Infurnia Technologies files DRHP to raise INR 38.2 crore through an IPO
Infurnia Technologies, a cloud-based architectural design software business, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise INR 38.2 Cr through an initial public offering (IPO). The IPO will be fully made up of new shares, with no offer for sale (OFS) element. The shares of the firm will be traded on the BSE Startups market.
Nikhil Kumar & Lovepreet Mann, the founders of Infurnia, own the majority of the company. Mann owns 20 percent of Infurnia, while Kumar owns 30.63 percent. The promoters’ combined stake in the startup is 50.64 percent. Infurnia announced its intention to list on the BSE Startups platform in January of this year. The funds obtained through the IPO will be used to expand the business of its fully owned subsidiary firm, to develop, upgrade, and maintain its cloud-based software, as well as other general corporate purposes.
Following the emergence of the Covid-19 pandemic in 2020, Infurnia chose to redesign its whole program to transition from a web-only to a web-first strategy by becoming natively available across computers, tablets, virtual reality, & servers. The firm said that it took more than a year to redesign its software as well as another two quarters to make it useful. This may be reflected in Infurnia’s financial results too. Infurnia’s consolidated net loss increased to INR 2.77 Cr in the fiscal year ended March 31, 2022, up from INR 2.65 Cr the previous year. Revenue from activities fell to INR 13.6 Lakh in FY22, from INR 26.33 Lakh in FY21.
While the startup anticipates its operational expenditures to rise as it grows its operations, the DRHP cautioned that reaching and maintaining profitability may be challenging if revenue does not grow faster than expenses. Concerning the risk concerns, Infurnia stated that it may incur significant losses in the future for a variety of causes. The Indian software product market is predicted to reach $100 billion by 2025, as reported by the National Association of Software and Service Companies (Nasscom).
Infurnia seems to be promoting new software development platforms. Congratulations on your startup. May this new business bring you huge success and fulfillment.Shishir Gupta, Founder and CEO, StartupLanes
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