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EquityPandit

EquityPandit
BUSINESS

Grammarly Raises Fresh Capital Fund at a Valuation of $13 Bn

Grammarly is the artificially intelligent software that helps improve people’s writing, has raised fresh capital at a valuation of $13 billion, underscoring sky-high demand for technology tools that provide writing assistance.

The surge in its valuation highlights Grammarly’s spectacular growth in recent years after it launched a freemium business model in 2015, helping it amass a loyal base of millions of daily users and other big-name enterprise customers, including Zoom Video Communications Inc, Cisco Systems Inc, Dell Technologies Inc and Expedia Group Inc.

In its previous funding round in 2019, it was valued at more than $1 billion. Grammarly said its services are currently used by roughly 30 million people every day.

In the latest round, Grammarly raised over $200 million from investors led by Baillie Gifford and funds and accounts managed by BlackRock Inc.

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BUSINESS

Devyani International Set to Acquire Stake in Biryani by Kilo

Ali Waghbakriwala

Devyani International Ltd, the franchise operator behind popular quick service restaurant brands like KFC, Pizza Hut, and Costa Coffee, has given the green light to acquire up to 80.72% stake in the Indian food chain ‘Biryani by Kilo’. The approval came during its board meeting held on Thursday, 24 April.

Backed by the Jaipuria family, Devyani International will acquire a controlling interest in Sky Gate Hospitality, the parent company of ‘Biryani by Kilo and other associated brands. Following the deal, Sky Gate Hospitality will become a subsidiary of Devyani International Ltd.

In its regulatory filing, the company said, “Acquisition of up to 80.72% equity stake, on fully diluted basis, in Sky Gate Hospitality Private Limited along with its subsidiaries.”

The company added, “The Company shall discharge the part consideration by way of issue and allotment of 2,37,19,187 equity shares of the Company having face value of Rs 1/- each to the Sellers, at a price of Rs 176.78/- per equity share (including premium of Rs 175.78/-), on a preferential basis.”

Sky Gate, along with its subsidiaries, owns and operates a portfolio of brands including ‘Biryani By Kilo’, ‘Goila Butter Chicken’, and ‘The Bhojan’. The company primarily runs a network of over 100 outlets, including dine-in restaurants spread across more than 40 cities.

The planned acquisition values Sky Gate at Rs 519 crore. Devyani International will acquire up to 80.72% of the company for a total consideration of Rs 419.31 crore.

According to the company, the deal is expected to close within 15 days from the date shareholders approve the preferential issue of equity shares through a special resolution.

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BUSINESS

Caplin Point Subsidiary Secures USFDA Approval 

Ali Waghbakriwala

Caplin Point Laboratories Ltd on Wednesday, 23 April, announced that its subsidiary, Caplin Steriles, has secured approval from the United States Food and Drug Administration (USFDA) for its Phytonadione Injectable Emulsion USP, 10 mg/mL, which is used to treat Vitamin K deficiency. 

Caplin Steriles announced in an exchange filing that its latest product is a generic version of Hospira Inc.’s Reference Listed Drug (RLD) Vitamin K1 Injection.

The injectable, known as Phytonadione emulsion, is a synthetic form of naturally occurring vitamin K and is primarily used to address coagulation disorders caused by a deficiency or disruption in vitamin K activity. It plays a crucial role in correcting the impaired synthesis of blood clotting factors II, VII, IX, and X.

As per IQVIA (IMS Health), sales of this product in the U.S. reached around $18.5 million in the 12 months ending February 2025.

This approval from the USFDA marks another step forward in Caplin Steriles’ efforts to expand its presence in the U.S. generics market. To date, the company has submitted 47 Abbreviated New Drug Applications (ANDAs), with 35 already approved.

Caplin Steriles, recognized for its expertise in sterile manufacturing, holds approvals from key global regulators, including the US FDA, EU-GMP, ANVISA (Brazil), and INVIMA (Colombia).

Looking ahead, the company is actively developing a robust pipeline of more than 40 injectable and ophthalmic products, expected to be filed over the next four years.

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BUSINESS

Jupiter Wagons Stops Production at Jabalpur Plant 

Ali Waghbakriwala

Jupiter Wagons Ltd announced on Tuesday, 22 April, that operations at one of its plants in Jabalpur have been halted for the past 15–20 days due to unavoidable circumstances.

The company assured that it is actively working to address the situation and expects to resume normal production in a short span of time.

In a recent development earlier this month, the company shared that its subsidiary, Jupiter Tatravagonka Railwheel Factory Private Ltd (JTRF), has acquired land in Haldiapada, Khordha, Odisha, to establish India’s first private-sector rail wheel and axle forging facility.

The company added, “Jupiter Tatravagonka Railwheel Factory Pvt. Ltd. (JTRF), a subsidiary of Jupiter Wagons Limited, has successfully secured land in Haldiapada, Khordha, Odisha, for its upcoming Railwheel & Axle forging plant.”

Jupiter Tatravagonka has outlined plans to invest R 2,500 crore in phases over the coming years to set up the facility.

Once operational, the plant aims to produce around 1,00,000 forged wheelsets annually, serving both domestic and global markets. Nearly half of the output is intended for export, mainly to Tatravagonka AS, which is a prominent rail infrastructure company based in Slovakia, along with other European clients.

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BUSINESS

NTPC Solar Plant in Gujarat Catches Fire 

Ali Waghbakriwala

A major fire broke out at a warehouse storing equipment for NTPC’s 70 MW under-construction solar power project in Bhatiwada village, Dahod, Gujarat, late Monday night. According to officials, the blaze started around 9:30 pm and continued through the night, prompting an extensive firefighting operation.

Thankfully, there were no casualties. Deputy Superintendent of Police Jagdish Bhandari confirmed that all seven to eight workers and four security personnel present at the site were safely evacuated. However, the warehouse suffered extensive damage, with almost everything inside destroyed by the fire.

Firefighting teams from Dahod, Godhra, Jhalod, and Chhota Udepur responded promptly, but strong winds made the operation challenging. A fire officer noted that they received the emergency call at 9:35 pm, and multiple fire tenders were immediately dispatched.

An NTPC employee shared that they first noticed the fire at 9:15 pm and quickly alerted emergency services. Despite rapid response, the blaze intensified quickly due to high wind speeds. All stored materials meant for the solar plant were reportedly lost, resulting in significant damage.

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BUSINESS

SECL inks Rs 7,040 crore deal with TMC Mineral Resources for coal mining

Dhruva Kulkarni

Coal India’s arm SECL has signed a Rs 7,040 crore agreement with TMC Mineral Resources to start large-scale coal production using paste-filling technology in the Singhali underground mine in Korba.

Paste filling is a modern method where extracted coal voids are filled with a paste made of fly ash, crushed overburden, cement, water, and binding chemicals. This eliminates the need for surface land acquisition, prevents land subsidence, and ensures mine stability.

With this move, SECL becomes the first coal PSU in India to adopt this underground mining technique. The project will run for 25 years and produce about 8.4 million tonnes of coal.

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The Singhali mine, operational since 1993, was originally approved for 0.24 million tonnes of annual output and currently has 8.45 million tonnes of extractable non-coking coal reserves. Due to dense surface infrastructure like villages, power lines, and roads, traditional caving methods aren’t viable here.

By using paste filling, mining can continue safely without affecting the surface, and this model could be applied to similar mines facing land constraints.

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