Ola Electric’s IPO Dreams, Pocket FM Fires 200 Writers, IndusInd Bank’s Cyber Heist and more

Ola Electric is gearing up for its IPO, opening for retail subscription on August 2. Meanwhile, Pocket FM, backed by Lightspeed, has laid off around 200 writers to streamline its content strategy. Awfis has welcomed Nivia Sports executive Rajesh Kharabanda to its board, signaling a strategic leadership addition. In a sobering turn, IndusInd Bank faced a cyber heist with INR 40 Cr siphoned into multiple mule accounts, though vigilant efforts have recovered most of the stolen funds.

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What Matters

“Sochna Kya, Jo Bhi Hoga, Dekha Jaayega”: Ola Electric IPO To Open For Retail Subscription On August 2

Ola Electric's much-anticipated IPO opens for retail subscription on August 2 and will close on August 6, with anchor bidding set for August 1. The offering includes a fresh issue of shares worth up to INR 5,500 Cr and a reduced offer for sale of up to 8.49 Cr shares, down from the initially proposed 9.51 Cr shares.

This adjustment in the offer for sale component reflects strategic considerations by the company's shareholders.

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“Sab Apne Ghar Jao Ab”: Lightspeed-Backed Pocket FM Lets Go Of Around 200 Writers

Pocket FM, backed by Lightspeed, recently laid off around 200 writers, focusing on aligning resources with its current US-based audio series pipeline. While the exact number of affected writers wasn't disclosed, sources suggest it was under 200.

This move marks a significant shift as the company adjusts to its evolving content strategy.

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“Waah, Kya Scene Hai”: Awfis Ropes In Nivia Sports Executive Rajesh Kharabanda To Its Board

Awfis has welcomed Nivia Sports executive Rajesh Kharabanda to its board, adding his expertise from heading Nivia's parent company, Freewill Sports Private Limited. In addition to this appointment, Awfis has updated its Articles of Association to grant specific rights to certain shareholders.

Founder Amit Ramani can now nominate two directors if he owns 11% or more of the fully diluted share capital, while Peak XV Partners and the New Investor Group can nominate one director each with 5% or more of the equity.

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“Chor Ki Chori Pakdi Jaayegi”: IndusInd Bank’s Cyber Heist As INR 40 Cr Sent To Multiple Mule Accounts

In a recent cyber heist, fraudsters transferred INR 40 Cr from IndusInd Bank's customers into multiple mule accounts, with INR 33 Cr recovered by the Maharashtra cyber cell. The vigilant efforts of a bank official on July 19 helped mitigate the damage.

This incident coincides with a staggering 261% year-on-year increase in cyberattacks on Indian websites in Q1 2024, as reported by security firm Indusface.

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1. Cars24 has secured INR 250 Cr from its Singapore-based parent, Global Car Group Limited, through the allotment of 2.18 Lakh equity shares. This boost follows Cars24's recent initiatives, including a driver-on-hire service pilot and a move to join the state-backed ONDC.

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2. Ather Energy has secured INR 60 Cr in debt funding from InnoVen Capital through the issuance of 6,000 Series D1 Debentures. This marks Ather's third funding infusion in under two months, following a recent mix of equity and debt funding amounting to INR 286.5 Cr.

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3. IPO-bound Ola Electric saw its FY24 net loss widen to INR 1,584 Cr, a 7.6% increase from the previous fiscal year, while revenue jumped 90% with EV sales doubling to 3.29 Lakh units. The public issue, led by Bhavish Aggarwal, opens for retail subscription on August 2 and closes on August 6.

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4. Info Edge has joined Gnani.ai's cap table with a fresh funding of around INR 25 Cr ($3 Mn). The 2017-founded startup plans to use the capital to expand operations and boost sales for its AI-powered customer experience platform, 'Automate365.'

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