National Investment and Infrastructure Fund (NIIF) yesterday exited Ather Energy by selling its entire 1.92% stake in the EV company for ₹520.7 Cr via open market transactions. As per BSE and NSE data, the state-backed fund offloaded 73.3 Lakh shares at ₹710 each to rake in the gains.  The shares that flooded the market were lapped up by Abu Dhabi Investment Authority, ICICI Prudential Mutual Fund, Invesco, Motilal Oswal Mutual Fund, Societe Generale, Tata AIG Life Insurance, Aditya Birla Sun Life Mutual Fund, Morgan Stanley Asia and Goldman Sachs. It is pertinent to note that the National Investment and Infrastructure Fund II had held 1.92% in the company at the end of the December 2025 quarter. This comes barely three months after state-backed NIIF sold 87 Lakh Ather shares worth ₹541.6 Cr in a bulk deal in November last year. In the same month, another early backer Tiger Global also sold its entire 5.09% shareholding in the EV company for ₹1,204 Cr.  This series of stake sales come as investors look to book profits amid an upward movement in the EV maker’s stock. Shares of the company have surged more than 13% in the past one month, but are still…  ​Read MoreInc42 Media

Nodal space body Indian National Space Promotion and Authorization Centre (IN-SPACe) yesterday said that it has selected three homegrown startups to build indigenous small satellite bus platforms.  In an official announcement, IN-SPACe said that Astrome Technologies, Azista Industries and Dhruva Space were selected from a pool of 15 applicants after a rigorous and multi-stage evaluation process. The body signed a contract agreement with all three selected companies on February 11.  The startups will now receive a grant of ₹5 Cr each to develop and demonstrate a robust, modular and scalable small satellite bus.  “…. By enabling indigenous satellite bus platforms and integrating them with India’s emerging small satellite launch capabilities, we are laying the foundation for India to become a preferred global destination for end-to-end small satellite manufacturing, launch, and hosted payload services,” said IN-SPACe chairman Pawan Goenka.  Chiming in, IN-SPACe’s technical director Rajeev Jyoti said that the proposed satellite bus platforms will reduce entry barriers for payload developers and strengthen domestic manufacturing capabilities.  Part of the IN-SPACe’s Satellite Bus as a Service (SBaaS) initiative, the project aims to build a cost-effective platform to accommodate multiple hosted payloads that caters to both domestic and global requirements. A small satellite bus…  ​Read MoreInc42 Media

SoftBank-backed SaaS unicorn Icertis is reportedly exploring a potential sale, which could value the company at up to $5 Bn. Sources told Bloomberg that many buyout firms have also shown preliminary interest in the sale. Deliberations are still ongoing and no final decision has been made on the matter. However, sources reportedly said that the AI-powered contract management software firm might decide against a sale.  Buyout firms typically are private equity (PE) firms that acquire controlling interests in established companies. As per the report, the AI-powered contract management software firm is working with investment banking firm Goldman Sachs on the potential deal.  Inc42 has reached out to Icertis for comments on the development. This story will be updated based on the responses.  The development comes barely two weeks after Icertis cofounder Sameer Bodas passed away at the age of 61 after a prolonged battle with cancer.  Founded in 2009 by the late Bodas and Monish Darda, Icertis provides software that helps enterprises manage and analyse business contracts using artificial intelligence (AI). Its flagship product, Icertis Contract Management (ICM), is used to manage sell-side, buy-side and corporate contracts across global operations. Headquartered in the US, the unicorn also has a research…  ​Read MoreInc42 Media

Update | February 11, 20:08 IST Fractal Analytics’ IPO ended the final day of bidding with an oversubscription of 2.66X. Investors cumulatively placed bids for 4.95 Cr shares against 1.86 Cr shares open for subscription.  Qualified institutional buyers (QIBs) oversubscribed their reserved quota the most, bidding for 4.06 Cr shares against the 97.1 Lakh shares reserved for them. This translated to a 4.18X oversubscription. Besides, non institutional investors (NIIs) and retail investors also completely subscribed their respective quotas. NIIs placed bids for 51.27 Lakh shares against 48.55 Lakh reserved for them, leading to a 1.06X oversubscription. Meanwhile, RIIs placed bids for 33.22 Lakh shares against 32.36 Lakh shares reserved for them. This led to a 1.03X oversubscription of their quota.  However, the portion reserved for employees remained undersubscribed. Fractal’s employees placed bids for only 4.8 Lakh shares, against 7.7 Lakh shares offered to them. These investors only subscribed to their quota by 61%. Original | February 11,  14:39 IST Fractal Analytics’ IPO picked up pace during the third bidding day, with the issue subscribing 1.84X. As of 14:27 IST, investors have cumulatively placed bids for 3.41 Cr shares against a total size of 1.86 Cr shares on offer till now.…  ​Read MoreInc42 Media