Abhishek Securities

  Indian logistics unicorn Delhivery has raised investment from Steadview Capital. The global investment firm has picked up $25 million worth shares in Delhivery through a secondary transaction. With the investment, the co-founder of the logistics unicorn hinted that the startup would head towards an IPO soon. “Steadview is a long-term investor and we see them playing a key role as Delhivery heads towards the public markets in the next 12-15 months,” said Sahil Barua, founder and CEO of Delhivery. Steadview Capital has also invested in other Indian unicorn startups such as Dream11, Nykaa, Ola, Unacademy, Policybazaar, Zomato, Lenskart among others. “We are excited to partner with the excellent management team of Delhivery. The company’s tech-centric approach has been a key enabler in ensuring faster delivery speeds, decreasing logistics costs, and increasing e-commerce adoption in the country over the last decade. We believe Delhivery is well-positioned to become the largest logist...

  India’s mass transit systems, unreliable even before the coronavirus pandemic, were shut off completely when the country locked down. As a result, Indians rushed to find alternative transportation, and that often meant used cars. A major beneficiary was Cars24 Services Pvt., an online marketplace for used cars based in Gurgaon, India. The company’s valuation jumped to more than $1 billion after a new round of funding, Cars24 plans to announce Tuesday. DST Global, the investment firm led by Russia-born billionaire Yuri Milner, invested $200 million in the deal. The investment doubles the total funds raised by Cars24 since the business was established five years ago. The chief executive officer and co-founder, Vikram Chopra, was an investment analyst early in his career at Sequoia Capital, one of the world’s most prominent venture capital firms and now a Cars24 investor. Chopra started Cars24 after having a hard time selling his car before a ...

  Leading edtech startup  BYJU'S on Friday announced the launch of BYJU'S Give initiative which aims to take digital learning to as many children as possible, giving them a chance at  remote learning . BYJU'S Give is part of "Education for All" initiative that endeavors to democratise education and provide five million underprivileged children across  remote areas access to quality online learning opportunities by 2025. In this initiative, citizens are encouraged to donate their old or unused smart devices that will then be refurbished and powered with BYJU'S content and distributed to children with no access to online education. "This simple gesture can give a new start to a child's education, especially in challenging times like these,"  Mrinal Mohit , COO, BYJU'S, said in a statement. "At the heart of this initiative, lies a humble dream of every member of the BYJU'S family -- to empower children with an equal opportunity to lea...

  The applicability of Indian tax laws is based on the residential status of a person rather than on citizenship. In case of an individual assessee, residential status is adjudged based on his physical presence in India. While a resident is taxed on his global income in India, a non-resident is taxed only on income accrued in India. Transfer of a capital asset The transfer of a capital asset situated in India instigates taxation in India. However, taxation is subject to relief available under the provisions of Double Taxation Avoidance Agreements (DTAA) between India and the country of residence of the non-resident. Tax incidence under the head “Capital Gains” hinges on the type of asset and holding period. A ‘capital asset’ means property of any kind held by a taxpayer and includes shares or securities in any Indian company. However, personal effects, stock-in-trade, consumable stores or raw materials held for the purpose of business or profession, etc., are excluded from the scop...

  With the rise in awareness about healthy eating, post the pandemic, companies such as Swiggy and BigBasket are looking at venturing into the heavy-duty nutraceutical segment by means of acquisitions and independent product launches. While Swiggy has been in talks with multiple companies for potential acquisitions, BigBasket is experimenting with a private label portfolio of nutraceutical products, according to sources privy to the development. Restaurant aggregator and Swiggy's rival Zomato is also learnt to be venturing into the space. Gaurav Gupta, Chief Operating Officer for five years at Zomato, will be looking at this division, he told the company's employees in an internal email. There is no immediate clarity on how Zomato plans to hit this segment. BigBasket response is awaited. Swiggy did not respond to queries from  Moneycontrol.   What is the nutraceutical segment? Nutraceuticals are defined as any food-related product which provides medical or health benefit....

  Despite the disruption caused by Covid-19, the Indian startup ecosystem is adding more names to the list of unicorns. Even in the pandemic-hit year, eight firms – namely Postman, Nykaa, Unacademy and Razorpay – have made it to the Elite Club even as the strictest and longest lockdown in the globe shook up the world’s third largest startup ecosystem. Some estimates suggest India is on the way to have 100 unicorns by 2025. But shares of these domestic unicorns and startups with David-sized earnings are already trading at Goliath-sized valuations in the  unofficial market  for trading in unlisted shares, or the so-called  grey market . The per share value of some of these companies have hit unimaginable levels. Oyo Rooms is trading at astronomical value of Rs 35-40 lakh a share. Food delivery and restaurant aggregators Swiggy trades at Rs 2.7-2.8 lakh and  Zomato  at Rs 3.10 lakh per share. Insurance unicorn Policy Bazaar is demanding Rs 7-7.5 lakh a s...

  Food delivery company Zomato is preparing to appoint merchant banks and law firms as it braces to become the first modern consumer internet IPO to list on the Indian bourses, people familiar with the matter told Moneycontrol. If Zomato’s plans fructify, it will be the first internet IPO since B2B online player  IndiaMart InterMesh  made its debut on D-street in June 2019. Local search engine company Just Dial ( in 2013) and  Info Edge  ( an investor in Zomato which debuted way back in 2006) are two other instances of internet IPOs on the domestic bourses. Online travel company MakeMyTrip listed overseas on the Nasdaq in 2010. “Zomato has picked Kotak Mahindra Capital as the left lead merchant bank for the proposed IPO in 2021. Additional merchant banks, both domestic and international, are likely to be added at a later stage. Law firms Cyril Amarchand Mangaldas and Indus Law are on board as legal advisors,” one of the persons cited above told Moneycontrol. A s...

  OYO Hotels & Homes has announced the opening up of its boutique home-stays under its brand, OYO Home in Kevadia, Gujarat. The announcement is in line with the company’s commitment to explore opportunities in the tourism sector of Gujarat. The company has opened four home-stays in the district and aims to open 20+ by the end of this year. The recent inauguration of jetty and  seaplane  service connecting Sabarmati riverfront and Narmada river in the district will also contribute and boost tourism in the region. As the Statue of Unity has opened up for tourists starting October 17, OYO aims to bring the art and culture of Gujarat’s heritage to the travellers in Kevadia providing them a flavour of the staying as a local. As OYO witnesses surge in demand for leisure travel across the country with states slowly unlocking, the hotel chain is expecting tourists based in neighbouring cities including Ahmedabad, Surat, Vadodara to visit Kevadia district to experience the hid...