Theranautilus Secures $1.2 Mn in Seed...
19 Nov 2024
Mumbai: India, which has emerged as the second-largest IPO market on the world league table, has raised $4 billion so far this year. With NDA returning to form the next govt, hopes of policy continuity should extend the IPO boom throughout the rest of 2024.
The $4 billion raised by India is about 45% less than what it collected in all of 2023, LSEG data shows, but outperforms China ($3 billion) and Saudi Arabia ($2.1 billion).
The number is also higher than the combined amount raised in Turkey, Hong Kong and South Korea. The US is the largest IPO market, having raised $14 billion so far in 2024, according to LSEG. From number 11 in 2019, India secured the third place globally in terms of IPO proceeds after the US and China in 2023.
India has hosted 113 IPOs between Jan this year and now. “Amidst general elections, the primary market remained vibrant with the solid response to certain IPOs like Awfis Space Solutions. Confidence can be gauged by these offerings that have been launched amidst elections... Looking ahead, the market is set to witness a flurry of IPOs, from new-age business as well as from conventional business segments,” said Mahavir Lunawat, MD at investment bank Pantomath Capital Advisors.
Several companies such as Hyundai Motor India, Tata Capital, Ola Electric Mobility, and Swiggy, and NSDLare looking at launching their IPOs.
Innoviti is a key player in providing software tools for enterprise brands like Reliance, Tanishq, and Shoppers Stop, enabling secure and efficient payment acceptance.
“We have seen Innoviti’s ability to retain and grow their relationships in the tough Indian enterprise retail market and are excited to support the next phase of their growth journey in the mid-market and online spaces,” said Vishal Gupta, partner and India head, Bessemer Venture Partners.
According to Arihant Patni, his family office decided to invest in the company after seeing the strategic positioning Innoviti enjoys in the Indian enterprise retail space. Innoviti is led by Rajeev Agarwal founder and CEO with FMO, Netherlands and Catamaran Ventures (Mr. Narayana Murthy’s family office) as key investors.
The enterprise segment has been profitable for 10 consecutive quarters, while the mid-market and online sectors are rapidly growing and expected to turn profitable by September 2024, the company said.
The current funding will drive mid-market expansion initiated in 2021 and support the 4X growth of the online business in the past year. Further capital raise is planned by April to fuel future growth and pave the way for an IPO within the next 12 months. Innoviti also obtained RBI authorization earlier this year to operate as an online payment aggregator, enhancing its operational capabilities.
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