging from basic biochemistry and haematology to 664 specialized pathology tests such as advanced biochemistry, histopathology, and molecular pathology. The company provides 766 basic/intermediate tests in radiology, ranging from essential X-rays and ultrasonography to 119 advanced tests, including MRI and specialized CT scans, as of June 30, 2024.

Enviro Infra Engineers Ltd. (EIEL) is a leading Indian company specializing in the design, construction, operation, and maintenance of Water and Wastewater Treatment Plants (WWTPs) and Water Supply Scheme Projects (WSSPs) for government authorities and public sector bodies. The company’s portfolio includes projects such as Sewage Treatment Plants (STPs), Common Effluent Treatment Plants (CETPs), Sewerage Schemes (SS), and Water Treatment Plants (WTPs), along with associated infrastructure like pumping stations and pipeline networks. EIEL’s projects are largely funded through Central Government schemes such as AMRUT, NMCG, and JJM, in collaboration with state governments and Urban Local Bodies (ULBs). With over seven years of experience, EIEL has successfully developed 28 WWTPs and WSSPs, including 22 projects with capacities of 10 MLD and above. The company operates with an in-house team of 180 engineers, complemented by third-party consultants and industry experts, enabling it to maintain high standards of quality and compliance. EIEL’s service offerings span the entire project lifecycle – from design and procurement to site execution, commissioning, and post-commissioning operations and maintenance. In addition to its independent project execution, EIEL also enters into joint ventures with other infrastructure firms to enhance technical and financial capabilities for bidding on large-scale projects. The company is committed to sustainability, integrating solar power and Compressed Bio Gas (CBG) plants into its projects to reduce carbon emissions and promote environmental sustainability. As of June 30, 2024, EIEL’s order book stood at Rs. 1,906.3 crores, and employs 939 people. The company’s comprehensive product mix and focus on wastewater treatment solutions have enabled it to maintain strong margins and position itself for continued growth in the infrastructure sector.

NTPC Green Energy Limited, incorporated in April 2022, is a wholly-owned subsidiary of NTPC Limited, a ‘Maharatna’ Central Public Sector Enterprise. It is India’s largest renewable energy public sector enterprise (excluding hydro) based on operational capacity and power generation. Its renewable energy portfolio includes 3,220 MW of solar power and 100 MW of wind power, strategically located across more than six states to mitigate risks associated with location-specific generation variability. As of September 30, 2024, its portfolio consisted of 3,320 MWs of operating projects and 13,576 MWs of contracted and awarded projects. The company develops utility-scale renewable energy projects for public sector undertakings (PSUs) and Indian corporates. These projects feed renewable power into the grid, supplying energy to utilities or off-takers. The company benefits from the expertise, resources, and strategic vision of NTPC Limited, which operates under the Ministry of Power, Government of India (GoI) and its consolidated subsidiaries, associates and joint ventures (NTPC Group) that aims to transition 45-50% of its portfolio to non-fossil-based energy sources, targeting a renewable energy capacity of 60 GW by 2032. NTPC Group has strong in-house experience, which helps in the execution and procurement of renewable energy projects. Many PSUs have chosen the company as a partner to fulfil their renewable energy development goals. The company regularly evaluates its plant performance by focusing on key industry measures and generation/capacity utilization factor (CUF), which is lower in solar power plants than in thermal power plants, given the nature of operations. The company has established joint ventures with Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL), Mahatma Phule Renewable Energy & Infrastructure Technology Limited (MAHAPRET), and Damodar Valley Corporation (DVC), among others, to produce renewable power. Additionally, NGEL has signed MOUs and term sheets with private corporations to expand its footprint further.

Zinka Logistics Solutions Ltd (BlackBuck) is India’s largest digital platform in terms of the number of users for truck operators, with 9,63,345 (27.5% of truck operators in India) trucks operators in the country transacting on its platform (BlackBuck App). The BlackBuck app is a platform that provides 1) payments – enabling users to manage payments of tolling and fuelling digitally. The company generates income through commission margins from FASTag Bank Partners on the toll transaction and from OMCs in fueling transaction flowthrough; 2) telematics – which helps monitor drivers and fleets. Income in this segment is earned through monthly or annual subscription fees; 3) assistance locating loads marketplace. Revenue is generated through subscription fees charged to shippers for posting loads on the BB Transporter app and 4) access to financing for purchasing new vehicles. Revenues are generated through loan service fees. The company derives a significant portion of its revenue through the commission income from its payment’s offerings and telematics services, i.e. 94%, as of the end of FY24. A detailed breakdown of its revenue is as follows: Commission income – 42.8%, Subscription fees – 39.7%, Service fees – 17.2% and other services – 0.3% as of the end of FY24. The company follows an omnichannel customer onboarding and servicing strategy for the demography. They have a digital-led marketing strategy that provides customers with awareness of their solution and brand. They boast an on-ground sales force, channel partners and telesales, through which they support client onboarding. Among the new-age digital platforms in the trucking sector, BlackBuck has India’s largest physical touchpoint network. The company have sold and serviced its products through 80% of the districts in India and 76% of the toll plazas.

Niva Bupa Health Insurance Co. Ltd. (NBHICL) is a leading health insurance company in India dedicated to giving every Indian the confidence to access the best healthcare. The company aims to achieve this through various health insurance products and services that help customers navigate their healthcare journey, providing access to a comprehensive health ecosystem. According to the RedSeer Report, NBHICL is one of India’s largest and fastest-growing standalone health insurers (SAHIs) based on an overall health gross direct premium income (GDPI) of Rs. 5494 crores in FY24.  From FY22 to FY24, the company’s overall gross written premium (GWP) grew at a CAGR of 41.3%, while its GWP from retail health grew at 33.4%. The company’s overall health GDPI growth from FY22 to FY24, at 41.4%, is among the highest in the SAHI sector, nearly doubling the industry’s average growth rate of 21.4% over the same period. Responding to customers’ evolving needs over 16 years of operations, it has built a track record of product innovation catering to a range of customer groups. The company aims to create a health insurance platform of choice for customers in India. It offers customers the ability to access a comprehensive health ecosystem and service capabilities via its ‘Niva Bupa Health’ mobile application and website, offering them a holistic proposition. This application provides customers access to various healthcare solutions, including diagnostics, digital consultation, annual health check-ups and health education content. Customers can also undertake claims submission, policy servicing and track health parameters through this application. The company aims to provide customers access to various healthcare and disease management solutions through its diverse and evolving product suite and ‘Niva Bupa Health’ mobile application and website.