SEBIBlueStone & Aye Finance IPOs, Ola Electric Answers Back & More

BlueStone, Aye Finance’s IPOs Get SEBI Nod 

Amid a global stock market churn, including in India, markets regulator SEBI has approved the IPO plans of omnichannel jewellery brand BlueStone and MSME-focussed NBFC Aye Finance. 

IPO Details At A Glance: BlueStone’s IPO comprises a fresh issue of shares worth up to INR 1,000 Cr and an OFS component of 2.4 Cr equity shares. Meanwhile, Aye Finance’s offer includes a fresh issue of INR 885 Cr and an OFS of INR 565 Cr. The NBFC plans to use the fresh proceeds to fuel loan book growth.

Crunching The Numbers: In FY24, BlueStone’s revenue rose 64% YoY to INR 1,265.8 Cr, while its losses narrowed to INR 142.2 Cr. On the other side, Aye Finance’s net profit jumped 37% YoY to INR 107.8 Cr in the first six months of FY25, while revenue from operations rose 47% YoY to INR 692.24 Cr. Its AUM stood at INR 4,979.76 Cr as of September 2024.

While Accel-backed BlueStone is said to be seeking a valuation of at least INR 12K Cr, there is little clarity on Aye Finance’s valuation. 

Bad Timing? The companies have bagged the SEBI approval at a time when the Indian stock markets are jittery due to global trade tensions and tariff announcements by the US. Indian benchmark indices have declined about 10% since December.

These macro headwinds could make both companies hesitant to file their respective RHPs. Notably, we have seen Ather Energy do the same. The EV maker, which got the SEBI nod in December last year, has yet to file its RHP.

Amid current market headwinds, the bigger question is — Will the companies defer their plans or take a risky bet? For now, SEBI has done its bit, and the IPO ball is now in BlueStone and Aye Finance’s courts.   

From The Editor’s Desk

Ola Electric On Feb Sales Data: A day after a report claimed that the EV maker’s February data included sales of yet-to-be-delivered electric scooters and motorcycles, Ola Electric has claimed that the data was based on paid and confirmed orders, not “preliminary bookings”. 

RMG Apps To Come Under PMLA? The Centre is said to be finalising new rules to bring online real money gaming platforms under the purview of anti-money laundering laws, which would enforce stricter KYC requirements on these apps.

Neo Group Marks First Close Of Fund II: The fintech group’s asset management arm, Neo Asset Management, has marked the first close of its second private credit fund at INR 2,000 Cr. The fund is targeting a corpus of INR 5,000 Cr from HNIs and family offices.

Scripbox Eyes $20 Mn Fundraise: The Bengaluru-based wealthtech startup is looking to raise the capital at a valuation of $200 Mn. Scripbox, which allows users to invest with the help of its AI-powered tech stack, is looking to get listed in the next 18-24 months.

Jio Finance’s Latest Bet: The NBFC arm of Jio Financial Services has diversified its loan offerings by introducing loans against securities. The new offering will allow customers to offer their shares and mutual funds as collateral to avail loans of up to INR 1 Cr.

Q-Comm Players Under CCI Scanner: The competition watchdog has asked the All India Consumer Products Distributors Federation for details on the relevant market share of each of the quick commerce players in the FMCG sector.

Eloelo To Raise INR 114.3 Cr: The live social entertainment platform has received the board’s approval to issue 1,696 Series B CCPS at an issue price of INR 6.73 Lakh each. To be led by Play Ventures, the round will also see participation from Kalaari and WaterBridge Capital.

Eat Better Nets INR 17 Cr: The D2C snacking brand has raised the capital as part of its Pre-Series A round co-led by Prath Ventures and Spring Marketing Capital. Eat Better sells healthy snacks such as dry fruit ladoos, namkeens, and nuts and seeds, among other things.

Inc42 Startup Spotlight

Inside Hypergro’s AI Play To Win India’s INR 60K Cr Video Ad Market

In today’s video-first world, brands struggle to deliver highly personalised, scalable video ads that truly resonate with diverse consumer segments. Static ads and generic messaging no longer hold attention, especially in India’s billion-strong smartphone market where personalisation is key but difficult and expensive to get right.

Filling The Market Gap: Hypergro uses GenAI to automate video ad creation — from script to final edit — offering hyper-personalised, multi-language content at scale. Its full-stack platform features deep targeting, creator-style AI avatars and real-time optimisation powered by its proprietary GrowthAI.

Eye On The Market Pie: Online video ads are booming in India and are expected to become an INR 60K Cr market by 2025. Hypergro is already working with over 150 brands, helping them create high-quality video campaigns frugally. From beauty and healthcare to gaming and even medical services, its AI-powered tools are being put to work across a wide range of sectors.

The Way Forward For Hypergro: With fresh funding of INR 7 Cr and plans to go global next quarter, Hypergro is betting big on AI’s rapid evolution to drive scale. The startup is targeting $3 Mn in revenue by FY26 and seems adept at its play. Can it make a global mark in the hyper-personalised video ads space?