{"id":39131,"date":"2024-04-30T13:33:11","date_gmt":"2024-04-30T13:33:11","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/30\/firstcry-refiles-ipo-papers-groww-secures-payment-aggregator-licence\/"},"modified":"2024-04-30T13:33:11","modified_gmt":"2024-04-30T13:33:11","slug":"firstcry-refiles-ipo-papers-groww-secures-payment-aggregator-licence","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/30\/firstcry-refiles-ipo-papers-groww-secures-payment-aggregator-licence\/","title":{"rendered":"FirstCry refiles IPO papers; Groww secures payment aggregator licence"},"content":{"rendered":"
\"FirstCry<\/div>


\n<\/p>\n

FirstCry has refiled its draft IPO papers with market regulator Sebi with updated financials. More on this in today\u2019s ETtech Top 5.<\/p>\n

Also in the letter:<\/span>
\u25a0 WhatsApp vs govt on end-to-end encryption
\u25a0 IvyCap Ventures\u2019 Rs 2,100-crore fund
\u25a0 Wipro\u2019s new CEO to earn up to $7 million<\/p>\n

\n

FirstCry refiles IPO papers, reports December revenue at Rs 4,841 crore<\/p>\n

<\/div>\n

Supam Maheshwari, CEO, FirstCry<\/em><\/p>\n

FirstCry, the omnichannel retailer for baby and mother care products, has refiled its draft initial public offering (IPO) papers<\/a>, days after the stock market regulator flagged a lack of adequate disclosure<\/a> in key performance indicators (KPI) in its initial filing.<\/p>\n

Driving the news:<\/span> The Pune-based company\u2019s latest draft red herring prospectus (DHRP) reveals its financial performance for the nine months ended December 2023. During this period, it recorded operating revenue of Rs 4,814 crore, but incurred a net loss of Rs 278 crore. The company\u2019s gross sales stood at Rs 5,650 crore. Nearly 77% of its total sales comes from online, and the rest through offline retail stores. <\/p>\n

More from the DRHP:<\/span> The refiled draft prospectus is unchanged as regards issue details. The firm intends to raise $218 million (about Rs 1,815 crore) in primary funding through issuance of new shares and divestment of 54 million shares from existing investors. The IPO is likely to be launched in July.<\/p>\n

The IPO size is expected to be $500 million (about Rs 4,163 crore), but would depend on the valuation it sets for itself during the public offering.

A look back:<\/span> FirstCry had filed its IPO papers in December<\/a> last year. FirstCry had then said it would use the new capital from the sale of fresh shares for setting up new stores and warehouses along with international expansion in Saudi Arabia.<\/p>\n

Peers on the block:<\/span> This comes at a time when new-age companies such as Ola Electric<\/a> and Awfis<\/a> have filed draft IPO papers with Sebi. SoftBank-backed Swiggy too filed for its $1.25 billion IPO<\/a> confidentially.<\/p>\n

\n

Groww, Worldline ePayments secure online payment aggregator licence<\/p>\n

\"Tata<\/div>\n

Wealthtech unicorn Groww and digital payment processing company Worldline ePayments have secured an online payment aggregator (PA) licence<\/a> from the Reserve Bank of India on April 29. Groww received the licence for its subsidiary payment business Groww Pay.<\/p>\n

Driving the news: <\/span>With this licence, Groww will be able to process online payments by itself. The company’s payments offering is focused on bill payment services, allowing users to manage loan and credit card repayments, settle electricity and water bills, and recharge DTH services, among other functionalities.<\/p>\n

French payment major Worldline deploys point-of-sales (PoS) terminals on behalf of banks in India. Now, with the PA licence it can start operating in the online payments space too.<\/p>\n

Building a full stack: <\/span>Groww has been expanding its financial services offerings. In July last year, it launched its UPI-based services through Groww Pay<\/a>, enabling peer-to-peer payments as well as transactions with merchants via QR codes scanning. The company has expanded into financial services through a non-banking finance license and the Groww Asset Management (AMC) business. <\/p>\n

Other players: <\/span>ET reported earlier this month that PayU<\/a> and Cred<\/a> received the RBI\u2019s in-principle nod to become payment aggregators. Others who have received the PA approval recently include Razorpay, Cashfree<\/a>, MSwipe, Amazon Pay<\/a>, Juspay, Zoho<\/a>, Google Pay, and Tata Pay, among others.<\/p>\n

Also read | Neobanking startup Fi secures NBFC licence from RBI<\/a><\/p>\n

\n

ETtech Explainer: WhatsApp’s standoff with Centre over end-to-end encryption<\/p>\n

\"WhatsApp<\/div>\n

In a recent court battle, Meta-owned WhatsApp threatened to shut down<\/a> its Indian operations if the government enforces a rule requiring them to break their encryption protocols. Let\u2019s take a deeper look.<\/p>\n

What is end-to-end encryption? <\/span>In an end-to-end encryption app like WhatsApp, Telegram or Signal, any message sent is encrypted on the device before flowing through the internet to the receiver, on whose device it is decrypted. This way only the sender and the receiver can read the messages.<\/p>\n

The government\u2019s IT rules mandate \u2018significant\u2019 social media intermediaries such as WhatsApp, to enable traceability for law enforcement purposes.<\/p>\n

WhatsApp\u2019s stance:<\/span> WhatsApp argued that the requirement to disclose user data violates privacy rights and claimed that this rule was introduced without prior consultation. Breaking encryption on its platform, the company argued, would infringe upon users’ fundamental right to privacy.<\/p>\n

The government, for its part, told the court that WhatsApp and its parent company Meta, which monetises user information for business purposes, cannot legitimately claim to protect privacy.<\/p>\n

\n

IvyCap Ventures announces final fund three at Rs 2,100 crore<\/p>\n

\"Vikram<\/div>\n

Vikram Gupta, founding and managing partner, IvyCap<\/em><\/p>\n

Early-stage venture capital firm IvyCap Ventures, which backed startups such as BlueStone, Purplle and Biryani By Kilo, has announced the final close of its third fund<\/a> at Rs 2,100 crore.<\/p>\n

Investment plans: <\/span>Through this fund, the firm plans to invest in about 25 early-stage startups, with average starting investment amount ranging from Rs 30-50 crore. It has already deployed 40% of the capital from the third fund to startups such as Dhruva Space, Snitch, Celcius Logistics, GradRight, Eggoz and Flexifyme. <\/p>\n

IvyCap said 20% of the fund is earmarked for investing in its existing portfolio companies, with the firm stepping in as a co-investor during their future fundraising rounds.<\/p>\n

Booming sectors: <\/span>It is prioritising sectors like consumer tech, health tech, fintech, B2B, SaaS and enterprise models as these are highly disruptive areas. <\/p>\n

\u201cClimate tech is an area which we are quite closely looking into because globally that’s becoming the theme and we are quite actively looking at that,\u201d said Vikram Gupta, founder and managing partner, IvyCap Ventures.

Previous funds: <\/span>In 2014, IvyCap launched its maiden fund with a corpus of Rs 240 crore, and invested in 10 companies, while Fund II was more-than-double the size at Rs 530 crore. In its first fund, IvyCap clocked a nearly 3x distribution of cash to paid-in capital (DPI), whereas the second fund has seen a 0.4x DPI, mainly driven by exits through mergers and acquisitions of companies like Clovia, acquired by Reliance, and Sokrati, acquired by Dentsu International, among others.<\/p>\n

\n

Wipro\u2019s new CEO Srinivas Pallia to get max pay of $7 million<\/p>\n

\"Wipro<\/div>\n

Srinivas Pallia, CEO, Wipro<\/em><\/p>\n

Wipro\u2019s new CEO and MD, Srinivas Pallia, will receive a maximum compensation of $7 million<\/a> per annum for the first two years, including a cash compensation that may range from a minimum of $1.75 million and a maximum of $3 million per annum.

Money in the bank: <\/span>Wipro disclosed in its filing that Pallia\u2019s basic pay would range between $1,750,000 per annum to $3,000,000 per annum. He will also receive target variable pay in a similar range.<\/p>\n

Pallia\u2019s contract with Wipro as CEO and MD is for a period of five years with effect from April 7, 2024 to April 6, 2029.<\/p>\n

More incentives: <\/span>The new CEO will also receive long-term incentives i.e. “stock compensation through grant of American Depository Shares (ADS) Restricted Stock Units (ADS RSUs) and ADS Performance Stock Units (ADS PSUs) aggregating to an amount $4,000,000, consisting of ADS RSUs worth of $1,400,000 and ADS PSUs worth of $2,600,000”.

Selling of stocks: <\/span>Former CEO Thierry Delaporte will also be paid $4.33 million<\/a> in the form of cash compensation and applicable social security contributions, subject to appropriate deductions, the IT major said in a BSE filing. Meanwhile, another exchange filing also shows that Delaporte sold all his stocks (about 4,72,292 Wipro shares) worth Rs 21.4 crore this month.<\/p>\n

Today\u2019s ETtech Top 5 newsletter was curated by Vaibhavi Khanwalkar in Bengaluru and Jessica Rajan in New Delhi.<\/em><\/p>\n<\/div>\n


\n
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FirstCry has refiled its draft IPO papers with market regulator Sebi with updated financials. More on this in today\u2019s ETtech Top 5. Also in the letter:\u25a0 WhatsApp vs govt on end-to-end encryption\u25a0 IvyCap Ventures\u2019 Rs 2,100-crore fund\u25a0 Wipro\u2019s new CEO to earn up to $7 million FirstCry refiles IPO papers, reports December revenue at Rs […]<\/p>\n","protected":false},"author":2,"featured_media":39132,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/img.etimg.com\/photo\/msid-109730955\/Supam%20Maheshwari,%20CEO,%20FirstCry.jpg","fifu_image_alt":"","footnotes":""},"categories":[607],"tags":[8676,26955,38629,7789,2799,22623,16205,8675,41493,41263,9136,46],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/39131"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=39131"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/39131\/revisions"}],"predecessor-version":[{"id":39133,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/39131\/revisions\/39133"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/39132"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=39131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=39131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=39131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}