GLOBAL PR CONNECT (GPRC)
New Delhi [India], October 9: Foxhog Ventures, a prominent venture capital firm based in the United States, actively engaged in investment and operations within India had submitted its IPO draft to the market regulator SEBI in November 2022. The purpose behind this submission is to raise a substantial Rs 630 Crore through its Initial Public Offering. After undergoing meticulous observation audits and scrutiny of the Draft Red Herring Prospectus (DRHP), the confirmation for the listing of Foxhog is expected in November 2023.
Founded by Stanford alumnus Tarun Poddar, Foxhog made its foray into the Indian market with its Private Equity offerings in March 2020. Setting a pioneering precedent, Foxhog introduced unique initiatives known as "VC FOR VILLAGES" and "VC FOR WOMEN" in the country. These initiatives have revolutionized the investment landscape in rural areas of India.
Foxhog's "VC FOR VILLAGES" program has emerged as an exemplar in the banking industry. It addresses the plight of rural shopkeepers, farmers, and dairy owners who have long suffered from the exorbitant interest rates and burdensome EMIs imposed by microfinance companies. Foxhog is willing to invest in these businesses, sharing not only in their profits but also in their losses, marking a transformative shift in the lending sector.
In 2022, Yourstory Media conducted a comparative analysis of Foxhog's services with other lenders in the country. The findings were astonishing, suggesting that, as anticipated, Foxhog might ascend to supremacy within the lending sector in the next 5-10 years.
One of Foxhog's standout features is its "NO EMI Financing Module," which leaves customers astounded, enabling them to enhance their small businesses without the hassle of regular EMIs.
Tarun Poddar, the CEO of Foxhog Ventures, remarked, "Having worked with various companies and leading investors, I witnessed how funding applications from young entrepreneurs in small towns were often rejected. India, currently the world's fifth-largest economy, beckons as the perfect destination for investment. It's time to invest in India and invest for India." Tarun Poddar Added.
Foxhog operates an extensive network of more than 24 branches and over 500 sub or mini branches in rural villages in India, Switzerland, Philippines, Sweden, and USA, providing essential support to bolster small businesses. A recent infusion of USD 63 million from GGV Capital has propelled Foxhog's business to new heights. The upcoming IPO, slated to raise Rs 630 Crore, will further facilitate Foxhog's expansion into India's rural markets, with an expected price band ranging between Rs 170 to 200 per share.
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