Trekkingtoes SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 18 Aug 2020 – 20 Aug 2020
- Listing date
- 28 Aug 2020
- Face value
- ₹10 per share
- Issue price
- ₹105 per share
- Lot size
- 1,200 shares
- Total issue size
- ₹4.55 Cr
- Promoter holding
- 87.40% → 63.77% pre-issue → post-issue
- ISIN
- INE0DG401010
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Fast Track Finsec Pvt.Ltd.
- Registered office
- 236, Mahaveer Nagar 1st, Durgapura, Tonk Road, Rajasthan
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 22,800 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹105
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,26,000 |
| S-HNI (min) | 2 | 2,400 | ₹2,52,000 |
| S-HNI (max) | 7 | 8,400 | ₹8,82,000 |
| B-HNI (min) | 8 | 9,600 | ₹10,08,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|
About Trekkingtoes SME
Trekkingtoes.com Limited, incorporated in December 2012 and converted to a public company in May 2020, operates as a travel aggregator platform providing cab rental services to customers via its on-call booking service, website (www.hippocabs.com), and mobile application (HippoCabs). The company has built technology and data-driven solutions working with over 1500 vendors managing more than 4000 vehicles for intercity services. It operates on both exclusive and non-exclusive models with drivers and vendors. The company applies dynamic pricing and route-specific approaches, currently serving approximately 200 cities across India with plans to replicate its successful route-specific approach on major intercity routes.
Company Analysis
from RHPTrekkingtoes.com Limited is a technology-driven taxi aggregator platform offering cab rental services through a website and mobile app (HippoCabs) across approximately 200 cities in India.
Trekkingtoes.com Limited, incorporated in December 2012 and converted to a public company in May 2020, operates as a travel aggregator platform providing cab rental services to customers via its on-call booking service, website (www.hippocabs.com), and mobile application (HippoCabs). The company has built technology and data-driven solutions working with over 1500 vendors managing more than 4000 vehicles for intercity services. It operates on both exclusive and non-exclusive models with drivers and vendors. The company applies dynamic pricing and route-specific approaches, currently serving approximately 200 cities across India with plans to replicate its successful route-specific approach on major intercity routes.
Objects of the Issue
- Strategic initiatives and investments ₹300.00 lacs p.17
- Repayment and pre-payment of a portion of certain indebtedness availed by our company ₹40.00 lacs p.17
- General Corporate Purpose ₹86.80 lacs p.17
- Strategic initiatives and investments ₹300.00 lacs p.56
- Repayment and pre-payment of a portion of certain indebtedness availed by our company ₹40.00 lacs p.56
- General corporate purposes ₹86.80 lacs p.56
- General corporate purposes and working capital
Issue Structure
- Total Issue
- ₹454.86 lacs (4,33,200 Equity Shares of Rs.10 each at Rs.105 per share)
- Fresh Issue
- 4,33,200 Equity Shares of Rs.10 each at Rs.105 per share aggregating ₹454.86 lacs
- Lot Size
- 1,200 shares (minimum allotment of 1,200 Equity Shares to successful applicants, and in multiples of 1,200 thereafter)
- Face Value
- Rs.10 per Equity Share
Business Model
The company operates as a taxi aggregator platform that coordinates between customers and drivers using technology (GPS/GPRS). It does not own vehicles but earns revenue through commissions and fees from coordinating cab rental services. The business model includes both exclusive and non-exclusive arrangements with vendors and drivers.
Business Segments
SWOT Analysis
- • Technology-driven cab aggregation platform with presence across ~200 cities(p.17)
- • Established vendor network with 1500+ vendors and 4000+ vehicles for intercity services(p.17)
- • Proven route-specific strategy generating revenue and profitability(p.17)
- • Achieved profitability in FY 2019-20 with PAT of Rs. 2.52 lacs(p.37)
- • Experienced & Qualified Management Team(p.72)
- • Dynamic pricing algorithm reducing return journey inefficiency(p.73)
- • Route-specific approach enabling one-way customer payment(p.73)
- • Strong customer relationships and retention(p.73)
- • Quality assurance and standards focus(p.73)
- • Large network of vendors and vehicles(p.71)
- • Technology-driven platform with dynamic pricing and route-specific algorithms(p.127)
- • Extensive vendor and vehicle network across India(p.127)
- • Significant investment in website and software infrastructure(p.116)
- • Experienced promoter team with business expertise(p.127)
- • Significant historical losses; incurred Rs. 106.88 lacs and Rs. 43.64 lacs losses in FY 2019 and 2018(p.27)
- • Limited operating history and early-stage company status(p.23)
- • Heavy dependence on unsecured loans from promoters; Rs. 97.50 lacs outstanding as of March 31, 2020, repayable on demand(p.28)
- • Company operates from rented premises with no ownership; any lease dispute could disrupt operations(p.25)
- • Delayed statutory filings and non-compliance with Companies Act requirements; paid late fees for multiple filings(p.28)
- • Negative net worth of Rs. (110.76) lacs as of March 31, 2020(p.37)
- • High dependence on unsecured loans from related parties(p.57)
- • Negative net worth and accumulated losses(p.115)
- • Weak revenue generation with significant losses(p.72)
- • Limited employee base and dependence on external vendors(p.75)
- • Significant accumulated losses and negative net worth historically(p.121)
- • Heavy dependence on unsecured borrowings from related parties(p.126)
- • High cash burn rate and negative operating cash flows(p.133)
- • Revenue decline from prior year despite accumulated losses(p.131)
- • Minimal tangible asset base(p.116)
- • Expansion of route-specific model to high-traffic routes (Delhi-Agra, Delhi-Chandigarh, Mumbai-Pune, etc.)(p.17)
- • Growing taxi aggregator industry with attracting market potential and new startups entering(p.17)
- • IPO proceeds of Rs. 426.8 lacs allocated for strategic investments (70.29%), debt repayment (9.37%), and corporate purposes (20.34%)(p.18)
- • Exclusive and non-exclusive vendor model offering flexibility for business expansion(p.17)
- • Rapid growth in Indian cab aggregation market(p.66)
- • Expansion into new cities and routes(p.71)
- • Increased smartphone penetration enabling app-based bookings(p.66)
- • Growing urban middle class and disposable income(p.66)
- • Inorganic growth through strategic acquisitions and investments(p.56)
- • Large unorganized market share available for consolidation(p.66)
- • Expansion into underserved high-demand intercity routes(p.127)
- • Pan-India expansion ambition(p.127)
- • Diversified revenue streams beyond core cab services(p.127)
- • Significant uncertainty from COVID-19 pandemic impact on operations, lockdowns, and economic disruption(p.21)
- • Highly competitive taxi aggregator industry with large established players and niche competitors(p.22)
- • Economic slowdown directly impacts purchase power and taxi aggregator industry performance(p.23)
- • Increasing fuel, vehicle rental, maintenance costs and other inflationary pressures affect driver economics(p.25)
- • Government regulation changes could disrupt operations; taxi aggregator industry heavily regulated by state/central government(p.32)
- • Unethical practices by industry competitors damage consumer trust and increase regulatory scrutiny(p.32)
- • Intense competition from established players(p.66)
- • Price wars in the cab aggregation sector(p.74)
- • COVID-19 pandemic impact on travel and transportation(p.64)
- • Varying government regulations affecting taxi operations(p.74)
- • Heavy reliance on internet connectivity(p.74)
- • Intense competition from established players in taxi aggregation(p.128)
- • Early stage industry with uncertain growth trajectory(p.128)
- • Sensitivity to consumer preferences and economic conditions(p.128)
- • Material disruption from COVID-19 pandemic(p.128)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Sahil Agrawal | Promoter | 28.85% | 21.05% |
| Mr. Sagar Agrawal | Promoter | 25.86% | 18.86% |
| Mr. Ashok Kumar Agrawal | Promoter Group | 19.43% | 14.18% |
| Mrs. Saroj Gupta | Promoter Group | 13.26% | 9.68% |
| Sahil Agrawal | Promoter/Chairman and Managing Director | 28.85% | — |
| Sagar Agrawal | Promoter/Whole Time Director | 25.86% | — |
| Sahil Agrawal | Promoter | — | — |
| Sagar Agrawal | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.