Tag: Inc42 Media

The Initial Public Offering (IPO) of SEDEMAC Mechatronics, a company specializing in electronic control systems, opened with subdued demand, garnering only a 1% subscription rate by 12:21 IST on the first day of bidding.

The public issue attracted bids for 64,064 shares out of the total 56.33 lakh shares available for subscription. The segment reserved for qualified institutional buyers (QIBs) received no bids, indicating a lukewarm response from institutional investors. The non-institutional investors (NII) category saw a minimal subscription rate of 0.01 times, with bids coming in for 6,996 shares against 12.05 lakh shares on offer. The retail segment demonstrated slightly higher interest, reaching a 2% subscription rate with bids for 54,054 shares against 28.12 lakh shares reserved.

SEDEMAC Mechatronics, founded in 2007, is offering an entirely OFS IPO with 80.43 lakh shares, aiming to raise approximately ₹1,087 crore and seeking a valuation of around ₹5,970 crore.

The lukewarm reception of the IPO may shed light on the challenges deeptech companies face in attracting investor interest. The final subscription numbers and the subsequent listing of SEDEMAC Mechatronics’ shares will be closely watched by industry experts for insights into the investor sentiment towards deeptech ventures.

Source: Inc42 Media

The Central Consumer Protection Authority (CCPA) has levied a penalty on edtech startup Raising Superstars for deceptive advertising practices related to child development milestones. The Mumbai-based company faced an ₹8 Lakh fine for claims such as babies crawling at 3 months and walking at 8 months. Raising Superstars, known for its activity-based educational videos targeting young children, promoted these assertions under its ‘Prodigy Framework Program’.

The issue came to light after a complaint from the Advertising Standards Council of India (ASCI) in 2022. Despite repeated requests for substantiating evidence and customer feedback, the startup failed to provide objective data to support its statements. As a result, the CCPA found that Raising Superstars lacked any internal validation of its advertised outcomes.

While the misleading content attracted 13,000 new users before the ASCI intervention, the startup later modified its website disclaimers and terms to clarify that individual results may vary and that their programs are designed to be child-centric and stress-free.

Source: Inc42 Media

Aman Gupta, the former cofounder of boAt, has announced the launch of a new tech venture called OffBeat Studios. This move comes after Gupta transitioned to a non-executive director role at boAt, which is on track for an initial public offering (IPO).

While details about OffBeat Studios’ business model and focus remain undisclosed, Gupta’s decision to embark on this new venture signals a significant shift in his professional trajectory. With his proven track record in the tech industry through boAt, Gupta’s foray into OffBeat Studios has piqued interest in the potential technological innovations or products he may bring to the market.

Source: Inc42 Media

Home services startup Pronto has secured $25 million in its Series B funding round, with Epiq Capital leading the investment to support the company’s technology-driven operations.

Founded in 2025, Pronto connects urban households with verified domestic workers through its app, facilitating quick and reliable home services. The startup has witnessed a significant surge in daily bookings, growing from 1,000 to over 18,000 in just seven months.

With a focus on expanding its presence in cities like Delhi NCR, Bengaluru, and Mumbai, Pronto plans to utilize the fresh capital to grow its workforce, enhance service quality, and diversify its offerings over the next 18 months.

Pronto’s model ensures fixed shifts, predictable pay, and reliable support for workers, offering households a seamless booking experience for services ranging from sweeping and mopping to laundry assistance. The startup’s strategic relocation of its headquarters to Bengaluru’s tech hub highlights its commitment to leveraging technological advancements and tapping into local talent pools for sustainable growth.

Source: Inc42 Media

Home appliance direct-to-consumer (D2C) startup Nester has appointed Kunwarjeet Grover, former vice president of growth at Wellbeing Nutrition, as its cofounder and chief business officer. This decision follows Nester’s successful Pre-Series A funding round, raising ₹19 Cr (around $2 Mn) with support from Fireside Ventures and OTP Ventures.

Grover’s experience spans over 15 years in the consumer industry, with roles in companies like Himalaya Herbal Healthcare, CavinKare, Philips Lighting, and Havells India. His previous tenure as senior vice president at Honasa, where he managed the online marketplace, showcases his expertise in scaling consumer brands.

Founded in 2025, Nester specializes in selling homeware appliances such as air fryers, toasters, and juicers across India. Competing with brands like Nuuk, Atomberg, Geek Technology, and Wonderchef, Nester plans to expand its distribution channels to quick commerce platforms and offline retail outlets.

While currently relying on contract manufacturing, Nester aims to establish its own production facility in the near future. Abhinav Singh, Nester’s founder and chief executive, expressed confidence in Grover’s appointment, highlighting his track record in building digital-first brands, which aligns with Nester’s growth objectives.

Source: Inc42 Media

SEDEMAC Mechatronics, a deeptech company, has raised ₹325.89 Cr from anchor investors, including HDFC Mutual Fund, Abu Dhabi Investment Authority, and Goldman Sachs, ahead of its upcoming IPO. The company allocated 24.10 Lakh equity shares to these anchor investors at ₹1,352 per share, which represents the upper end of its IPO price band ranging from ₹1,287 to ₹1,352.

Notably, 68.09% of the anchor allocation, equivalent to 16.41 Lakh shares, was assigned to 10 domestic mutual funds across 14 schemes, such as HDFC Mutual Fund, SBI Mutual Fund, and ICICI Prudential Mutual Fund.

SEDEMAC’s IPO, valued at about ₹5,970 Cr (approximately $652 Mn) at the top end of the price band, consists entirely of an offer for sale (OFS) of up to 80.43 Lakh shares, with a total IPO size of ₹1,087 Cr. The company is set to debut on the exchanges on March 11, following SEBI’s approval for its IPO last month. Selling shareholders in the OFS include cofounders Manish Sharma and Ashwini Amit Dixit, as well as NRJN Family Trust and Xponentia Capital.

Source: Inc42 Media

Ola Electric, a key player in the electric vehicle market, has experienced a significant stock slump recently, with shares dropping by nearly 16% to hit an all-time low of ₹21.21 on the BSE. This decline was driven by a sharp decrease of almost 50% in its two-wheeler EV registrations in February, indicating challenges in the EV sector.

Despite a partial recovery, the stock was still trading 4.68% lower at ₹24.04 on the BSE. Ola Electric’s market capitalization, which once peaked at around ₹69,000 Cr in 2024, has now fallen to ₹10,604 Cr amidst ongoing struggles.

The company has been facing a prolonged period of pressure due to declining EV sales and substantial losses. In 2025, its EV sales plummeted by 51% compared to the previous year. Additionally, Ola Electric has been dealing with customer service complaints and regulatory investigations, including over 10,000 complaints received by the Central Consumer Protection Authority.

Moreover, the issuance of a bailable arrest warrant against the company’s CEO, Bhavish Aggarwal, added to its challenges. This warrant was related to a missing escooter submitted for service in Goa, highlighting legal hurdles faced by the company.

Looking ahead, Ola Electric aims to diversify its revenue streams by introducing ‘Ola Shakti’, a battery energy storage system. This strategic move reflects the company’s adaptation to market dynamics and its efforts to navigate through the current downturn.

Source: Inc42 Media

Bengaluru-based startup Turiyam.ai has recently raised $4 million in pre-seed funding to propel the development of its AI hardware platform. The funding round was led by Ankur Capital and Axilor’s Micelio Fund, marking a significant step for the company in enhancing its AI compute infrastructure capabilities.

With the infusion of capital, Turiyam.ai aims to expedite product development, expand its team, and facilitate early deployments with enterprises and data centers both in India and abroad. The startup, founded in 2024 by Sanchayan Sinha, Parag Jain, and Praveen Jain, is focused on AI inference technology, specializing in deploying trained AI models for real-time applications at scale.

Unlike conventional approaches that concentrate on training large models, Turiyam.ai is addressing the escalating costs and energy consumption associated with continuous AI system operations. By adopting a hardware-software co-design strategy, the company is developing a full-stack platform that integrates custom hardware with software, featuring a hybrid memory design and compiler-led optimization layer to enhance performance and efficiency for inference-heavy workloads.

This strategic funding will also support the startup’s research and development endeavors and enable commercial deployments in the near future.

Source: Inc42 Media