Zetwerk promoters pledge stake; PhysicsWallah Q1 losses narrow
Zetwerk’s promoters have pledged nearly a third of their stake ahead of the company’s IPO. This and more in today's ETtech Top 5.
Zetwerk's promoters have pledged approximately one-third of their stake ahead of the company's upcoming IPO, according to its latest draft red herring prospectus. The founders, Srinath Ramakkrushnan and Amrit Acharya, have directly pledged 1.85% of the shares, while a promoter group holding of 4.81% is also pledged through associated trusts.
The IPO is being priced for up to Rs 2,600 crore in fresh share issuance, with proceeds earmarked for debt repayment and acquisitions. Meanwhile, edtech startup PhysicsWallah reported a narrower loss in its first quarter, as operating revenue grew 24% year-over-year to Rs 1,054 crore. The company has also agreed to transfer the loan book of its subsidiary FinZ Finance, with the deal expected to close within three months.
Other notable AI-driven mergers and acquisitions (M&As) in India have reached a total value of $980 million this year, with several acquisitions in the meeting note-taking and dubbing sectors. Lastly, India's electronic component exports declined by 16% year-on-year in the June quarter, driven by supply constraints and higher trade barriers.
Written by urgent.news from Economic Times Tech's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
