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<ul><li>Reports say that Ola has shut down <keyword id="1666592" type="PERSON" weightage="20" keywordseo="Foodpanda">Foodpanda</keyword> and let go of numerous employees. </li><li>However, an Ola spokesperson said that the company remains committed to its mission of building a superior food experience to its customers.</li><li>In 2015, the company launched Ola Cafe, which only lasted for a year.</li></ul>Ola today denied media <a href="https://www.livemint.com/companies/start-ups/ola-drops-foodpanda-delivery-lays-off-several-employees-1558463350377.html">reports</a> about the ‘shutdown’ of its <keyword id="6376068" type="UNKNOWN" weightage="20" keywordseo="food-delivery">food delivery</keyword> vertical Foodpanda. “We continue to invest in expanding our facilities and kitchens, as well as our portfolio of food offerings for customers. We remain committed to our mission of building a superior food experience for millions of our customers,” said an Ola spokesperson. According to sources, Ola now has a redefined approach to food delivery with cloud kitchens – with more focus on its own brand instead of being a marketplace. With four private labels – The Khichdi Experiment, Grandma’s Kitchen, Lovemade and FLRT, sources say that Ola is actually ramping up its current 50+ cloud kitchens. The company is also looking at opening offline stores for these brands, say sources. While media reports also say that Ola has let go of numerous employees, sources say that it is hiring for its cloud kitchen business. "As part of our ongoing business repurposing initiatives, we are focused on building a portfolio of own food brands and curated food offerings through our fast expanding network of kitchens. Many of these offerings are already available in all major cities through the Ola and Foodpanda apps,” said the spokesperson. Ola had acquired Foodpanda in 2017, after its own tryst with food delivery – Ola Cafe failed. Launched in 2015, Ola Cafe shut down operations in just a year. <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/cost-cutting-is-at-top-of-the-menu-for-ola-at-foodpanda/articleshow/67717688.cms">Reports</a> have been doing the rounds since January 2019 about Ola’s rumoured to slash investments into Foodpanda. India’s food delivery industry has seen the emergence of two big players – Zomato and Swiggy. While other players like Ola and Uber, have offered food delivery along with their ride hailing services, the food vertical seems to have not taken off well because of <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/swiggy-zomato-in-top-gear-as-ride-hailing-companies-slow-down/articleshow/69405510.cms">cash burn.</a> Ola’s struggles with food delivery aside, Uber too has been barely managing to keep up with Zomato and Swiggy. In Uber’s IPO filing, it has mentioned its offering UberEats, to say that in India it competes with Swiggy and Zomato, who have a “substantial market-specific knowledge and established relationships with local restaurants, affording them significant product advantages.” See Also: <a href="https://www.businessinsider.in/ratan-tata-invests-in-ola-electric-mobility/articleshow/69199801.cms">Ratan Tata recharges Ola’s electric mobility wing – invests an undisclosed amount</a> <a href="https://www.businessinsider.in/zomato-and-swiggy-discounts-of-concern-to-indian-restaurants/articleshow/68256281.cms">In India, restaurants have a love-hate relationship with online food delivery platforms</a>

Ola denies shutting down Foodpanda, says it has a refocused approach to food delivery

Ride-hailing platform <keyword id="6354720" type="General" weightage="100" keywordseo="ola" source="Orion">Ola</keyword> has shut down its used vehicle business <keyword id="3295694" type="General" weightage="50" keywordseo="ola-cars" source="Orion">Ola Cars</keyword> as well as Ola Dash, its quick-commerce business, at a time when Indian companies are pouring money into the 10-15 minute grocery delivery market. The company shut Ola Cars within one years of its launch, as it focuses on its electric two-wheeler and car verticals. Ola has so far shut down <keyword id="2773874" type="General" weightage="50" keywordseo="ola-cafe" source="Orion">Ola Cafe</keyword>, food panda, Ola Foods, and now Ola Dash. "Ola has reassessed its priorities and decided to shut down Ola Dash - its quick commerce business. Ola will also be reorienting its Ola Cars business to focus more on strengthening the go-to-market strategy for <keyword id="4393078" type="General" weightage="50" keywordseo="ola-electric" source="Orion">Ola Electric</keyword>," the company said in a statement. It added that Ola Cars' infra, technology and capabilities will be "repurposed towards growing Ola Electric's sales and service network". Ola now aims to invest more towards its electric car, cell manufacturing, and financial services businesses. Ola Dash shuts down at a time when India's quick commerce market is all set to witness 15 times growth by 2025, reaching a market size of nearly $5.5 billion. The total addressable market for quick commerce in India stands at $45 billion, and urban areas are driving this market on the back of mid-high-income households. <keyword id="830092" type="General" weightage="50" keywordseo="zomato" source="Orion">Zomato</keyword> on Friday poured Rs 4,447 crore into acquiring quick-commerce grocery delivery platform Blinkit. In December 2021, Swiggy announced to pour $700 million into Instamart. Last month, 10-minute delivery platform Zepto raised $200 million, taking its valuation to around $900 million. Ola Electric is also facing scrutiny over faulty batteries in its electric two-wheelers, among other EV players like Okinawa Autotech, Pure EV, Jitendra Electric Vehicles, and Boom Motors, by the government. The Bureau of Indian Standard (BIS), which comes under the Union Consumer Affairs Ministry, has published the "performance standards for electronic vehicle batteries" in a bid to keep a strict control over the manufacturing of EV batteries. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/india-might-be-used-as-a-back-door-for-russian-oil-say-media-reports/articleshow/92480791.cms">India might be used as a 'back door' for Russian oil, say media reports</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/netflix-confirms-an-ad-supported-tier-is-coming-to-its-streaming-service-by-year-end/articleshow/92438291.cms">Netflix confirms an ad supported tier is coming to its streaming service by year end</a>

Ola shuts it used car and quick commerce businesses

<keyword id="14403260" type="General" weightage="20" keywordseo="Shikharr-Sood" source="Orion">Shikharr Sood</keyword>, the head of <keyword id="6354720" type="General" weightage="100" keywordseo="ola" source="Orion">Ola</keyword>'s Talent Acquisition, and in charge of talent acquisition for the entire Ola Group, is now reportedly the latest executive to leave the firm. His resignation comes amid several resignations by top executives. Several former executives said that product complaints, unit closures, and 'act fast, think later' culture has led to recent Ola troubles, CNBC reported, adding that the company is yet to respond to the query on Sood's resignation. Meanwhile, a recent media report also said that the ride-hailing platform Ola is planning to lay off up to 500 employees across departments as it aims to cut costs and streamline operations amid the ongoing funding winter. Meanwhile, a recent report said that the ride-hailing platform Ola is planning to lay off up to 500 employees across departments as it aims to cut costs and streamline operations amid the ongoing funding winter. According to reliable sources, SoftBank-backed Ola has asked senior executives to find employees in their teams on a performance basis who can be asked to go. The company is reportedly looking at "leaner and consolidated teams" to keep its "strong profitability intact". Ola, which has delayed its IPO plans, has also reportedly shopped its global investment plans to further expand overseas. The company currently has nearly 1,100 employees in its core ride-hailing business and directly competes with Uber. Last month, Ola shut down its used vehicle business <keyword id="3295694" type="General" weightage="50" keywordseo="ola-cars" source="Orion">Ola Cars</keyword> as well as <keyword id="13052888" type="General" weightage="50" keywordseo="ola-dash" source="Orion">Ola Dash</keyword>, its quick-commerce business. The company shut Ola Cars within one year of its launch, as it focuses on its electric two-wheeler and electric car verticals. Ola has so far shut down <keyword id="2773874" type="General" weightage="50" keywordseo="ola-cafe" source="Orion">Ola Cafe</keyword>, food panda, Ola Foods, and now Ola Dash. Meanwhile, <keyword id="4393078" type="General" weightage="50" keywordseo="ola-electric" source="Orion">Ola Electric</keyword>, facing a government probe into battery fires along with other EV players, has also seen some high-profile exits in recent months. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/not-just-crude-gold-silver-and-even-wheat-and-edible-oil-prices-are-going-down-in-india/articleshow/92748130.cms">It’s not just crude, gold, silver and even wheat and edible oil prices are going down</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/news/dmarts-growth-momentum-could-be-impacted-by-high-inflation/articleshow/92747965.cms">DMart has more stores and no disruptions like it wanted – and investors are excited</a>

Ola's talent acquisition head Shikharr Sood quits too

<ul><li>HR Director <keyword id="14299448" type="General" weightage="20" keywordseo="ranjit-kondeshan" source="Orion">Ranjit Kondeshan</keyword> quits as a top executive.</li><li>Ola witnessed 31 top-level resignations and 40 new postings since 2020.</li><li>The high-profile exits come at a time when Ola is reportedly planning its IPO this year.</li></ul>The resignation drive of senior executives at <keyword id="4393078" type="General" weightage="20" keywordseo="ola-electric" source="Orion">Ola Electric</keyword> continues and now, its Director HR Ranjit Kondeshan has decided to move on. According to sources, Kondeshan would depart from Bhavish Aggarwal-run electric mobility company on July 2, just 14 months after joining. According to his LinkedIn profile, Kondeshan joined Ola Electric Mobility from Visa where he worked for three years in Mumbai. Before Visa, he was Senior HR Manager at Bajaj Allianz Life. Ola Electric, facing a government probe in battery fires along with other EV players, has seen some high-profile exits in recent months. Nidhi Chaturvedi Jha quit Ola Electric as regional head in May and joined Amazon. In April, chief marketing officer Varun Dubey left the company due to "personal reasons". Earlier, Dinesh Radhakrishnan, who was the chief technology officer (CTO) at Ola Electric, moved on from the company. According to his LinkedIn profile, he was appointed CTO at Ola Electric in May last year. Meanwhile, Arun Sirdeshmukh who was head of Ola Cars, which is the used car commerce division of the company, announced his departure from the company. The high-profile exits come at a time when Ola is reportedly planning its IPO this year at a lower valuation than planned earlier as several startups' IPOs have proved to be a nightmare for the investors. Ride-hailing platform Ola this week shut down its used vehicle business Ola Cars as well as Ola Dash, its quick-commerce business, at a time when Indian companies are pouring money into the 10-15 minute grocery delivery market. The company shut Ola Cars within one years of its launch, as it focuses on its electric two-wheeler and car verticals. Ola has so far shut down Ola Cafe, food panda, Ola Foods, and now Ola Dash. Ola now aims to invest more towards its electric car, cell manufacturing, and financial services businesses. SEE ALSO: <a href="https://www.businessinsider.in/retail/news/lays-kurkure-and-bingo-are-taking-over-indian-snacks-like-aloo-bhujia/articleshow/92508625.cms">Lay’s, Kurkure and Bingo are taking over Indian snacks like Aloo Bhujia, Murukku</a> <a href="https://www.businessinsider.in/tech/enterprise/how-it-works-internet-of-things-iot-for-manufacturing/articleshow/92509382.cms">How IT Works: Internet of Things (IoT) for manufacturing</a>

Ola Electric’s HR Director quits after fourteen months as top executives depart

<ul><li><keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> co-founder <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> is pumping $91 million into the ride-hailing <keyword id="138263" type="PERSON" weightage="20" keywordseo="startup">startup</keyword>. </li><li><keyword id="6354720" type="UNKNOWN" weightage="20" keywordseo="ola">Ola</keyword>’s valuation stays at $5.7 billion. </li><li>The cab-hailing app is reportedly looking to venture into the e-pharmacy segment too.</li></ul>Flipkart co-founder Sachin Bansal has reportedly made his first investment post his exit from the e-tail giant, pumping $91 million into Indian cab hailing <keyword id="152045" type="ORGANIZATION" weightage="20" keywordseo="Unicorn">unicorn</keyword> <a href="https://www.moneycontrol.com/news/business/startup/flipkart-founder-sachin-bansal-takes-a-21-million-ride-in-ola-3387561.html">Ola</a>, which appears to be on a massive expansion spree. Bansal announced his exit from Flipkart after its $16 billion acquisition by Walmart last year. Sachin Bansal, along with former Flipkart Group CEO Binny Bansal, famously grew Flipkart from a two-bedroom apartment business to one of <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>’s biggest e-retail giants. He reportedly sold his 5.5% stake for $1 billion in the sale Bansal had initially pumped in $21million which got him 70,588 series J preferred shares at a price of <a href="https://www.livemint.com/Companies/keHGGkLpfiI2WacfOCysCI/Sachin-Bansal-buys-stake-in-Bhavish-Aggarwals-Ola.html">₹21,250 per share.</a> The investment is said to be a part of Ola’s series J funding round. Ola could be raising <a href="https://yourstory.com/2019/01/ola-set-raise-2b-focus-evs-foodpanda-international-markets/">$2 billion</a> in the round. Ola's current investors include the likes of Tencent, Softbank, Hong Kong-based Sailing Capital among others. It is also reportedly looking at raising money from Singapore-based Temasek. However, with this investment, the valuation of the company stays the same at $5.7 billion. Bansal is reportedly putting in his own money, and not from the new $1 billion VC fund he is said to be raising. It will give Ola a financial heft in fighting its global rival Uber. Not just a cab company Ola, which has thus far focused on cab hailing, has been in a race to become India’s biggest startup and looking at venturing into other businesses. It has experimented with the Electric Vehicle market recently, bringing in <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/indian-ride-hailing-firm-ola-to-launch-10000-electric-vehicles-over-12-months/articleshow/63780448.cms">10,000</a> EV rickshaws on to Indian roads. Earlier in 2015, the company also tried its hand in food delivery with Ola Cafe. However, it had to shut down operations in just a year. Later in 2017, Ola acquired food delivery startup Foodpanda to stay in the game. Talks were also doing the rounds that Ola is also looking at entering the e-pharmacy segment with the acquisition of Bengaluru-based Myra Medicines. See Also: <a href="https://www.businessinsider.in/indias-two-startup-icons-switch-to-the-other-side-as-venture-capitalists/articleshow/67420444.cms">India’s two startup icons switch to the other side — as venture capitalists</a> <a href="https://www.businessinsider.in/indian-unicorn-flipkarts-board-approves-15-billion-deal-with-walmart/articleshow/64027810.cms">Indian unicorn Flipkart's board approves $15 billion deal with Walmart</a> <a href="https://www.businessinsider.in/how-flipkart-went-from-being-an-online-bookseller-to-indias-biggest-e-commerce-story/articleshow/64100266.cms">How Flipkart went from being an online bookseller to India’s biggest e-commerce story</a>

Watch out Uber. Sachin Bansal gets Ola share after selling Flipkart

<keyword id="822365" type="PERSON" weightage="20" keywordseo="Ankur-Tewari">Ankur Tewari</keyword> is a known name in the Mumbai entertainment industry; he’s multitalented – A singer, songwriter, filmmaker, actor besides many other roles but he's not mainstream to the public which surprisingly saw him in another new avatar. 
 
He recently tied up with <a href="http://www.businessinsider.in/This-is-why-Ola-laid-off-another-250-employees-last-week/articleshow/54017399.cms">Ola </a>and doubled up as a cab-driver for their premium car service- <keyword id="6354720" type="PERSON" weightage="60" keywordseo="Ola">OLA</keyword> Prime SUV to promote and seek feedback on his latest track. Ola made a video of his driving experience through the day. 
 He drove around Borivali, Mumbai. Business Insider talked to the <keyword id="1244359" type="UNKNOWN" weightage="20" keywordseo="indie">indie</keyword> Indian and asked him about his experience,’ It was a great drive. I pitch to strangers all the time in an <keyword id="6356024" type="PERSON" weightage="20" keywordseo="Irani">Irani</keyword> cafe in <keyword id="6355597" type="PERSON" weightage="20" keywordseo="bandra">Bandra</keyword>, near my house so it was nothing <a href="http://www.businessinsider.in/Back2Basics-is-an-organic-food-startup-that-wants-you-to-eat-the-most-sustainable-and-the-healthiest-produce-available/articleshow/54407604.cms">out-of-the-blue.’</a> 
 
<a href="http://www.businessinsider.in/Delivery-technology-from-drones-to-bots-what-will-deliver-your-e-commerce-packages-in-the-future/articleshow/54044952.cms">Also Read: From drones to bots- What will deliver your future?</a> 
 In the video, we see the musician picking up several people who booked an Ola ride. He asks them to vote <keyword id="51958" type="ENTERTAINMENT" weightage="20" keywordseo="YES">Yes</keyword>, No or Maybe to a song ‘Harkat’ from his upcoming album. This quirky social experiment was taken in stride by most people except some who turned a little rancid but the musician didn’t mind. He quips ‘I like weird people; I’m an artist after all. To think of it, I’m used to testing out my songs in a car after a jamming session with friends. I find rude and stern people funny and like breaking the ice with them. It’s a great litmus test.’ 
 
He remembers picking up around twelve rides in a 7-hour shift where he took breaks, unlike an Ola driver who usually pulls a 12-hour shift. 
 All this effort was done for promoting ‘Side A/ Side B’ his upcoming album in which he collaborates with different artists from all around the world in the first part 'Side A' which arrives this October. The album also features Karsh Kale, Grain, <keyword id="1801092" type="UNKNOWN" weightage="20" keywordseo="Sandunes">Sandunes</keyword> &amp; <keyword id="2965115" type="UNKNOWN" weightage="20" keywordseo="Zoe-Viccaji">Zoe Viccaji</keyword>. Throughout the album, he plays with his band ‘ghalat' family consisting of <keyword id="802" type="PERSON" weightage="20" keywordseo="Gaurav-Gupta">Gaurav Gupta</keyword> (guitarist), <keyword id="1313929" type="PERSON" weightage="20" keywordseo="Johan-Pais">Johan Pais</keyword> (bassist), <keyword id="1277022" type="PERSON" weightage="20" keywordseo="Sidd-Coutto">Sidd Coutto</keyword> (drummer) and <keyword id="2102816" type="UNKNOWN" weightage="20" keywordseo="Vivaan-Kapoor">Vivaan Kapoor</keyword> (percussionist). 
 
Well, we wouldn’t mind going on a quirky road-trip with this entertainer. 
 
Watch the Ola video here.

This Indie Musician Turned An Ola Cab Driver For A Day

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Good morning! It's a bright start to the week in London. Here's the tech news you need to know this morning.1. <a href="http://uk.businessinsider.com/new-apple-tv-features-details-2015-3">New details of the refreshed Apple TV may have leaked.</a> It could come with its own App Store, as well as Siri on the device.2. <a href="http://uk.businessinsider.com/ellen-pao-can-sue-kleiner-perkins-for-damages-2015-3">Interim Reddit CEO Ellen Pao will be allowed to seek punitive damages in her case against VC firm Kleiner Perkins Caufield &amp; Byers.</a> She is suing the company for gender discrimination.3. <a href="http://uk.businessinsider.com/meerkat-raises-12-million-2015-3">Video streaming app Meerkat has raised $12 million in new funding.</a> The round was led by Greylock Partners, and the valuation was expected to be around $40 million pre-money.4. <a href="http://uk.businessinsider.com/google-expected-to-face-antitrust-charges-in-europe-next-month-2015-3">Antitrust officials in Europe are expected to file charges against Google.</a> It's reportedly going to happen "soon."5. <a href="http://uk.businessinsider.com/chris-payne-replaces-sean-rad-as-tinder-ceo-2015-3">Dating app Tinder has a new CEO.</a> Former eBay executive Chris Payne is taking over from Sean Rad.6. <a href="http://uk.businessinsider.com/uber-un-women-partnership-2015-3">UN Women is no longer going to partner with Uber on an initiative to help women find jobs.</a> Uber had previously announced that it had the UN's support on the move.7. <a href="http://uk.businessinsider.com/amazon-unlocked-will-offer-free-android-apps-2015-3">Amazon is launching a service that's similar to Amazon Prime, but for Android apps.</a> It's called Amazon Unlocked.8. <a href="http://uk.businessinsider.com/apple-used-masks-and-climate-chambers-to-test-apple-watch-2015-3">ABC News was given a look inside Apple's testing process for the Apple Watch.</a> It shows Apple employees using breathing masks as they exercise.9. <a href="http://techcrunch.com/2015/03/20/amazon-loses-its-general-manager-of-payments-following-wallet-shutdown/">Amazon's VP and general manager of payments is leaving.</a> One of the products Matt Swann worked on, Amazon Wallet, was shut down in January.10. <a href="http://tech.economictimes.indiatimes.com/news/mobile/ola-order-food-delivery-olacafe/46630043">India's biggest Uber competitor, Ola, will start delivering food.</a> Ola Cafe will serve lunch, dinner and evening snacks on demand. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/evantubehd-youtube-star-evan-toys-unboxing-2015-2">This 9-year-old makes $1 million a year opening toys</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="c1M3I2czpfpUbfSp-pk66DP24nakx303" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

10 things in tech you need to know today

B9 Beverages Ltd, Bira 91's parent company, on Wednesday said it is raising $25 million in new funding from <keyword id="20841250" type="General" weightage="20" keywordseo="tiger-pacific-capital" source="keywords">Tiger Pacific Capital</keyword>, an Asia-focused fund headquartered in New York and Hong Kong. The new investment is part of a $50 million round raised by the company, with participation from its existing investor, <keyword id="20635955" type="General" weightage="20" keywordseo="kirin-holdings" source="keywords">Kirin Holdings</keyword> of Japan, and Tiger Pacific Capital from New York, it said in a statement. "As Bira 91 takes next steps to drive growth across markets and strengthen its supply chain, this new partnership will strengthen the company's balance sheet considerably," said <keyword id="20841253" type="General" weightage="20" keywordseo="ankur-jain" source="keywords">Ankur Jain</keyword>, Founder and CEO, Bira 91. With this capital, "we will expand our manufacturing footprint to new regions, including Uttar Pradesh," he added. The company has six large-scale manufacturing plants in the country. Bira 91 is now the fourth largest beer company in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>, behind only multinationals like Heineken, AB-Inbev and Carlsberg, and has experienced strong double-digit growth since its inception 9 years ago. The company also owns the country's largest beer-focused pub chain, The Beer Cafe. "We are excited to partner with emerging companies in India, especially brands like Bira 91 with a unique understanding of the new Indian consumer, and a strong local manufacturing footprint," said <keyword id="20847970" type="General" weightage="20" keywordseo="run-ye" source="keywords">Run Ye</keyword>, Founder of Tiger Pacific Capital. Founded in 2015, B9 Beverages is backed by leading investors including Japan's leading beer company, Kirin Holdings, Japan's largest bank, MUFG Bank, Sofina of Belgium, and Peak XV Partners (formerly Sequoia India). SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-smartphone-debuts-in-india-priced-starting-at-23999/articleshow/108240037.cms">Nothing Phone (2a) smartphone debuts in India, priced starting at ₹23,999</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-grow-by-24-in-february-2024-ola-electric-leads-with-over-40-market-share/articleshow/108227956.cms">Electric two-wheeler sales grow by 24% in February 2024, Ola Electric leads with over 40% market share</a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-14-to-launch-in-india-on-march-7-to-take-on-the-galaxy-s23-and-oneplus-12/articleshow/107841326.cms">Xiaomi 14 to launch in India on March 7, to take on the Galaxy S23 and OnePlus 12</a>

Bira 91 raises $25 mn to expand manufacturing footprint

The spectacular debut of <a href="http://www.businessinsider.in/searchresult.cms?query=indigo">IndiGo</a> , India's biggest airline by market share, on the bourses on Tuesday, not only reflected investor’s confidence in India’s potential as one of the world's fastest growing aviation markets but a possible resurgence of the primary market after a prolonged lull. This was despite a premium valuation at around $4 billion (it is twice as valued compared with the combined valuation of peers Jet Airways and SpiceJet). 
 
For a perspective, InterGlobe Aviation Ltd, which runs the carrier, raised $453.52 million last month through its initial public offering, which was the largest IPO since telecom tower firm Bharti Infratel Ltd raised $750 million in December 2012. 
 
IndiGo’s blockbuster market entry is a sharp contrast to the debut of Coffee Day Enterprises Ltd (that runs India’s largest cafe chain Cafe Coffee Day) as it struggled to sail through and revive hopes that the <a href="http://www.businessinsider.in/searchresult.cms?query=ipo+market">IPO market</a> in India is finally turning around. 
 
Last two years have been a dismal period for the primary market in the country, reflecting the lack of momentum that prevailed across the broader market prior to the Narendra Modi-led Indian government assumed power. 
 
The lacklustre history of the IPOs, launched in the last decade and underperformed, also proved to be a dampener for investors who have already been skeptical about the slow pace of structural reforms that are needed to revive market sentiments. 
 
Complex listing rules also pulled back companies from tapping the primary market to raise funds—till recently the IPO market was governed by archaic rules that have existed for decades. 
 In addition, companies, especially those in the booming technology sector, have been exploring alternative sources of finance. For example, while e-commerce major <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> raised more than $1billion from Private Equity investors over the last one year, its close competitor <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword> raised close to $1billion. Ola, India’s leading taxi-hailing app, which raised roughly $650 million from Private Investors recently, is another example of next-generation technology-driven startups that are tapping the PE source of funding for growth. 
 
However, the prospects of the IPO market seem to be changing. More than a dozen companies have filed draft papers with markets regulator <a href="http://www.sebi.com/">SEBI</a> for public offers since the new government took charge at the Centre in May 2014. Besides, many companies, which scrapped their IPO plans earlier due to bad market conditions, have been keen to make another attempt to enter the capital markets. 
 
These translated in to a modest uptick in IPOs during 2015, after two years when the primary markets were almost dead. Though the money raised through IPOs this year is small compared with $8 billion raised in 2010, the last time Indian primary markets really took off. But, it is believed to be a trigger for more sizable IPOs going ahead. 
 
The renewed confidence of investors, especially FIIs, after the <a href="http://www.businessinsider.in/searchresult.cms?query=Modi">Modi</a> government took over contributed to the revival of the secondary market—where investors trade previously issued securities—which peaked over a year since BJP came to power and thus provided fodder for an uptick of the primary market as well. 
 
Of course, the markets are seeing a correction—bench market indices BSE Sensex and Nifty lost more than 10% over two months—driven by the slower growth numbers reported by China. 
 
However, India’s long-term story remains intact as it can turn China’s pain into its gain as an alternative investment destination for large FIIs. 
India continues to be among the most favoured by emerging market investors given the country's strengthening macro fundamentals. Though concerns over the economy as well as cultural tolerance have risen recently, they haven't hampered investor sentiment significantly. 
 
Also, as indicated by the government’s move on Tuesday to further relax FDI norms in over 15 sectors, including defence, realty and broadcasting, the policy initiative to bring in structural reforms is still well on track. Therefore, the chances of a continued revival of the primary market are bright. 
 
The IPO activity is expected to gain more momentum driven by the enhanced need for the companies to go beyond the Private Equity route to raise capital for growth and expansion. Many companies and investors are also turning to the IPO route as a preferred option for generating liquidity. 
 
The renewed interest in IPOs is also driven by private-equity backed firms which are capitalising on the positive market sentiment to provide an exit for their investors. 
 
According to Dealogic, Indian companies have raised around $1.03 billion via IPOs so far this year, well above the $282 million for all of last year and $295 million in 2013. More companies in sectors such as banking and financial services, technology, logistics and pharma are expected to tap primary markets in the near future. 
 
While size of the IPOs raised in India remain relatively small compared with those seen in the US or other Asian financial capitals such as Hong Kong and Tokyo, the uptick in the primary market proves that activity seen by the secondary markets after May 2014 is not just an aberration and strengthens India’s status as a preferred investment destination amid shades of gloom elsewhere, including China. 
 
(Image: Thinkstock)

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