Daily Brief India: Adani Enterprises, Navi, Nirogstreet and more

In today’s briefing:

Adani Enterprises – A Record Follow-On Public Offering May Be in the Works

Adani Enterprises (ADE IN) (“ADL”) on Tuesday announced a Board Meeting for Friday to consider capital raising options. Multiple media sources suggest a record Indian Follow-on Public Offering of INR200bn.
The company has bid for/bought multiple assets recently, and proposed investments plan of up to US$150bn in 10yrs in renewables, cement, airports, healthcare to aim at a US$1trln valuation.
This will get complicated, interesting, and is not necessarily going to come out well.

Navi (NAVI IN) is a tech-driven financial products and services company in India, with an end-to-end digital system, focusing on three key offerings i.e. lending, insurance and asset management.
Company has taken a major write offs in 9MF22 which may have glorified the NPA ratios. Moreover, there is an element of opaqueness on the equity issuance transaction in F20.
Other key forensic takeaways include high cash balances in current account, quality of goodwill, etc.

NirogStreet, an Ayurveda tech startup based in Delhi, India, has received US$12 million in a Series B round of funding led by Jungle Ventures.
With technology-based interventions, NirogStreet enables doctors by giving technology to run their clinic, access to quality medicines inventory in real-time, and avenues to learn and earn while also closely working with the government, regulators, and research organisations.
It has over 50,000 Ayurvedic doctors in the community and encourages them to create and publish case studies and research reports to bring evidence-based treatment similar to modern medicine.

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