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In today’s newsletter: 

• Byju Raveendran-BCCI settle, lenders cry foul 
• Bhavish Aggarwal unplugged
• It’s raining tech IPOs

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Just as a glimmer of hope appeared for Byju Raveendran to regain control of his firm, the lenders swooped in to play spoilsport.

Earlier in the day, the embattled edtech startup Byju's and the Board of Control for Cricket in India (BCCI) reached a settlement over outstanding dues.

• As part of the settlement, Raveendran's brother Riju Ravindran (one of the largest shareholders) agreed to make a payment of Rs 158 crore.

However, a "cloud of doubt" soon emerged before the NCLAT, which deferred accepting the settlement. Why?

During a hearing at the NCLAT, Byju’s' US lenders alleged that the settlement money came from "stolen" funds.

Questions were raised about the sudden availability of Rs 158 crore. The lenders requested that the NCLAT reject the settlement, calling it a "tainted" deal.

“It is our money which has been withdrawn by these fellows,” the counsel said.

The missing money is at the heart of the dispute between the lenders and Byju’s. 

• The edtech firm is accused of hiding $533 million of the $1.2 billion loan provided by the lenders

Raveendran must now prove the money isn't tainted and confirm he didn't break any rules raising it.

• The NCLAT has also deferred the formation of the Committee of Creditors (CoC) until the next hearing on August 1

Go deeper

If you're an investor or stakeholder eagerly anticipating Ola Electric's IPO, you're not alone! 

• In a candid conversation with us, the company's founder and chairman, Bhavish Aggarwal, said that he is looking forward to the D-day and expressed confidence that the firm has done enough to generate market excitement on listing day

Bhavish Aggarwal, whose businesses span ride-hailing (Ola Consumer), food delivery, artificial intelligence (Krutrim), and electric vehicles, said that he is fully involved in Ola Electric due to its operational intensity.

Talking about his preparedness for the public markets, Aggarwal said that he believes investors will put their money into companies they believe have a promising future

"Public markets bring on the right capital allocation. We as a group have always focused on financial discipline and thoughtful capital allocation," he said.

Homegrown electric vehicle manufacturer Ola Electric's Rs 6,146 crore initial public offering, one of the largest this year, opens for bidding on August 2. 

• The EV maker has set a price band of Rs 72-76 for the offer, marking the first IPO from an Indian EV two-wheeler manufacturer

Read the full interview

Initial public offerings (IPOs) of tech startups had almost dried up for two years as a tight interest rate regime prompted the market to seek profitability over quick growth. 

• But, a slew of healthy market debuts by tech companies like Ixigo and Digit in the past few months has changed things

Days after Ola Electric launched its IPO, baby products platform Firstcry and e-commerce software provider Unicommerce are on the move to reach Dalal Street.

• Both the companies are planning to open their anchor books for the IPO on August 5, and list on the bourses on August 13

• While Firstcry is aiming at a valuation of around Rs 25,000 crore, Snapdeal-backed Unicommerce could be valued in the range of Rs 1,800-2,000 crore

The public subscription to the two IPOs is likely to open on August 6 and close on August 8.

Also read: FirstCry CEO Supam Maheshwari offloaded shares worth Rs 300 crore before IPO filing

FY25 will be stellar for public issues in general, with IPOs in India expected to top the previous fiscal’s fundraising of Rs 60,000 crore, according to Prime Database.

• Two more significantly large tech IPOs are expected this year — food delivery platform Swiggy and hotel aggregator OYO

Also read: Swiggy, OfBusiness investor Norwest wants 8 quarters of financial predictability after IPO

The Olympics gave India another star athlete overnight when Manu Bhaker made history at the Paris Games. This has led to a rush of endorsers eager to make her the face of their brands.

• The Olympic medalist is set to add a dozen brands to her portfolio, which currently consists of just one endorsement

Like Bhaker, women at the Paris Olympics are shooting for the stars, with PV Sindhu showcasing a strong performance and Manika Batra becoming the first Indian paddler to reach the pre-quarters of an Olympic competition.

Dig deeper

• AI startup Perplexity has announced a new revenue-sharing partnership with major media outlets like Fortune, Der Spiegel, and Time.
  
  
• OpenAI is starting to roll out an advanced voice mode to a small group of ChatGPT Plus users, the Microsoft-backed artificial intelligence startup said.

Ever wished history class was as cool as your favorite binge-watch? 

Well, it can be! 

• Cool People Who Did Cool Stuff turns history into a thrilling adventure

Each week, the podcast dives deep into the lives of extraordinary individuals who changed the world.

Check it out on Spotify or Apple Podcasts

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