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<keyword id="19896956" type="General" weightage="100" keywordseo="Swiggy" source="keywords" meta.keywordsubtype="org" meta.entityname="Swiggy" meta.hostid="261" meta.entityid="Swiggy">Swiggy</keyword>’s stock market debut has been awaited for a long time and recent reports suggest that the Bengaluru-based company is expected to raise more than USD 1 billion through its IPO. Reports also suggest that the company might soon file its draft red herring prospectus (DRHP) with the <keyword id="19901204" type="General" weightage="20" keywordseo="Securities-and-Exchange-Board-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Securities and Exchange Board of India" meta.hostid="261" meta.entityid="Securities and Exchange Board of India">Securities and Exchange Board of India</keyword> (Sebi), potentially launching its IPO as early as this week. Meanwhile, Swiggy has been busy implementing several notable changes across its operations, probably to gear up for its IPO. From changing leadership to expanding Instamart’s reach, let us take a look some changes implemented by Swiggy in the last few months. <h2>Leadership overhaul </h2> One of the most significant shifts has been at <keyword id="19939135" type="General" weightage="20" keywordseo="Swiggy-Instamart" source="keywords">Swiggy Instamart</keyword>, the company's quick commerce arm. Swiggy appointed <keyword id="22954620" type="General" weightage="20" keywordseo="Amitesh-Jha" source="keywords">Amitesh Jha</keyword>, a seasoned executive from Flipkart, as the new CEO of Instamart last month. This move marks the third leadership change for Instamart in just 18 months. As part of this transition, Phani Kishan, the outgoing head of Instamart, was announced to take on a broader role within Swiggy, overseeing the Central Growth unit and working closely with co-founder Sriharsha Majety on new initiatives. <h2>Expanding Instamart’s reach </h2> Swiggy Instamart has also been on an expansion spree, recently launching in 11 new cities across India, including Rajkot, Thrissur, and Kanpur. This expansion marks a strategic push into Tier 2 and 3 cities, broadening its customer base beyond metropolitan areas. The platform, which offers delivery of daily essentials in just 10 minutes, also said in a press release that it has seen encouraging results in these new locations. In Mangalore, for example, a new store achieved 1,000 orders in a single day faster than many larger cities. This localised approach, featuring partnerships with regional vendors, has enhanced Instamart’s appeal and efficiency in serving diverse customer needs. "Users across India already recognise the convenience Swiggy provides," Amitesh Jha said in a press release and added, "The enthusiastic demand from smaller towns and cities has been incredibly encouraging. Our expansion into these new locations marks a significant milestone, allowing even more people to experience the ease of having thousands of products—from everyday essentials to electronics and toys—delivered in just 10 minutes from both national and local brands." <h2>Changes in management </h2> Swiggy has also made notable changes in its management team recently. Himavant Srikrishna Kurnala, previously with Reliance Retail’s JioMart, was appointed as the head of product for Instamart earlier this year. His appointment is part of a broader strategy to strengthen the team ahead of the IPO. Other key hires include Mayank Rajvaidya, who has been named vice president of fruits and vegetables, and Manu Sasidharan, who joined as associate vice president of the FMCG category. These additions come in the wake of several high-profile departures from the company, signalling a recalibration of Swiggy’s leadership structure. <h2>Policy changes for restaurant partners </h2> Swiggy’s founder recently revealed that the decade-old startup partners with over 3 lakh restaurants today. And thus, when a policy change decision was announced that impacted restaurant partners directly, it made headlines. In a move to standardise its service fees, Swiggy extended its gross value service fee policy to restaurants in non-metro areas. This change, effective from August 14, involves charging a service fee on the gross value of orders, including GST and packaging fees. This adjustment was expected to lead to an increased commission for restaurant partners in smaller towns and cities. The policy shift aligns with the fees already applicable to restaurants in larger urban areas and reflects Swiggy’s efforts to streamline its revenue model. <h2>Converting into a public limited company </h2> To facilitate its upcoming IPO, Swiggy also transitioned from a private limited company to a public limited company. Earlier this year, Swiggy updated its name to <keyword id="23191546" type="General" weightage="20" keywordseo="swiggy-limited" source="keywords">Swiggy Limited</keyword>, removing the term 'Private' to better align with its public offering aspirations. This strategic move was intended to prepare the company for public investment and enhance its market presence. As Swiggy readies itself for its IPO, these changes underscore the company's commitment to growth, innovation, and adaptability. The upcoming listing marks a significant milestone in Swiggy’s journey, reflecting its ongoing evolution and strategic realignment in the competitive food delivery landscape.

Swiggy is preparing for its IPO soon: A look at some recent changes in the company

<div type="image" title="In 2024, India has seen around $12.2 billion worth of IPOs, including mainboard and SMEs" msid="113878163" hostid="261" sizebytes="45300" caption="&amp;lt;p&amp;gt;In 2024, India has seen around $12.2 billion worth of IPOs, including mainboard and SMEs&amp;lt;/p&amp;gt;"></div> Missing some action, adrenaline rush, and thrill in your life? Are the good old, albeit mundane money investment avenues like mutual funds and fixed deposits not making the cut for you? Want to experience a heart-pounding, financial rollercoaster that will constantly keep you and your portfolio on tenterhooks? Well then, welcome to the world of initial public offers (IPOs), especially those brought to you by SMEs, or <keyword id="6375845" type="General" weightage="20" keywordseo="Small-and-Medium-Enterprises" source="Orion">small and medium enterprises</keyword>. Truth be told, <keyword id="19938687" type="General" weightage="20" keywordseo="sme" source="keywords">SME</keyword> IPOs have been all over the bourses this year. So far, 2024 has seen 206 SMEs debuting on both BSE and NSE, out of which 146 listed in gains and 46 listed in losses. Odds seem good, right? In contrast, the year has only seen 63 IPOs from the elder brother i.e. mainboard, only 48 of which managed to post any listing gains. And getting an allotment has also been a major uncertainty, given the unusually high demand this year. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">So, what's an <keyword id="5559702" type="General" weightage="100" keywordseo="SME-IPO" source="Orion">SME IPO</keyword>, you ask?</h2>Think of a mainboard company as Shah Rukh or Salman Khan—well-established, financially stable, strong legacy of profitability, and fairly well-known. On the other hand, SMEs are your Prateek Gandhi (Harshad Mehta, Scam 1992), Siddhant Chaturvedi (MC Sher, Gully Boy) or Avinash Tiwary (Majnu, Laila Majnu). While they are doing super well, they are yet to make it big like the Khans. They’re currently underdogs, lesser known, but who knows? They can be the next big thing in the future! And SME IPOs are getting a stellar reception. In 2023, 182 such IPOs had raised a substantial Rs 4,967 crore. In 2024, more than 200 companies have already raised over Rs 7,500 crore, and we have four months to go. This, with one quarter of the year still remaining. <div type="image" title="In 2024, India leads IPO activity in the Asia-Pacific region" height="900" width="1200" msid="113875643" hostid="261" caption="&amp;lt;p&amp;gt;In 2024, India leads IPO activity in the Asia-Pacific region&amp;lt;/p&amp;gt;"></div> But what does it take for a company to be classified as a small enterprise? The company has to have an annual turnover/income of up to Rs 50 crore, and for a medium enterprise to be called so, its annual income has to be up to Rs 250 crore. When such companies go public, in a bid to raise funds from investors and expand their operations, they launch an <keyword id="19898327" type="General" weightage="20" keywordseo="ipo" source="keywords">IPO</keyword>, but not on the main exchange, but separately, on NSE’s Emerge and BSE’s SME platform. As of September 2024, <keyword id="4484133" type="General" weightage="20" keywordseo="NSE-Emerge" source="Orion">NSE Emerge</keyword> has 147 listed participants, while <keyword id="1885131" type="General" weightage="20" keywordseo="BSE-SME" source="Orion">BSE SME</keyword> has 155 market makers. Mounting an SME’s IPO is comparatively less stringent than their mainboard counterparts, as far as regulations are concerned since their DRHPs (draft red herring prospectus) are not filed with SEBI. So, wouldn’t a lenient treatment make them inherently riskier? Why are they so appealing, you ask? <a href="https://www.businessinsider.in/stock-market/news/a-company-with-8-employees-looking-to-raise-12-crore-ended-up-getting-applications-worth-over-4700-crore/articleshow/112824522.cms">Delhi firm with just 8 employees seeks ₹12 crore via IPO, gets ₹4,700 crore worth of investor applications!</a> Well, for one, some of them have delivered exceptional returns—we’re talking 100%, 200%. Consider this—Owais Metal and Mineral Processing, which launched its IPO in February this year, delivered a whopping listing gain of 201%. Another SME, Maxposure, whose IPO was out in January 2024, had earned its investors listing gains worth 317.40%! Apparently, higher risks also mean higher returns, and also super high investment. Most SME IPOs need a minimum investment of Rs 1,00,000 or more, as opposed to mainboard IPOs, where you can buy one lot of shares for anywhere between Rs 14,000-15,000. Even the minimum trading lot size for SME shares is about 10,000. In short, you’d have to potentially empty your pockets to invest in an SME IPO. And still, there’s no guarantee that the listing will fill your wallets. For all you know, your pockets before and after the IPO is listed might stay the same - EMPTY! There's also the question of whether or not these SMEs are able to maintain their listing day mojo, or do they just fizzle out thereafter? Data from Prime Database highlights more instances of the latter. As of August 2024, about 166 SME IPOs had made it to the exchanges. Around 72 of them, or close to 50%, could not sustain their momentum going ahead, and were trading below their listing day prices. Consider this. The post listing gains of Medicamen Organics, whose IPO came out in June 2024, earned its investors massive listing gains of over 300%, by listing at Rs 137.85, significantly higher than its price issue price, which was set between Rs 32-34. But as of October 1, 2024, the stock was trading at Rs 64.2. Talk about falls. Additionally, risks of pump-and-dump, and illiquidity, among others makes SME IPOs dangerous See, you're largely venturing into unknown, pitch-dark territories, without much light to guide you. For starters, SME IPOs face less scrutiny from market watchdog SEBI. This also means they are able to list quickly, just 3-4 months. On the other hand, mainboard IPOs can take upto a year before they are cleared for listing. Also, there is far less information and disclosures available about their financials, fundamentals and performance to investors for making an informed decision, as compared to mainboard stocks. Then there’s the issue of illiquidity. Once purchased, you might find it hard to sell off your SME stocks, since they are not traded as frequently in the market, which means lower liquidity. Trivesh D, COO, Tradejini explains that liquidity is a major concern for such stocks. “These stocks typically have a smaller free float, and are traded in lots, which can lead to volatility and sharp price swings. This means it can be challenging for investors to buy or sell shares without significantly impacting prices. Additionally, speculative trading practices, like 'pump-and-dump' schemes, can inflate stock prices, leaving retail investors vulnerable to sudden drops”. Recently, SME IPOs have gained notoriety for price manipulation via showing fictitious sales and revenue in their books of accounts, selling of promoter holdings at inflated prices, and being the facade for many infamous pump and dump schemes. This is where select people create frenzy, or mass euphoria over a particular stock or company, causing its prices to soar, and then dumping them, or selling their shares at this massive price to make a killing! Infact, it's not just the promoters, but also the investment banks floating these IPOs. At present, SEBI is investigating around 6 investment banks which have allegedly charged SMEs a staggering 15% of funds raised via IPOs as fee, as opposed to the standard 1-3%. In March 2024, SEBI chairperson Madhabi Puri Buch had also highlighted witnessing signs of manipulation in the SME space. “We do see signs of manipulation in the SME segment. We are able to see certain patterns.” Buch had observed back then. Adds Kresha Gupta, Founder &amp; Director, StepTrade Share Services, “Investing in SME IPO comes with significant risks, despite their impressive returns in recent years. Limited participation from institutional investors and public in some SME IPOs also mean that those companies may lack the support and stability that comes with larger-scale investments” “Additionally, many SMEs may not have strong fundamentals to justify their valuations. High P/E ratios can be misleading, and while some IPOs have delivered impressive returns, they often come with significant volatility, continues D of Tradejini. <h2 style="box-sizing: border-box; border: 0px; outline: 0px; padding: 0px; margin: 0px 0px 0.7em; font-family: &quot;Open Sans&quot;, sans-serif; font-weight: 700; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; list-style: none; background: 0px 0px; text-rendering: optimizelegibility; text-transform: none; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">So, should I stay away?</h2>Yes, and No. Yes, if you don't want to do your homework of researching the company thoroughly beforehand. Anand K. Rathi, Co-Founder of MIRA Money suggests asking a couple of questions before investing your hard earned money: <ul><li>What is the company's financial performance over the past 3-4 years?</li><li>What is the company's governance structure?</li><li>Is the financial success driven by the IPO, or is it a result of consistent performance?</li><li>Does the company have what it takes to scale its operations to the next level?</li><li>Are the company’s promoters trustworthy, capable and experienced?</li><li>What is the level of participation by large, institutional investors?</li></ul> But staying away completely? Not necessary. Gupta adds that retail investors, in particular, should avoid viewing SME IPOs as quick money-makers based on their short-term performance, as this can certainly lead to poor investment decisions. “To mitigate risks, investors should always focus on long-term fundamentals rather than just short-term price movements. Key indicators include the participation of institutional investors like DIIs and FIIs. This often signals confidence in the stock”, she continues. A red flag you should look out for is if a company is only offering OFS, or Offer for Sale. This can indicate early investors looking to exit, potentially signaling weaker future growth. That's why it is better to look for companies which are raising capital for expansion purposes. This is a sign of healthy business growth prospects and improving fundamentals. In conclusion, backing the underdog, or SMEs, is not a bad proposition, but not without its risks. Investing in SME IPOs is like riding a unicorn—but you don't know whether you're riding it to rags or riches! So, take your pick.

SIMPLY PUT: Why investing in SME IPOs should not be on top of your adventure to-do list!

Missing some action, adrenaline rush, and thrill in your life? Are the good old, albeit mundane money investment avenues like mutual funds and fixed deposits not making the cut for you? Want to experience a heart-pounding, financial rollercoaster that will constantly keep you and your portfolio on tenterhooks? Well then, welcome to the world of initial public offers (IPOs), especially those brought to you by SMEs, or <keyword id="6375845" type="General" weightage="20" keywordseo="Small-and-Medium-Enterprises" source="Orion">small and medium enterprises</keyword>. Truth be told, <keyword id="3704207" type="General" weightage="100" keywordseo="SME-IPOs" source="Orion">SME IPOs</keyword> have been all over the bourses this year. So far, 2024 has seen 206 SMEs debuting on both BSE and NSE, out of which 146 listed in gains and 46 listed in losses. Odds seem good, right? In contrast, the year has only seen 63 IPOs from the elder brother i.e. mainboard, only 48 of which managed to post any listing gains. And getting an allotment has also been a major uncertainty, given the unusually high demand this year. <h2>So, what's an SME <keyword id="6354763" type="General" weightage="20" keywordseo="IPO" source="Orion">IPO</keyword>, you ask?</h2>Think of a mainboard company as Shah Rukh or Salman Khan—well-established, financially stable, strong legacy of profitability, and fairly well-known. On the other hand, SMEs are your Prateek Gandhi (Harshad Mehta, Scam 1992), Siddhant Chaturvedi (MC Sher, Gully Boy) or Avinash Tiwary (Majnu, Laila Majnu). While they are doing super well, they are yet to make it big like the Khans. They’re currently underdogs, lesser known, but who knows? They can be the next big thing in the future! And SME IPOs are getting a stellar reception. In 2023, 182 such IPOs had raised a substantial Rs 4,967 crore. In 2024, more than 200 companies have already raised over Rs 7,500 crore, and we have four months to go. This, with one quarter of the year still remaining. <div type="image" title="In 2024, India leads IPO activity in the Asia-Pacific region" height="900" width="1200" msid="113875643" hostid="261" caption="&amp;lt;p&amp;gt;In 2024, India leads IPO activity in the Asia-Pacific region&amp;lt;/p&amp;gt;"></div> But what does it take for a company to be classified as a small enterprise? The company has to have an annual turnover/income of up to Rs 50 crore, and for a medium enterprise to be called so, its annual income has to be up to Rs 250 crore. When such companies go public, in a bid to raise funds from investors and expand their operations, they launch an IPO, but not on the main exchange, but separately, on NSE’s Emerge and BSE’s SME platform. As of September 2024, <keyword id="4484133" type="General" weightage="20" keywordseo="NSE-Emerge" source="Orion">NSE Emerge</keyword> has 147 listed participants, while <keyword id="1885131" type="General" weightage="20" keywordseo="BSE-SME" source="Orion">BSE SME</keyword> has 155 market makers. Mounting an SME’s IPO is comparatively less stringent than their mainboard counterparts, as far as regulations are concerned since their DRHPs (draft <keyword id="12225712" type="General" weightage="20" keywordseo="Red-herring-prospectus" source="Orion">red herring prospectus</keyword>) are not filed with SEBI. So, wouldn’t a lenient treatment make them inherently riskier? Why are they so appealing, you ask? <a href="https://www.businessinsider.in/stock-market/news/a-company-with-8-employees-looking-to-raise-12-crore-ended-up-getting-applications-worth-over-4700-crore/articleshow/112824522.cms">Delhi firm with just 8 employees seeks ₹12 crore via IPO, gets ₹4,700 crore worth of investor applications!</a> Well, for one, some of them have delivered exceptional returns—we’re talking 100%, 200%. Consider this—Owais Metal and Mineral Processing, which launched its IPO in February this year, delivered a whopping listing gain of 201%. Another SME, Maxposure, whose IPO was out in January 2024, had earned its investors listing gains worth 317.40%! Apparently, higher risks also mean higher returns, and also super high investment. Most SME IPOs need a minimum investment of Rs 1,00,000 or more, as opposed to mainboard IPOs, where you can buy one lot of shares for anywhere between Rs 14,000-15,000. Even the minimum trading lot size for SME shares is about 10,000. In short, you’d have to potentially empty your pockets to invest in an SME IPO. And still, there’s no guarantee that the listing will fill your wallets. For all you know, your pockets before and after the IPO is listed might stay the same - EMPTY! There's also the question of whether or not these SMEs are able to maintain their listing day mojo, or do they just fizzle out thereafter? Data from Prime Database highlights more instances of the latter. As of August 2024, about 166 SME IPOs had made it to the exchanges. Around 72 of them, or close to 50%, could not sustain their momentum going ahead, and were trading below their listing day prices. Consider this. The post listing gains of Medicamen Organics, whose IPO came out in June 2024, earned its investors massive listing gains of over 300%, by listing at Rs 137.85, significantly higher than its price issue price, which was set between Rs 32-34. But as of October 1, 2024, the stock was trading at Rs 64.2. Talk about falls. Additionally, risks of pump-and-dump, and illiquidity, among others makes SME IPOs dangerous See, you're largely venturing into unknown, pitch-dark territories, without much light to guide you. For starters, SME IPOs face less scrutiny from market watchdog SEBI. This also means they are able to list quickly, just 3-4 months. On the other hand, mainboard IPOs can take upto a year before they are cleared for listing. Also, there is far less information and disclosures available about their financials, fundamentals and performance to investors for making an informed decision, as compared to mainboard stocks. Then there’s the issue of illiquidity. Once purchased, you might find it hard to sell off your SME stocks, since they are not traded as frequently in the market, which means lower liquidity. Trivesh D, COO, Tradejini explains that liquidity is a major concern for such stocks. “These stocks typically have a smaller free float, and are traded in lots, which can lead to volatility and sharp price swings. This means it can be challenging for investors to buy or sell shares without significantly impacting prices. Additionally, speculative trading practices, like 'pump-and-dump' schemes, can inflate stock prices, leaving retail investors vulnerable to sudden drops”. Recently, SME IPOs have gained notoriety for price manipulation via showing fictitious sales and revenue in their books of accounts, selling of promoter holdings at inflated prices, and being the facade for many infamous <keyword id="10663340" type="General" weightage="20" keywordseo="Pump-and-Dump" source="Orion">pump and dump</keyword> schemes. This is where select people create frenzy, or mass euphoria over a particular stock or company, causing its prices to soar, and then dumping them, or selling their shares at this massive price to make a killing! Infact, it's not just the promoters, but also the investment banks floating these IPOs. At present, SEBI is investigating around 6 investment banks which have allegedly charged SMEs a staggering 15% of funds raised via IPOs as fee, as opposed to the standard 1-3%. In March 2024, SEBI chairperson Madhabi Puri Buch had also highlighted witnessing signs of manipulation in the SME space. “We do see signs of manipulation in the SME segment. We are able to see certain patterns.” Buch had observed back then. Adds Kresha Gupta, Founder &amp; Director, StepTrade Share Services, “Investing in SME IPO comes with significant risks, despite their impressive returns in recent years. Limited participation from institutional investors and public in some SME IPOs also mean that those companies may lack the support and stability that comes with larger-scale investments” “Additionally, many SMEs may not have strong fundamentals to justify their valuations. High P/E ratios can be misleading, and while some IPOs have delivered impressive returns, they often come with significant volatility, continues D of Tradejini. <h2>So, should I stay away? </h2>Yes, and No. Yes, if you don't want to do your homework of researching the company thoroughly beforehand. Anand K. Rathi, Co-Founder of MIRA Money suggests asking a couple of questions before investing your hard earned money: <ul><li>What is the company's financial performance over the past 3-4 years?</li><li>What is the company's governance structure?</li><li>Is the financial success driven by the IPO, or is it a result of consistent performance?</li><li>Does the company have what it takes to scale its operations to the next level?</li><li>Are the company’s promoters trustworthy, capable and experienced?</li><li>What is the level of participation by large, institutional investors?</li></ul> But staying away completely? Not necessary. Gupta adds that retail investors, in particular, should avoid viewing SME IPOs as quick money-makers based on their short-term performance, as this can certainly lead to poor investment decisions. “To mitigate risks, investors should always focus on long-term fundamentals rather than just short-term price movements. Key indicators include the participation of institutional investors like DIIs and FIIs. This often signals confidence in the stock”, she continues. A red flag you should look out for is if a company is only offering OFS, or Offer for Sale. This can indicate early investors looking to exit, potentially signaling weaker future growth. That's why it is better to look for companies which are raising capital for expansion purposes. This is a sign of healthy business growth prospects and improving fundamentals. In conclusion, backing the underdog, or SMEs, is not a bad proposition, but not without its risks. Investing in SME IPOs is like riding a unicorn—but you don't know whether you're riding it to rags or riches! So, take your pick.

Why investing in SME IPOs should not be on top of your adventure to-do list!

<ul><li><keyword id="19897349" type="General" weightage="20" keywordseo="Ola-Electric" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Electric" meta.hostid="153" meta.entityid="Ola Electric">Ola Electric</keyword> has announced its plans to expand its sales and service infra to 10,000 outlets.</li><li>The company said it plans on reaching this by the end of 2025 and has initiated a network partner programme.</li><li>The programme is aimed at pushing sales into tier-2 and tier-3 cities.</li></ul>Bhavish Aggarwal-led Ola Electric on Thursday said it will establish 10,000 sales and service outlets by the end of 2025 to expand its reach across smaller cities and towns. The electric two-wheeler maker said it has initiated a network partner programme aimed at taking EV sales further into tier-2 and tier-3 cities, including urban pockets where EV penetration remains low. Under the initiative, the company has reportedly on-boarded 625 partners to expand its sales footprint across India, it said in a statement. The company further plans to have 1,000 partners ahead of the festive season this year, it added. <div type="twitter" handle="bhash" handlename="bhash" favoritecount="0" retweetcount="0" id="1839215479480549447"></div> Ola Electric said it aggressively plans to expand its network by on-boarding 10,000 partners, across sales and service, by the end of 2025. This, the company claims will give it an edge over its competitors. The company currently has around 800 company-owned stores, and with the network partner programme, it will have nearly 1,800 sales and service touch points ahead of the upcoming festive season. "Our D2C model has been extremely successful in driving sustainable business growth. The Network Partner Program will further amplify the benefits of our D2C network as it requires limited capital investment from partners and can be scaled up really fast," Ola Electric Chairman and MD Bhavish Aggarwal stated. While the company-owned stores will be the anchors of sales and service network, this programme will be instrumental in expanding the EV footprint deeper into the urban and rural markets, he added. "We will continue to expand and invest in our front-end network to accelerate EV adoption to #EndICEAge, and by the end of next year, will have 10,000 Network Partners across the country," Aggarwal said. Ola Electric sells electric scooters and bikes priced from ₹74,999 to ₹1,99,999. Ola Electric reported a sale of 27,506 units in August 2024, up from 18,749 vehicles sold in August 2023, reporting a 46.7% year-on-year growth. This is however lower than its July 2024 sales of 41,711 vehicles. The sale of <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword> has slowed down, amid reduced subsidies, an increase in customer issues with the vehicles and more. With inputs from agencies. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/airtel-is-using-ai-powered-technology-to-block-spam-calls-and-messages/articleshow/113691942.cms">Airtel is using AI-powered technology to block spam calls and messages</a> <a href="https://www.businessinsider.in/stock-market/webstories/diffusion-engineers-ipo-quick-review-ipo-gmp-risk-factors-and-more/slidelist/113687580.cms">Diffusion Engineers IPO quick review – IPO GMP, risk factors and more</a> <a href="https://www.businessinsider.in/stock-market/news/manba-finance-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113667907.cms">Manba Finance IPO allotment – How to check allotment, IPO GMP, listing date and more</a>

Ola Electric plans to expand sales and service infra to 10,000 outlets by 2025-end

<ul><li><keyword id="20243924" type="General" weightage="20" keywordseo="MapMyIndia" source="keywords" meta.keywordsubtype="org" meta.entityname="MapMyIndia" meta.hostid="261" meta.entityid="MapMyIndia">MapMyIndia</keyword> has accused <keyword id="19897349" type="General" weightage="20" keywordseo="Ola-Electric" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Electric" meta.hostid="261" meta.entityid="Ola Electric">Ola Electric</keyword> of stealing its map data for <keyword id="20251740" type="General" weightage="20" keywordseo="Ola-Maps" source="keywords">Ola Maps</keyword>.</li><li>The company has claimed that Ola Electric has copied its data for “unjust commercial gains”.</li><li>The company has reportedly sent a legal notice to Ola Electric.</li></ul> Ola Electric is all set to raise funds from the primary market through an<a href="https://www.businessinsider.in/stock-market/news/upcoming-ipos-this-week-ola-electric-akums-drugs-and-more/slidelist/112097714.cms"> initial public offering</a> (IPO) which is set to open on August 2. Ahead of the IPO, <keyword id="21641099" type="General" weightage="20" keywordseo="CE-Info-Systems" source="keywords" meta.keywordsubtype="org" meta.entityname="CE Info Systems" meta.hostid="261" meta.entityid="CE Info Systems">CE Info Systems</keyword>, the parent company of homegrown MapMyIndia has accused the Bhavish Aggarwal-led company of stealing map data. According to a<a href="https://www.forbesindia.com/article/news/mapmyindia-alleges-ola-copied-data-for-maps-slaps-legal-notice/93765/1"> report</a> by Forbes India, MapMyIndia in a legal notice has accused Ola Electric of stealing its map data after the company launched its own mapping service, Ola Maps. MapMyIndia has claimed that Ola Electric has breached its license agreement. The electric two-wheeler maker had partnered with MapMyIndia to offer navigational services on its electric scooters. <h2>Data copied</h2>MapMyIndia has claimed that Ola Electric has duplicated the API (application programming interface) and SDKs (software development kits) from the company’s proprietary sources to build Ola Maps. <div type="Article" hostid="261" msid="112039063" title="Pixel 9 series design and specs revealed ahead of launch next month" mstype="2" mssubtype="0"></div> “It is firmly stated that our client’s exclusive data has been copied/derived by you to further your illegal motive and for your unjust commercial gains,” MapMyIndia reportedly said in its notice. Further, the company dismissed Ola Electric’s claim of developing the map data for Ola Maps from Open Map. “Your assertion that you have developed API and map data/Ola Maps solely through open map is factually incorrect and not tenable,” the company added. The company has said that the agreement signed between the two companies prohibits co-mingling and reverse engineering under the Intellectual Property laws. “By indulging in such unscrupulous and illegal activities, you have acted in blatant defiance of the terms and conditions of the agreement and have further infringed the copyright vested exclusively in our client pertaining to the source code,” the notice reads. Ola Electric in a statement to Business Insider India has denied the allegations. “Ola Electric wishes to address the recent claims made by CE Info Systems Limited (“CE Info”) in relation to the alleged issues with Ola Maps vis-à-vis MapMyIndia and reported in news media. We would like to state unequivocally that these allegations are false, malicious and misleading. Ola Electric stands by the integrity of its business practices. We will suitably respond to the notice shortly," an Ola Electric spokesperson said in a statement to Business Insider India. The Delhi-based Geotech startup has said that it will initiate appropriate civil and criminal legal action against Ola Electric. Earlier this month, the share price of MapMyIndia jumped by up to 10% during the Budget 2024-25 as Finance Minister Nirmala Sitharaman announced that land records in urban areas will be digitised using GIS mapping, highlighting the rising importance of such data. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/upcoming-ipos-this-week-ola-electric-akums-drugs-and-more/slidelist/112097714.cms">Upcoming IPOs this week – Ola Electric, Akums Drugs and more</a> <a href="https://www.businessinsider.in/business/auto/news/government-extends-ev-subsidy-scheme-till-september-30-increases-outlay/articleshow/112062360.cms">Government extends EV subsidy scheme till September 30, increases outlay</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-to-manufacture-iphone-16-pro-models-in-india-soon-after-launch/articleshow/112045172.cms">Apple to manufacture iPhone 16 Pro models in India soon after launch</a>

Ola Electric IPO – MapMyIndia accuses company of stealing map data days before IPO opens

<keyword id="19986399" type="General" weightage="20" keywordseo="tata-electronics" source="keywords">Tata Electronics</keyword> has signed a memorandum of understanding with <keyword id="20120108" type="General" weightage="20" keywordseo="tokyo-electron" source="keywords">Tokyo Electron</keyword> to buy equipment and services for its under-construction chip units in Gujarat and Assam. Under the agreement, Tata Electronics and <keyword id="20423333" type="General" weightage="20" keywordseo="tel" source="keywords">TEL</keyword> will also focus on training Tata Electronics' workforce on TEL equipment and supporting ongoing improvement and research and development initiatives. "Tata Electronics...signed a memorandum of understanding with <keyword id="23110637" type="General" weightage="20" keywordseo="tokyo-electron-limited" source="keywords">Tokyo Electron Limited</keyword> (TEL), a leading global supplier of semiconductor equipment and services. The two companies will collaborate to accelerate semiconductor equipment infrastructure for <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s first Fab being built by Tata Electronics in Dholera, Gujarat, and for its assembly and test facility in Jagiroad, Assam," Tata Electronics said on Monday. Tata Electronics is building India's first Fab in Dholera, Gujarat, with a total investment of Rs 91,000 crore and assembly and testing of semiconductor chips with investment of Rs 27,000 crores in Jagiroad, Assam. Together, these facilities will produce semiconductor chips for applications across automotive, mobile devices, artificial intelligence (AI), and other key segments to serve customers globally, the statement said. "TEL has a history of working closely with its customers, and its expertise in the semiconductor equipment space will help build a dynamic ecosystem to support the timely execution of bringing up our Fab and advanced packaging factories," Tata Electronics managing director and CEO, Randhir Thakur said. TEL will explore opportunities to leverage India's talent to establish an engineering service in India to support its global product development, the statement said. "This strategic collaboration spans both front-end fabrication and back-end packaging technologies, highlighting our commitment to delivering exceptional support and value to Tata Electronics. By leveraging our collective strengths, we aim to accelerate development and drive innovation across multiple technology nodes," TEL, President and CEO, Toshiki Kawai said. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/ather-energy-looks-to-raise-3100-crore-files-ipo-papers-with-sebi/articleshow/113214971.cms">Ather Energy looks to raise ₹3,100 crore, files IPO papers with SEBI</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-pro-iphone-16-pro-max-india-price-specifications/articleshow/113204340.cms">iPhone 16 Pro and iPhone 16 Pro Max with bigger displays, A18 Pro chipset launched starting at ₹1,19,900</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-iphone-16-plus-price-specs/articleshow/113203568.cms">iPhone 16, iPhone 16 Plus with A18 chipset launched starting at ₹79,900</a>

Tata Electronics signs pact with Tokyo Electron to buy semicon equipment

<keyword id="19906778" type="General" weightage="20" keywordseo="Infosys" source="keywords">Infosys</keyword> says that the Karnataka State authorities are withdrawing the pre-show cause <keyword id="19951327" type="General" weightage="20" keywordseo="GST" source="keywords">GST</keyword> notice issued to Infosys with a tax demand of Rs 32,403 crore, the company informed the exchange in a filing on Friday, "The Company has received a communication from Karnataka State authorities, withdrawing the pre-show cause notice and has directed the Company to submit a further response to DGGI central authority on this matter," said Infosys Earlier on Wednesday the Karnataka State GST authorities issued a pre-show cause notice to Infosys for payment of GST of Rs. 32,403 crores for the period July 2017 to March 2022 towards the expenses incurred by overseas branch offices of <keyword id="19916185" type="General" weightage="20" keywordseo="Infosys-Limited" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys Limited" meta.hostid="345" meta.entityid="Infosys Limited">Infosys Limited</keyword>. The Company responded to the pre-show cause notice and stated that the Company believes that as per regulations, GST is not applicable to these expenses. "Additionally, as per a recent Circular (circular number 210/4/2024 dated June 26, 2024) issued by the Central Board of Indirect Taxes and Customs on the recommendations of the <keyword id="19994390" type="General" weightage="20" keywordseo="gst-council" source="keywords">GST Council</keyword>, services provided by the overseas branches to Indian entity are not subject to GST," said the company. The clarification from Infosys came post news articles published on Wednesday for non-payment of GST towards expenses incurred by the overseas branches of the Company. Infosys said GST payments are eligible for credit or refund against the Infosys says that the Karnataka State authorities are withdrawing the pre-show cause GST notice issued to Infosys with a tax demand of Rs 32,403 crore, the company informed the exchange in a filing on Friday, "Infosys has paid all its GST dues and is fully in compliance with the central and state regulations on this matter," the statement said. (ANI) SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank">Ola Electric IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank">Nothing Phone (2a) Plus with Dimensity 7350 Pro chipset launched in India starting at ₹29,999</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank">Indian smartphone shipments decline by 2% in Q2 2024, Xiaomi retakes the throne</a>

Infosys says Karnataka govt withdrawing pre-show cause notice on GST notice

IPOs of <keyword id="22105289" type="General" weightage="20" keywordseo="Aasan-Loans" source="keywords">Aasan Loans</keyword> (<keyword id="22105288" type="General" weightage="20" keywordseo="Akme-Fintrade" source="keywords">Akme Fintrade</keyword> India) and <keyword id="22105291" type="General" weightage="20" keywordseo="DEE-Piping-Systems" source="keywords" meta.keywordsubtype="org" meta.entityname="DEE Piping Systems" meta.hostid="261" meta.entityid="DEE Piping Systems">DEE Piping Systems</keyword> (DEE Development Engineers Limited) are set to hit the D-street for subscription today, and will close on Friday, 21st June. With a price band of Rs 114-Rs 120, Aasan Loans, which offers loans to rural and semi-urban populations, aims to raise 132 crores via a fresh issue of 1.1 crore shares. With its niche in vehicle and business financing, experts are advising staying away from the <keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>, given how competitive the Indian NBFC space is. The company also harbours significant NPAs, and has had some compliance issues in the past as well. The other mainboard IPO, <keyword id="22105286" type="General" weightage="100" keywordseo="DEE-Piping" source="keywords">DEE Piping</keyword> Systems, intends to raise Rs 418 crore via combination of fresh issue and offer for sale (OFS). While Rs 325 crores will be raised via fresh issue, Rs 93.01 crores will be raised via OFS. With its price band set between Rs 193-Rs 203, DEE specialises in providing piping solutions to oil, gas, chemicals and power industries. <cmsannotation type="cmsannotation" annotationid="SME IPO dashboard" comment="subhead" text="SME IPO dashboard">SME IPO dashboard</cmsannotation> While these are mainboard IPOs, 3 small and medium enterprises (SME), namely <keyword id="22105292" type="General" weightage="20" keywordseo="Falcon-Technoprojects-India" source="Orion">Falcon Technoprojects India</keyword>, <keyword id="22071172" type="General" weightage="20" keywordseo="Durlax-Top-Surface" source="Orion">Durlax Top Surface</keyword> and <keyword id="22105290" type="General" weightage="20" keywordseo="Gem-Enviro" source="keywords">GEM Enviro</keyword> are also opening for subscription today. The company, which aims to raise Rs 13.69 crore, offers mechanical and plumbing services, which includes installing air conditioners, water supply and lighting systems. Its share price has been set at Rs 92. The other company on the SME dashboard is Durlax Top Surface, which has 2 brands, namely LUXOR and ASPIRON. The company manufactures solid surface materials, which include UV acrylic solid sheets. The company wants to raise Rs 40.80 crore, out of which Rs 28.56 crore will be raised via fresh issue, and the remaining will be accumulated via offer for sale. The stock’s price band is set between Rs 65-68. Gem Enviro, which specialises in plastic waste management and recycling, aims to raise Rs 44.93 crore via this IPO. Stock analyst Dilip Dawda recommends investing in this IPO for medium to long-term gains, given that the company has paid dividend over the past 2 years <cmsannotation type="cmsannotation" annotationid="IPOs closing today" comment="subhead" text="IPOs closing today">IPOs closing today</cmsannotation> IPOs of <keyword id="22105287" type="General" weightage="20" keywordseo="GPES-Solar" source="keywords" meta.keywordsubtype="org" meta.entityname="GPES Solar" meta.hostid="261" meta.entityid="GPES Solar">GPES Solar</keyword>, which opened on 14th June, and United Cotfab, which opened on 13th June, are closing today. GPES Solar, which is in the business of solar inverters and panels, aims to raise Rs 31 crore. Its IPO was oversubscribed around 408.3 times. Retail investors oversubscribed to the share by around 519.57 times. However, Dawda recommends subscription to this IPO only if you are a market veteran and have surplus, long-term funds to park. The IPO of United Cotfab, which manufactures open-end cotton yarn, is also closing today. It was oversubscribed by 48.27 times in the retail investor category. While the company intends to raise Rs 36.29 crore entirely via fresh issue, experts have raised concerns about the company’s profitability and sustainability.

You Searched For "RNFI Services Limited IPO" and got 8 results

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Tata Electronics signs pact with Tokyo Electron to buy semicon equipment

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Infosys says Karnataka govt withdrawing pre-show cause notice on GST notice

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