Voler Car
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 12 Feb 2025 – 14 Feb 2025
- Listing date
- 19 Feb 2025
- Face value
- ₹10 per share
- Issue price
- ₹90 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹27 Cr
- Market cap at offer price
- ₹100 Cr
- Promoter holding
- 92.88% → 67.86% pre-issue → post-issue
- ISIN
- INE241X01014
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- GYR Capital Advisors Pvt.Ltd.
- Registered office
- 22 Burtolla Street, 4th Floor, West Bengal
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 8,33,600 | — | — |
| Market maker | 2,12,800 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹90
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,44,000 |
| S-HNI (min) | 2 | 3,200 | ₹2,88,000 |
| S-HNI (max) | 6 | 9,600 | ₹8,64,000 |
| B-HNI (min) | 7 | 11,200 | ₹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.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.38 | 4.46 |
| P/E (×) | 20.55 | 20.18 |
| Price to book (×) | 22.17 | — |
| Market cap | — | ₹100 Cr |
Key performance indicators
- Return on net worth
- 110.91%
- ROCE
- 123.06%
- Debt / equity
- 0.37
- PAT margin
- 11.53%
- NAV per share
- ₹4.25
- Price to book
- 22.17
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Voler Car
Voler Car Limited (formerly Jamuna Travels Private Limited, incorporated June 24, 2010) is an employee transportation service provider serving large MNCs and corporate clients. The company manages a pooled fleet of over 2,500 vehicles including cars, SUVs, electric vehicles, buses, and tempo travellers. It operates on an asset-light model where the majority of vehicles are sourced from vendors rather than owned. In FY 2023-24, the company completed approximately 323,550 trips averaging 884 trips per day. The company operates primarily in Kolkata and Mumbai, with expanding presence in Pune, Bhubaneswar, Delhi-NCR, Ahmedabad, Jaipur, Ludhiana, and Lucknow. It provides comprehensive home-to-office-to-home transportation services supported by 24/7 customer service and verified chauffeurs.
Company Analysis
from RHPVoler Car Limited provides employee transportation services (ETS) to corporate clients across major Indian cities, operating an asset-light fleet management model.
Voler Car Limited (formerly Jamuna Travels Private Limited, incorporated June 24, 2010) is an employee transportation service provider serving large MNCs and corporate clients. The company manages a pooled fleet of over 2,500 vehicles including cars, SUVs, electric vehicles, buses, and tempo travellers. It operates on an asset-light model where the majority of vehicles are sourced from vendors rather than owned. In FY 2023-24, the company completed approximately 323,550 trips averaging 884 trips per day. The company operates primarily in Kolkata and Mumbai, with expanding presence in Pune, Bhubaneswar, Delhi-NCR, Ahmedabad, Jaipur, Ludhiana, and Lucknow. It provides comprehensive home-to-office-to-home transportation services supported by 24/7 customer service and verified chauffeurs.
Objects of the Issue
- Funding of the working capital requirement of our Company ₹2,038.25 lakhs p.25
- General corporate purposes p.25
- Funding working capital requirements of our Company Up to 2,038.25 lakhs p.83
- General Corporate Purposes [●] p.83
- IPO Issue expenses [●] p.83
Issue Structure
- Total Issue
- Up to 30,00,000 equity shares of face value of ₹10 each, aggregating up to ₹[●] lakhs
- Fresh Issue
- Up to 30,00,000 equity shares of face value of ₹10 each, aggregating up to ₹[●] lakhs
- Offer for Sale
- Nil
- Price Band
- [●] to [●] per share (to be decided by company in consultation with BRLM)
- Lot Size
- [●] shares and multiples thereafter (Bid Lot)
- Face Value
- ₹10 per share
Business Model
The company earns revenue by providing employee transportation services to corporate clients on a per-employee, per-trip, or fixed monthly charge basis. It operates an asset-light model where the majority of vehicles are sourced from vendors rather than owned, allowing the company to maximize revenue by optimizing seat usage and enhancing overall employee mobility.
Business Segments
SWOT Analysis
- • Established long-term customer relationships in IT and BPO sectors(p.35)
- • Asset-light business model with large vendor-supplied fleet(p.24)
- • Significant scale of operations with 2,500+ vehicles and 1,183+ daily trips(p.24)
- • Diversified service offerings across multiple vehicle types(p.24)
- • Growing profitability with improving financial metrics(p.26)
- • Long-standing customer relationships with major IT/ITeS clients(p.111)
- • Established brand with operational excellence and minimal advertising spend(p.112)
- • Asset-light business model with vendor-sourced fleet(p.112)
- • Scalable business model designed for growth(p.112)
- • Experienced promoters with 13+ years in corporate and travel services(p.109)
- • Quality assurance with safety focus including GPS tracking and escort services for women(p.112)
- • Long-standing customer relationships driving business success(p.116)
- • Skilled and experienced management team(p.116)
- • Proactive customer engagement for retention and service refinement(p.116)
- • Turnkey solutions at affordable prices with variable model flexibility(p.119)
- • Registered trademark portfolio protecting brand identity(p.119)
- • Efficient GPS tracking systems and required software for operations(p.116)
- • Extreme customer concentration with top 10 representing 99.73% of revenue(p.32)
- • Significant dependence on Wipro as single largest customer (64.30% of revenue)(p.32)
- • High vendor concentration with top 10 vendors at 67.47% of expenses(p.34)
- • History of past debt defaults(p.37)
- • Significant geographic concentration with Kolkata and Mumbai representing 94.61% of revenue(p.37)
- • Heavy working capital requirements with substantial trade receivables(p.37)
- • Past compliance delays in statutory filings affecting GST, EPF and ESIC(p.43)
- • Outstanding litigation involving company, promoters and directors(p.36)
- • Contingent liabilities of ₹136.35 lakhs as of Sep 30, 2024(p.40)
- • Leased office premises with renewal risk(p.39)
- • Working capital intensive business requiring significant capital deployment(p.113)
- • Manpower intensive operations creating operational complexity(p.113)
- • High customer concentration risk with single client dominating revenue(p.114)
- • Geographic concentration with 82.56% revenue from Kolkata(p.114)
- • Limited presence in tier-1 and tier-2 cities relative to market potential(p.112)
- • Extreme customer concentration with single customer dominating 81.41% of revenue(p.115)
- • History of loan defaults and past restructuring requirements(p.130)
- • Significant loan settlements and profit recognition from debt write-downs(p.156)
- • Minimal employee base limiting operational scale(p.117)
- • Limited geographic presence with service concentration in select cities(p.130)
- • Significant contingent liabilities from ongoing litigation(p.188)
- • Outstanding trade payables aging over 3 years(p.182)
- • Heavy dependence on top 10 customers(p.213)
- • Promoter litigation exposure(p.221)
- • GST-related demands and contingent liabilities(p.220)
- • Large and growing Indian ETS market with 11.8% CAGR projected to reach ₹1,097.6 billion by 2030(p.24)
- • Growth in corporate office presence in Asia-Pacific region driving global ETS market(p.24)
- • Expanding tier-1 city presence with operations across 9 major cities(p.37)
- • Opportunity to reduce customer concentration and expand customer base(p.33)
- • Growing adoption of electric vehicles in fleet(p.24)
- • Expansion into tier-I and tier-II cities to capture growing corporate mobility demand(p.112)
- • Growth in Global Capability Centers with GCC expansion from 1580 to 2400 by 2030(p.108)
- • Rising Indian urban population driving corporate office expansion and employee transportation needs(p.104)
- • Fragmented and unorganized ETS industry with consolidation opportunity(p.113)
- • Indian employee transportation service market projected to grow from $6.1B (CY2023) to $13.2B (CY2030)(p.107)
- • Integration of various mobility services and multi-modal transportation solutions(p.113)
- • Fleet-sourcing model expansion through platform-based driver integration(p.116)
- • Growth potential in fragmented corporate mobility market(p.119)
- • Expansion of employee transportation services to new geographies(p.130)
- • Passenger mobility solutions evolution with government initiatives(p.119)
- • Market consolidation opportunity through service quality differentiation(p.119)
- • Intense competition with low barriers to entry in ETS sector(p.38)
- • Economic sensitivity of ETS to GDP and corporate spending cycles(p.37)
- • Risk of changing government regulations on emissions and vehicle compliance(p.50)
- • Ongoing COVID-19 pandemic impact remains uncertain(p.50)
- • Natural calamities and force majeure events could disrupt operations(p.50)
- • Evolving GST and taxation regime uncertainties(p.51)
- • Government policy changes and force majeure events affecting operations(p.113)
- • Competitive pressure and margin compression in employee transportation market(p.113)
- • Clients may change or reduce employee transportation policies(p.113)
- • Environmental and sustainability regulations may increase operational costs(p.113)
- • Indian economy slowdown could adversely affect corporate travel spending(p.52)
- • Inflation may reduce pricing power to pass costs to customers(p.53)
- • Intense competition from large corporations and organized sector players(p.119)
- • Regulatory requirements for motor vehicle aggregators and licensing(p.120)
- • Central government compliance requirements under Motor Vehicles Amendment Act 2019(p.120)
- • Mandatory state licensing and compliance for taxi aggregators(p.121)
- • Complex data protection and privacy compliance obligations(p.122)
- • Multiple employment and labor law compliance requirements(p.122)
- • Termination of customer contracts without notice or penalty(p.198)
- • Regulatory changes in statutory regulations(p.198)
- • Intense competition in ETS sector(p.199)
- • COVID-19 pandemic impact on demand(p.199)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Vikas Parasrampuria | Promoter | 73.93% | — |
| Pawan Parasrampuria | Promoter | 18.79% | — |
| Pawan Parasrampuria | Promoter | 18.79% | [●] |
| Vikas Parasrampuria | Promoter | 73.93% | [●] |
| Shreya Parasrampuria | Promoter Group | 0.03% | [●] |
| Sarita Parasrampuria | Promoter Group | 0.03% | [●] |
| Harshita Parasrampuria | Promoter Group | 0.03% | [●] |
| Nikita Parasrampuria | Promoter Group | 0.03% | [●] |
| Srishti Parasrampuria | Promoter Group | 0.03% | [●] |
| Vikas Parasrampuria | Promoter and Whole-Time Director | 73.93% | — |
| Pawan Parasrampuria | Promoter, Chairman and Managing Director | 18.79% | — |
| Vikas Parasrampuria | Promoter/Whole-time Director | — | — |
| Pawan Parasrampuria | Promoter/Managing Director | — | — |
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.