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[Funding News] Hippo Innovations Raises INR 3.3 Cr Funding Led by Finvolve and India Accelerator

By Team VS
New Update
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In its ongoing pre-Series A funding round, Hippo Innovations, an e-commerce solutions provider, has secured INR 3.3 crore from Finvolve and India Accelerator.

The funds will be allocated to the improvement of marketing strategies, the automation of operations with AI, and the reinforcement of enterprise services. Furthermore, Hippo intends to establish strategic partnerships with service integrators, logistics and payment providers, and industry bodies.

Read also - Square Insurance Raises $3 Mn Pre-Series A Funding Round

Hippo Innovations is distinguished by its autonomous architecture solutions, StoreHippo and Mystore, which provide e-commerce brands with superior scalability, flexibility, and agility in comparison to conventional software. Hippo Innovations asserts that it is a prominent player on the ONDC Network, with over 13,000 registered sellers, including significant names such as Amul and Hero, and more than 5,000 FPOs, artisans, and SHGs.

Sabi Holding India Ltd, a company that specializes in sustainable living, has provided USD 1.5 million in funding to Acculi Labs, a provider of deep-tech life growth solutions.

About Hippo Innovations

Founded in 2014, Hippo Innovations is an IT company incepted with a clear vision to enable SMEs and individual entrepreneurs to effectively build and launch customized E-commerce Stores.

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Godrej Properties Limited has Secured INR 6,000 cr through the QIP route

GPL intends to use the net proceeds received from this issue to build a project pipeline that allows it to scale the business rapidly in the years ahead.

By Ayushi Jain
New Update
Godrej Properties Limited  has Secured INR 6,000 cr through the QIP route

Godrej Properties Limited (GPL) , a leading national real estate developer, today announced that it has raised INR 6,000 crore through the QIP route.

The issue saw a strong demand of ~4X the size of the QIP and was fully covered with long only demand. The issue also had a healthy mix of leading international and domestic investors including GIC, Blackrock, Aberdeen, Norges Bank, SBI Pension, and ICICI Prudential life Insurance.  

As a result of the QIP, GPL’s Net Worth has increased by more than 50% while the equity dilution was 7.68%. GPL’s gearing ratio will come down to below 0.2:1 from 0.7:1 as of September 30, 2024. 

With bookings growth of 56% in FY23, 84% in FY24 and 90% in H1 FY25, GPL has achieved a tremendous growth trajectory in recent years and is well positioned to substantially surpass its FY25 booking value guidance of 27K crore.  

Read also - MATH and Google Join Forces for AI Startup Bootcamp in Hyderabad

GPL intends to use the net proceeds received from this issue to build a project pipeline that allows it to scale the business rapidly in the years ahead. GPL has already surpassed its business development guidance for FY25 of Rs 20,000 crores of estimated booking value in the first 7 months of the year and continues to have strong visibility for rest of the year. 

Godrej Properties was the largest real estate developer in India by bookings in FY25 and the fastest growing large business in India across sectors in FY24 with sales growth of 84%. Jeffries, Morgan Stanley, Bank of America, and Kotak were the bankers for the QIP. 

Mr. Pirojsha Godrej, Executive Chairperson, Godrej Properties Limited, said: “We are delighted with the response to our QIP process. We greatly appreciate the confidence and support of the investment community and will do our best to ensure we utilize this capital wisely.   Godrej Properties has reset its scale in the recent years with bookings growth of 56% in FY 23 and 84% in FY 24.  GPL is well positioned to deliver a 3rd consecutive year of rapid growth in booking value with 90% growth in H1 bookings, launches planned across 7 cities in Q3, and an even stronger launch pipeline for Q4. This capital raise will allow GPL to significantly enhance its business development portfolio while maintaining a tremendously strong balance sheet. We remain focused on building scale through continued market share gains and margin expansion.”

About Godrej Properties Limited:  

Godrej Properties brings the Godrej Industries Group philosophy of innovation, sustainability, and excellence to the real estate industry. Each Godrej Properties development combines a 127-year legacy of excellence and trust with a commitment to cutting edge design, technology, and sustainability. In FY 2024, Godrej Properties emerged as the largest developer in India by the value of residential sales achieved. 

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