Archives: Ipos

A prominent consumer-first technology firm, Swiggy Ltd. was established in 2013 as Bundl Technologies Private Limited. It provides a centralized convenience platform that connects customers to a wide range of service providers. Customers can explore, choose, order, and pay for groceries, meals, and household goods on the platform, meeting their needs for ordering in, dining out, and cooking at home. Since introducing its meal delivery service in 2014 and its grocery delivery service, Instamart, in 2020, Swiggy has become a significant player in both rapid commerce and food delivery. Easily accessible via a single app, Swiggy also offers product pick-up/drop-off services (Genie), event bookings (SteppinOut), and restaurant reservations (Dineout), establishing itself as a leader in India’s hyperlocal commerce market. Swiggy provides additional value with its discount-based membership program, “Swiggy One,” and payment options, Swiggy Money and Swiggy UPI. Food Delivery, Out-of-Home Consumption, Quick Commerce, Supply Chain and Distribution, and Platform Innovations are the five business segments that make up the company’s business model. Swiggy’s revenue is earned through transaction fees, shipping charges, and other service-related fees that it passes on to its partners. Its scalable and adaptable technological stack makes it possible to quickly integrate new services, increasing user engagement and opening doors for its partners to expand. With an increasing user base, a wide network of partners, and an innovation-led strategy, Swiggy is well-positioned to take advantage of India’s growing online commerce market, making it one of the most valuable brands in the nation.

ACME Solar Holdings, founded in 2015 under the ACME Group, was established to consolidate and expand the Group’s renewable energy business in India. ACME Solar is a prominent renewable energy company in India, managing a diversified portfolio that includes solar, wind, hybrid, and firm and dispatchable renewable energy (FDRE) projects. Recognized as one of India’s largest independent power producers (IPPs), it ranks among the top ten regarding operational capacity. The company is involved in the development, construction, ownership, operation, and maintenance of large-scale renewable energy projects. It generates revenue by selling electricity to various buyers, including entities backed by central and state governments. Since its inception, the ACME Group has developed and commissioned 2,719 MW (3,668 MWp) of solar power projects. Its current operational capacity includes 1,340 MW (1,826 MWp) of solar projects, with additional contracted projects under construction totaling 3,250 MW—comprising 1,500 MW (2,192 MWp) of solar, 150 MW of wind, 1,030 MW of hybrid, and 570 MW of FDRE projects. Additionally, the company has an awarded project capacity of 1,730 MW under construction, consisting of 600 MW (870 MWp) of solar, 450 MW of hybrid, and 680 MW of FDRE projects. Over 80% of ACME’s operational and in-progress projects are located in high-irradiance states such as Gujarat, Rajasthan, Madhya Pradesh, Andhra Pradesh, Karnataka, and Tamil Nadu, which are ideal for solar installations.

Sagility India is a technology-enabled pure-play healthcare-focused solutions and services provider to Payers (US health insurance companies that finance and reimburse the cost of health services) and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies). The company was incorporated in July 2021, and it acquired the healthcare services business of the predecessor company – Hinduja Global Solutions, in January 2022 for a consideration of $ 449 million. The company’s services to Payers cater to various aspects of their operations, including (i) core benefits administration functions such as claims management, enrolment, benefits plan building, premium billing, credentialing, and provider data management and (ii) clinical functions such as utilization management, care management, and population health management. The company’s services to Providers include, revenue cycle management functions such as financial clearance, medical coding, billing, and accounts receivable follow-up services. Further, the company also provides some of the services offered to Payers to pharmacy benefit managers (PBMs) that manage prescription drugs for Members (i.e., insured persons) under health insurance plans.

Afcons Infrastructure Ltd. (AIL) is an infrastructure, engineering and construction company, part of the Shapoorji Pallonji group. It is one of India’s largest international infrastructure company with a track record of executing numerous EPC projects in the domestic and international markets. In the last eleven financial years and Q1FY5, the company has completed 79 projects across 17 countries with a historic executed contract value of Rs. 56,305 crores. Currently, the company has 65 active projects across 12 countries with an aggregated order book of Rs. 31,747 crores. The company has a comprehensive global presence, with Asia, Africa, and the Middle East as the key markets. The overseas market contributes 24.4% of the order book, while the domestic market contributes the rest. The company engages across five major business verticals, namely: (i) Marine & Industrial, (ii) Surface Transport, (iii) Urban Infrastructure, (iv) Hydro & Underground and (v) Oil & Gas. Amongst the verticals, urban infra is the largest contributor, followed by hydro & underground, surface transport, marine & industrial and oil & gas. The company’s client base consists of three types of entities: (i) Government entity, (ii) Multilateral entity, and (iii) Private entity, with the government being the largest client (69.8%) followed by multilateral (20.1%) and private at 10.1%. As of June 30, 2024, the cost of materials consumed was 25.9% of the total expense. The company has the following types of contracts through which it caters to clients: (i) EPC contracts, (ii) Item rate contracts and (iii) Cost-plus contracts. The revenue contribution of contracts as of June 30, 2024 is: EPC contracts (72.3%), Item rate contracts (27.6%) and Cost-plus contracts (0.1%). A similar pattern is reflected on the order book front, with EPC contracts contributing 59.5% of the book while Interest rate contracts contribute about 40.5%.

Godavari Biorefineries is one of the prominent manufacturers of ethanol-based chemicals in India. As of March 31, 2024, the company has the largest integrated bio-refinery in the country in terms of installed capacity. It is one of India’s largest producers of ethanol by volume as of March 31, 2024 (source: Frost & Sullivan Report). The company is also the largest manufacturer of MPO worldwide in terms of installed capacity, one of only two manufacturers of natural 1,3 butylene glycol, and the only company in India to manufacture bio ethyl acetate. Additionally, it has established India’s first bio-based EVE manufacturing facility as of March 31, 2024. The company’s diversified product portfolio includes bio-based chemicals, sugar, various grades of ethanol, and power. These products are utilized in a range of industries such as food, beverages, pharmaceuticals, flavors & fragrances, power, fuel, personal care, and cosmetics. According to the Frost & Sullivan Report, the company has the widest portfolio of bio-based products in India. Utilizing sugarcane as a feedstock, the company manufactures a wide range of products, including sugar, ethanol, bio-based chemicals, and power. It was among the first companies in India to use sugarcane juice and syrup for ethanol production (source: Frost & Sullivan Report). The company continuously strives to improve the valorization of sugarcane through the development of downstream products and increasing the diversion of sugarcane towards value-added products. For instance, it has successfully manufactured a wide range of bio-based chemicals such as ethyl acetate, bio-ethyl acetate, MPO, 1,3 butylene glycol, crotonaldehyde, acetaldehyde, bio-acetic acid, butanol, EVE, and paraldehyde. The company is also exploring the utilization of grains to manufacture grain-based ethanol.

Deepak Builders & Engineers India Limited is a construction company established in 2017, classified into three verticals: construction project business, infrastructure project business and the sale of products. The construction project business specializes in executing and constructing diverse infrastructure and building projects, including hospitals, medical colleges, administrative and institutional buildings, industrial complexes, historical memorials, sports facilities, and residential projects. The infrastructure project business undertakes specialized work such as flyovers, rail under and over-bridges, and railway station redevelopment. The company operates across northern India, including Punjab, Haryana, Rajasthan, Uttarakhand, and Union Territories like Delhi and Chandigarh. The company offers a comprehensive suite of services, including EPC (Engineering, Procurement, and Construction) and item-rate/percentage-rate contracts. Its projects encompass architectural, civil, structural, mechanical, electrical, and plumbing (MEP) works, along with specialized systems like modular operation theatres and medical gas pipelines. With a robust portfolio, the company has completed major projects such as the Jang-E-Azadi Memorial in Kartarpur and the AIIMS Geriatrics Block in New Delhi. In addition to its construction activities, the company has established Ready-Mix Concrete (RMC) plants and stocks materials such as steel, cement, and aggregates to execute projects efficiently. Surplus materials, primarily steel, are sold to third-party contractors and traders at competitive prices. Since its incorporation, the company has shown steady growth, achieving a revenue from operations of Rs. 5,114 million in FY24, up from Rs. 3,630.5 million in FY22. As of June 2024, the company’s order book stood at Rs. 13,803.9 million, indicating a strong pipeline of future work. It is pre-qualified to bid for projects up to Rs. 6,500 million and holds a Class I (Super) Contractor accreditation from the Central Public Works Department. The company’s diverse portfolio, operational expertise, and growing market presence position it as a significant player in India’s construction and infrastructure sector.

Waaree Energies Ltd, India’s most prominent and tier-1 rated manufacturer of solar PV modules, started its operations in 2007. The company aims to provide quality, cost-effective, sustainable energy solutions across markets and help reduce carbon footprint, paving the way for sustainable energy and improving quality of life. In FY22, it expanded from 4 GW to 12 GW, becoming the largest aggregate installed capacity. They manufacture various solar energy PV modules like multi-crystalline modules, monocrystalline modules, and TopCon modules, comprising flexible modules, which include bifacial modules (Mono PERC) (framed and unframed) and building integrated photo voltaic (BIPV) modules. The company uses multi-crystalline cell technology, monocrystalline cell technology, and emerging technologies such as Tunnel Oxide Passivated Contact (TopCon) to manufacture PV modules, which help reduce energy loss and improve efficiency. They operate from 5 manufacturing units in India, with one factory each located at Surat, Tumb, Nandigram, and Chikhli in Gujarat and the IndoSolar facility in Noida, Uttar Pradesh. Their facility at Tumb and Surat are certified with ISO 9001:2015 for the manufacture, marketing, and supply of solar photovoltaic modules, and the one at Tumb is also certified with ISO 45001:2018 and ISO 14001:2015 for the manufacture, marketing, supply and installation of solar photovoltaic modules. Their Chikhli facility is certified with ISO 45001:2018, ISO 9001:2015, and ISO 14001:2015. It has received CB scheme certification from UL Solutions, USA, and complies with BIS standards IS 14286:2010 / IEC 61215:2005, IS/IEC 61730 (Part 1 & 2). Additionally, their PV modules from Chikhli, Surat, Tumb, and Nandigram facilities have been certified by Eurotech to meet European standards under the EU Council Directive 2014/35/EU. Their modules also meet RoHS compliance under Directive 2011/65/EU, restricting the use of hazardous substances. The National Accreditation Board for Testing and Calibration Laboratories (NABL) accredited their quality check laboratories. The company intends to increase export sales while continuing its growth in India.

Hyundai Motor India Ltd. (HMIL), a part of Hyundai Motor Group (third largest auto OEM in the world based on PV sales in CY23), is the second largest auto OEM in the Indian PV market since 2009. The company is engaged in the manufacturing and sales of 4W PVs. The company boasts a product portfolio of 13 models across multiple PV segments by body types, such as sedans, hatchbacks, UVs and EVs. The company also manufactures parts such as transmissions and engines for in-house consumption or sales. HMIL is also the second-largest exporter of PVs in India. The company has three manufacturing plants – two operating plants in Irrungattukottai, Sriperumbudur in Tamil Nadu – the Chennai manufacturing plant, and one plant at Talegaon in Pune in Maharashtra – Talegaon manufacturing plant, which is under redevelopment. The company has also leased a part of its Chennai facility to Mobis to assemble EV batteries. The Pune unit is an integrated passenger vehicle and engine manufacturing facility spread across approximately 300 acres of leased land allotted by the Maharashtra Industrial Development Corporation. It is under redevelopment and is expected to be operational in phases – with the first phase to be operational by the second half of Fiscal 2026. The Chennai manufacturing unit has an annual production capacity of 8,24,000 units as of June 30, 2024. The company expects an increased annual production to 9,94,000 units once the Pune unit is partly operational and to 10,74,000 units once the unit is fully operational. Further, in terms of volume breakdown, on the domestic front, 67% of the volume consists of SUVs, 21% of hatchbacks, and 12% of sedans. Meanwhile, on the exports front, 54% of the volumes consist of sedans, 28% hatchbacks and 18% SUVs. The geographic distribution of    revenue from operations is as follows: India – 76.3%, Africa – 3.2%, Latin America – 7.5%, Middle East – 11.6% and others – 1.4%. For its parts and materials, the company sources 81% of its RM locally, while 19% comes from overseas markets. The company has 1,377 sales outlets across 1,036 cities and 1,561 service centres across 957 cities.

Garuda Construction and Engineering, a subsidiary of PKH Ventures, specializes in offering end-to-end civil construction services across various sectors, including residential, commercial, infrastructure, industrial, and hospitality projects. The company’s expertise covers a wide range of construction activities, such as the development of residential and commercial complexes, industrial facilities, and infrastructural works, as well as hospitality buildings. The services span the full spectrum of construction processes, from detailed route surveys, engineering, and design to resource mobilization, micro-scheduling, and obtaining construction permissions. This includes soil and water testing, contractor and manpower hiring, procurement of materials, laboratory testing, and the execution of construction activities in line with approved project plans. In addition, the company procures concrete building structures and composite steel structures through a network of sub-contractors based on designs provided either by developers or by in-house engineering teams. Beyond construction, the company also offers a range of supplementary services, such as Operations and Maintenance (O&M) services, Mechanical, Electrical, and Plumbing (MEP) services, and finishing works, ensuring a comprehensive suite of construction solutions under one roof.

Incorporated in 1982, Diffusion Engineers Ltd. is engaged in the manufacturing of welding consumables, wear plates, wear parts, and heavy engineering machinery for core industries. The company specializes in the repair and reconditioning of heavy machinery and equipment and also trades in anti-wear powders as well as welding and cutting machinery. Through a forward integration strategy, the company manufactures special-purpose electrodes and flux-cored wires, which are used in the production of wear-resistant plates. These plates are crucial components in the manufacturing of large industrial equipment used in key sectors such as cement, steel, power, mining, engineering, oil & gas, and sugar industries. This forward integration allows the company to enhance production efficiency, gain a competitive edge, reduce product costs, improve supply chain management, and minimize dependency on third-party suppliers. Initially, after its incorporation, Diffusion Engineers traded in welding electrodes for super-conditioning. Over time, the company expanded its operations to four manufacturing units: Units I, II, and III located in Hingna, Nagpur, while Unit IV is situated in Khapri (Uma), Nagpur. Each unit specializes in producing different products. Diffusion Engineers Ltd. holds accreditation from the National Accreditation Board for Testing and Calibration Laboratories (ISO/IEC 17025:2017) for General Requirements for the Competence of Testing & Calibration Laboratories. Additionally, they conduct multiple stringent quality checks and hold Environment Management System (EMS) certification from TÜV SÜD South Asia Private Limited, Quality Management System (QMS) – ISO 9001:2015, Occupational Health and Safety Management Systems – ISO 45001:2018, and Environment Management System – ISO 14001:2015. Approximately 91% of the company’s revenue is derived from the domestic market, with the remaining 9% coming from exports to various countries. Its overseas presence includes subsidiaries in Singapore, Turkey, and the Philippines, as well as joint ventures and associates in the United Kingdom and Malaysia.